The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday. According to the CBN, the bank’s management has been unable to stem the decline despite various […]
No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties. This is an addition to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between March 15 and April 11, 2024. The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. Impeccable […]
The Central Bank of Nigeria CBN, has blamed the free-fall of the naira on the huge sum of $40 billion spent by Nigerians on foreign education and medical tourism in the last 10 years. The CBN Governor Mr. Olayemi Cardoso made this clarification while giving insight into the constant depreciation of the value of the Naira as against the United States Dollar, creating a volatile exchange rate for the country. […]
The Senate Committee on Banking, Insurance and other Financial Institutions has summoned the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, to appear before it on Tuesday next week on state of the economy and free flow of Naira at the forex market. The Committee Chaired by Senator Adetokunbo Abiru hurriedly met on Wednesday when the Naira plummeted to N1,520 to a US dollar and resolved […]
In its determination to address the backlog of verified foreign exchange transactions, the Central Bank of Nigeria, CBN has disbursed 500 million dollars to various sectors. This comes barely a week after the Bank paid approximately two billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors. The CBN's Acting Director Corporate Communications Department, Mrs. Hakama Sidi-Ali, who stated this in Abuja noted that the Management of the […]
By Tersoo Zamber The Central Bank of Nigeria has extended the legal tender status deadline of the old design of N200, N500 and N1,000 denominations. A statement by the apex bank Director of Corporate Communications, Dr. Isah Abdulmunin says the decision is in line with international best practices and to forestall a repeat of earlier experiences. To this end, all banknotes issued by the Central Bank of Nigeria, in […]
By Oduyemi Odumade The House of Representatives Public Accounts Committee has summoned the Central Bank of Nigeria and 11 Electricity Distribution Companies, DISCOs, over $321 million and N18.2 billion loans for the accelerated transmission distribution interface, lines and substation projects. They are to appear before the Committee on November 8. Chairman of the PAC, Bamidele Salam,who handed down the summons when the Managing Director of the Transmission Company of Nigeria, […]
Edited By Umbwanko Baba The Central Bank of Nigeria, CBN says it will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle. This is contained in a statement by the CBN Director, Corporate Communications, Dr Isa Abdulmumin in Abuja. The statement reiterates that the prevailing Foreign Exchange […]
The Central Bank of Nigeria has removed the restriction it placed on access to official foreign exchange market for importation of 43 items, 9 years after. The statement assures that the apex bank will continue to intervene at the official foreign exchange market to meet the rising demand. It says the CBN is actively working to address the existing backlog of foreign exchange transactions. Although the value of the naira […]
