THE Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has said the amount spent on maintaining the naira has increased by N10bn annually. Ahmad, who revealed this on Friday during her appearance before the House of Representatives to defend CBN’s new cash withdrawal limits policy, attributed over …
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THE Central Bank of Nigeria (CBN) has refuted claims that its new policy restricting cash withdrawals is aimed specifically at point-of-sale (PoS) agents. Though the apex bank set the daily withdrawal limit for individuals and organizations at N100,000 and N500,000, respectively, it allowed for compelling cases to withdraw up to …
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THE Central Bank of Nigeria (CBN) yesterday insisted on the N100,000 withdrawal limit for individuals adding that the policy was introduced in 2012. The bank has succeeded in convincing the Senate Committee on Banking, Insurance and other Financial Institutions of the need for it. As controversies continue to trail the …
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The Minister of Finance, Budget and National Planning, Zainab Ahmed, has kicked against the Central Bank of Nigeria’s plan to redesign naira notes. Speaking at a budget defence session at the Senate on Friday, Ahmed said the apex bank did not consult her and other ministers before announcing the plan, …
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In an apparent response to claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the Central Bank of Nigeria, in the ongoing process of redesigning three series of the naira, the bank insists it followed the law and due …
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Minister of finance, budget and national planning Zainab Ahmed has said the resilience of the nation’s financial system, led by the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) made the nation’s economy to stay afloat in the light of recent socio-economic challenges that have continued to …
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THE policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 14 percent to 15.5 percent, the third consecutive increase in 2022. In July, the apex bank raised the MPR from 13 percent to 14 percent to tame rising …
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In a move to check a brewing crisis in the country’s aviation sector, the Central Bank of Nigeria (CBN) on Friday, August 26, 2022, released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales. A breakdown of the figure indicates that the sum …
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The Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the depreciation of naira. This followed a motion by Senator Olubunmi Adetunmbi (APC, Ekiti North) Naira currently trades between N690 and N700 per dollar at the parallel market. Contributing to the debate, Sani Musa, …
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The Central Bank of Nigeria (CBN) has intimidated that it will arrest and prosecute any Nigerian caught using naira to buy dollars. This was made known on Tuesday, July 19 by CBN Governor, Godwin Emefiele at the Monetary Policy Committee (MPC) meeting in Lagos. He said: “For those taking money …
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