N400 for every bad N100 note, CBN imposes penalty on banks for mutilated notes The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMB) to stop including mutilated notes as part of their deposits with the apex bank. Ahmed Umar, director, currency operations department of CBN, in Abuja, …
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The House of Representatives on Tuesday, 22nd March, 2022 urged the Central Bank of Nigeria to reinforce the use of coins as a legal tender in the country. In a resolution it passed in Abuja, the House called on the apex bank to ensure that commercial banks complied with the …
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Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed has restated the constitutional role of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), on the monitoring of accruals and disbursements of revenue from the Federation Account, pointing that the powers of the commission as constitutionally stated do not relate …
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by Adegoke Adegbami Early in 2021, I granted an interview to a media platform. The last question of that interview session was about my advice to the operators and regulators of the microfinance subsector in Nigeria. Of course, my answer was practically an outline from the work I did for …
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OCP Africa, a global leader in the production and exportation of phosphate-based fertilizer, in its avowed commitment to support the development of Nigeria’s agricultural ecosystem has partnered with research institutions in Nigeria to grow wheat production by developing a specialized fertilizer for wheat. It said the partnership with The Lake …
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Despite the increasing awareness and reforms in the Bureau De Change (BDC) sub-sector, a significant number of operators are below the requisite rules guiding their activities, the Financial Stability Report of the Central Bank of Nigeria (CBN) for 2018, has noted. In a target examination of 100 selected BDCs conducted …
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President Muhammadu Buhari has appointed a former Central Bank of Nigeria deputy governor Sarah Omotunde-Alade as a special adviser on finance and the economy. “Dr Alade, who holds BSc (Economics) and PhD in Management Science (Operations Research), retired from the Central Bank of Nigeria (CBN) as Deputy Governor in 2017 …
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Telecoms companies on Tuesday accused banks of converting the Unstructured Supplementary Service Data (USSD) channel, which should be a service channel dedicated to promoting financial inclusion, into a revenue line. In a letter addressed to the Body of Banks’ Chief Executive Officers (BOBCEOS), the telcos, acting under the aegis of …
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The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr Godwin Emefiele who announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja …
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A Federal High Court in Lagos Thursday ordered seven banks to remit a total of $793,200,000 (about N249,659,700,000.00), allegedly hidden with them in breach of the Treasury Single Account (TSA) policy, to the Federal Government. A vacation judge, Justice Chuka Obiozor, made the interim order following an ex parte application by the …
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