CBN

Nigeria Now Self-Sufficient In Rice, Ready For Export — RIFAN

Nigeria Now Self-Sufficient In Rice, Ready For Export — RIFAN

June 25, 2021 1:22 am

President of Rice Farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo has boasted that with 9 million metric tons of annual rice production, Nigeria is now self-sufficient in rice and almost ready for exportation.

He made the assertion when he spoke in Kaduna on Thursday when the Central Bank of Nigeria (CBN) and RIFAN flagged off the sales of nine million metric tons of rice paddy to millers.

They also flagged off the distribution of implement,  fertilizers, and inputs to rice farmers for the 2021 wet season farming.

The RIFAN President, however, pointedly noted that the feat was achievable only …

EndSARS Crusaders Sue CBN

EndSARS Crusaders Sue CBN

November 13, 2020 9:16 am

Some #EndSARS promoters whose bank accounts were frozen by the apex bank have dragged the Central Bank of Nigeria, CBN, to court over the freezing of their bank accounts. Report says that fourteen out of the twenty campaigners filed a motion through their team of lawyers led by human rights activist, Mr. Femi Falana, SAN, asking the court to set aside an Ex Parte directing the freezing of their accounts. They disclosed that they were denied a fair hearing by the court before their bank accounts were frozen by the CBN.

They said that the freezing order the court issued …

CBN Increases Access To Mortgage Financing

CBN Increases Access To Mortgage Financing

October 28, 2020 9:30 pm

The Central Bank of Nigeria has said it has removed the restriction on non-member mortgage lenders from refinancing their mortgages with the Mortgage Refinance Company.

Read Also: China’s Central Bank Quarantines Banknotes

It said it now permits the MRCs to refinance the qualifying mortgages of lenders that do not hold its equity, subject to compliance with all other relevant provisions specified in the framework.

The CBN said this in a circular titled ‘Regulatory and supervisory framework for the operations of a Mortgage Refinance Company approval to refinance non-member banks’ issued to all banks and other financial institutions.

The circular, which …

Dangote Demands Total Ban On Tomato Importation

Dangote Demands Total Ban On Tomato Importation

October 23, 2020 12:15 pm

The Managing Director, Dangote Tomato Processing plant in Kadawa, Kano State, Abdulkarim Kaita, has called on the Federal government to put a total ban on the importation of tomato paste into the country.

Read Also: Dangote Refinery, Others Threaten Existing Plants – OPEC

He made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Anchor Borrowers programme of the Central Bank of Nigeria on Thursday at Kadawa village in Kura Local Government Area.

“We are appealing to the Federal Government to put a total ban on the importation of tomato like what it did …

CBN Explains Why Nigeria Can’t Stop Borrowing

CBN Warns Nigerians Against Loan Offers, Investment Schemes

October 9, 2020 11:45 am

The Central Bank of Nigeria (CBN) has alerted Nigerians on fraudulent loan offers and investment schemes.

It cited information and videos circulating on social media.

The messages had asked loan seekers and small-scale business owners to apply for funds.

But in a statement, CBN said while it has several development finance intervention programmes for different categories of businesses, it does not directly interact with prospective applicants.

The apex bank explained that its interventions are only disbursed through participating financial institutions (PFIs) such as deposit money banks (DMBs), development finance institutions (DFIs) and microfinance banks (MFBs).

Read Also: CBN Clears Air

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CBN Orders BDC Operators To Sell Dollar At ₦386

CBN Orders BDC Operators To Sell Dollar At ₦386

August 28, 2020 5:42 am

The Central Bank of Nigeria (CBN) has resumed sales of foreign exchange to Bureau De Change (BDC) operators.

The apex bank pegged sale to Nigerians at ₦386.

Ozoemena Nnaji, Director Trade and Exchange Department, made this known in a circular on Thursday.

Nnaji gave the applicable exchange rate for disbursements of proceeds of International Money Transfer Operators (IMTOs) for August 31 to September 4.

IMTSOs to banks – N382/$1; Banks to CBN – N383/$1; CBN to BDCs – N384/$1; BDCs to end-users – Not more than N386; Volume of sale to each market – $10,000 per BDC.

Read Also: CBN

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Mbaka Asked Buhari For Contract As Reward – Presidency

Mailafia Obadiah: Presidency Blasts Nigerians Criticising DSS

August 20, 2020 5:34 am

The Presidency has taken a swipe on Nigerians criticising the invitation of former Central Bank of Nigeria, CBN, Deputy Governor, Obadiah Mailafia by the Department of State Services, DSS over his recent comments on Boko Haram.

Appearing on Channels Television’s Politics Today on Wednesday, Garba Shehu, the President Muhammadu Buhari’s Senior Special Assistant on Media and Publicity, said the DSS took the right decision.

Shehu pointed out that this was not the first time the secret police was inviting people for questioning, adding that Nigeria is not Mali.

Read Also: B-Haram: Mailafia Reveals How He Got Info On Northern Governor

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CBN Explains Why Nigeria Can’t Stop Borrowing

CBN Issues Directive To Banks, Reduces Interest Rates

May 28, 2020 12:40 pm

The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs).

The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.

This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.

Read Also: Stop The Retrenchment Now, CBN Orders Banks

Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.

This is also effective March 1,

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Stop The Retrenchment Now, CBN Orders Banks

Stop The Retrenchment Now, CBN Orders Banks

May 4, 2020 6:26 am

The Central Bank of Nigeria, CBN, has ordered banks to stop any form of retrenchment of workers now.

Isaac Okorafor Director, Corporate Communications, CBN, said the apex Bankers’ Committee both decided to suspend lay-offs in banks.

The statement said that in order to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).”

It said the decision was taken following special meeting of the Bankers’ Committee on May 2, 2020, to further review the implications of the …

EndSARS Crusaders Sue CBN

CBN Lists Conditions To Access ₦50bn Covid-19 Fund

March 25, 2020 6:38 am

The Central Bank of Nigeria, CBN has listed the conditions that must be fulfilled by individuals and companies willing to access it’s ₦50bn intervention fund.

The apex bank had last week unveiled the fund in response to the coronavirus pandemic, which had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, lockdown of large swaths movements of persons in many countries, among others.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown …

CBN

CBN To Stop Burning Banknotes, Adopts Recycling

February 13, 2020 3:24 am

The Central Bank of Nigeria (CBN) says it will end the process of burning banknotes and adopt recycling.

In a document published on its website, the apex bank called on recycling companies to submit proposals for a contract to recycle wasted banknotes.

“Section 18(d) of the CBN act 2007 authorises the apex bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20(3) of the said act or otherwise found by the bank to be unfit for use,” the call for proposal read.

“The CBN generates 100 tons of paper banknote …

CISLAC

CBN Hasn’t Shown Commitment To Fight Corruption – CISLAC

February 12, 2020 3:35 pm

The Civil Society Legislative Advocacy Centre (CISLAC), has accused the Central Bank of Nigeria (CBN) of not showing enough commitment to fighting corruption, money laundering and illicit financial flow.

Executive Director of CISLAC, Rafsanjani Auwal Ibrahim Musa, stated this at the opening of a two-day conference titled “Exploring New Frontiers in Nigeria’s Anti Money Laundering Regime through Effective Use of Data.”

Musa, who explained that the purpose of the conference was to assess the level of Nigeria’s effort at dealing with issues of illicit financial flows and money laundering, noted that if indeed the CBN as the regulator of all …

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