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Cheque transactions plunge to N2.6trn in 10 months

…as PoS deals hit N3.67trn Value of cheque transactions across the country plunged to N2.6 trillion in the last 10 months, New Telegraph has learnt. The figure represents a 29.7 per cent decline yearon- year compared with N3.7 trillion recorded in the same period last year as the downturn in the use of the paperbased […]

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Emefiele: Economy to attain 2.0% growth in 2021

…says economy to exit recession in Q1 2021 Nigeria’s current recession is likely to be shortlived as the Central Bank of Nigeria(CBN) has predicted that the country’s economy will not only exit recession by the first quarter of next year, but would post 2.0 per cent growth by the end of 2021. CBN Governor, Mr. […]

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694 financial institutions sign for N1.80trn, $1.36bn facility

Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that 694 financial institutions had bought into the National Collateral Registry (NCR) portal for movable assets as at September 30, 2020 as part of moves to advance credit facility worth of N1.80 trillion to borrowers. Emefiele described NCR as an integral part of financial […]

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Textile smuggling: CBN freezes 15 firms’ bank accounts

The Central Bank of Nigeria (CBN) has frozen the bank accounts of 15 firms that flouted Federal Government’s ban on textile smuggling. Deputy Governor, Corporate Services Directorate, CBN, Mr. Edward Lamekek Adamu, confirmed this yesterday in Abuja at a meeting of stakeholders in cotton and garment value chain. Although names of the affected smugglers were […]

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CBN to sanction shipping firms violating export procedures

Non-compliance to Federal Government’s directive by shipping lines on Nigerian Export Proceeds (NXP) numbers would attract sanctions. The Central Bank of Nigeria (CBN) said that, henceforth, all export goods leaving the country must carry NXP, otherwise the cargo would not be allowed to leave the country. CBN Governor, Mr. Godwin Emefiele, at a virtual meeting, […]

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Form M: MAN seeks policy reversal from CBN

Despite supporting the Central Bank of Nigeria (CBN)’s position on import restriction, the Manufacturers Association of Nigeria (MAN) has advised the apex bank to reverse the recent policy banning unauthorized dealers from opening Forms ‘M’ for importation in the overall interest of the manufacturing sector and the economy in general. The association referred to the […]

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Power failure: Reps summon Emefiele, AGF

The House of Representatives has summoned the governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and the Accountant-General of the Federation (AGF), Mr. Ahmed Idris, to appear before the ad-hoc committee investigating review of the activities of the power sector. Chairman of the ad hoc committee, Hon. Alhassan Ado Doguwa, issued the summon […]

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Power: Reps summon CBN gov, AGF

The House of Representatives has summoned the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and the Accountant-General of the Federation (AGF), Mr. Ahmed Idris to appear before the ad-hoc committee investigating the review of the activities of the power sector. Chairman of the ad hoc committee, Hon. Alhassan Ado Doguwa issued the […]

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CBN expands scope of regional banks

Citing the need, “to promote spread and balance of regional banks across the country”, the Central Bank of Nigeria (CBN) yesterday announced that it has expanded the financial institutions’ scope of operations from a minimum of two geopolitical zones of the Federation, to three. In circular to all regional banks, dated June 26, 2020, the […]

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CBN raises the alarm over plot to discredit policies, officials

The Central Bank of Nigeria (CBN) has raised the alarm over sinister plan by some vested interests in Nigeria’s economic and socio-political space to distract the institution through deliberate misinformation, complete fabrications and outright lies. The apex bank reiterated that its Governor, Mr. Godwin Emefiele and his team remain focused and undeterred in their effort […]

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