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CBN warns Nigerians on circulation of counterfeit Naira notes The Central Bank of Nigeria, CBN, has alerted Nigerians on the circulation of counterfeit Naira banknotes. The apex bank gave the warning in a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation’ released on Friday, December 8. In the circular, the bank urged all Deposit […]

CBN staff abductors demand N10m ransom

CBN staff abductors demand N10m ransom Gunmen who reportedly kidnapped an Assistant Manager with the Central Bank of Nigeria (CBN), Lafia branch in Nasarawa, Isaac Bature Gbaja, are demanding N10 million as ransom. According to reports, Gbaja was abducted on Monday, 13 November 2023 alongside two other unidentified persons. It was gathered that he was […]

Farmer hails CBN for lifting forex ban on rice importation

Farmer hails CBN for lifting forex ban on rice importation A large-scale rice farmer in northern Nigeria has backed the decision of the Central Bank of Nigeria to lift the Forex ban on the importation of rice. He said the lifting of the Forex ban will break the monopoly of the processing and marketing of […]

Bank’s borrowing from CBN increases by 79% to ₦12 trillion in 8 months

Bank’s borrowing from CBN increases by 79% to ₦12 trillion in 8 months The spate of intensified borrowing by merchant and commercial banks from the Central Bank of Nigeria (CBN) has indicated an increasing reliance on the apex bank for liquidity. According to data sourced from the CBN, commercial banks and merchant banks borrowed a […]

Falana sues CBN, says floating of naira ‘illegal’

Falana sues CBN, says floating of naira ‘illegal’ Human rights lawyer Femi Falana, SAN, has slammed the floating of the naira by the Central Bank of Nigeria. Falana also disclosed that he is challenging the decision to float the naira in court, noting that it is ‘illegal’. On June 14, when the naira was trading […]

Inflation: Nigeria not doing badly compared with other African countries — CBN

Inflation: Nigeria not doing badly compared with other African countries — CBN The Central Bank of Nigeria has said the country’s inflation rate is better compared to most African nations. The acting Governor of the CBN, Folashodun Shonubi, stated this on Tuesday at the 2023 Zenith Bank International Trade Seminar. Shonubi, who was represented by […]

Economist reveals what CBN should do to tame inflation

Economist reveals what CBN should do to tame inflation A renowned economist and the former President and Chairman of the Council of Chartered Institute of Bankers, Prof Segun Ajibola, has revealed what the Central Bank of Nigeria must do to tame rising inflation. According to DAILY POST, Ajibola disclosed this on Wednesday on the heels […]

Naira devaluation fake news – CBN

Naira devaluation fake news – CBN The Central Bank of Nigeria has debunked the claim that it has devalued the naira. A statement signed by Acting Director Corporate Communications, Isah AbdulMumin, said the dollar traded at N465/$1 contrary to reports. The statement partly reads, “We wish to state categorically that this news report, which in […]

CBN devalues naira to N631/$1

CBN devalues naira to N631/$1 The Central Bank of Nigeria has devalued the naira to N631 to the dollar from N461.6. The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy. According to the Daily Trust, it was […]

Emefiele apologizes to Nigerians for online transaction failures

Emefiele apologizes to Nigerians for online transaction failures  The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has apologised to Nigerians for the rise in failed electronic banking transactions. Nigerians have suffered hardships while conducting e-transactions after the CBN implemented the Naira redesign policy. The CBN boss addressed this at the end of […]