yemi cardoso
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Nigeria Arrest Warrants Issued for CBN Governor Cardoso and Accountant General over Refusal to Face House Committee
The House of Representatives Committee on Public Petition has escalated its confrontation with top government officials, issuing a warrant of arrest for Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and Oluwatoyin Madein, the Accountant General of the Federation. The committee... -
Nigeria Nigeria's Forex Woes: A Deep Dive into the Causes, Impacts, and Elusive Solutions
Amid assurances from President Bola Ahmed Tinubu that Nigeria is open for business, a persistent forex crisis continues to cast a shadow on the country's financial stability and international reputation. Despite claims that barriers to investment have been dismantled, the ongoing struggle with... -
Nigeria Naira Plummets by 11.40% to N927.19/$ at Official Exchange Market Despite CBN's Stabilization Efforts
The Nigerian Naira experienced a significant 11.40% depreciation, landing at N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window. This marks a notable drop from the previous day's rate of N832.32. FMDQ Securities Exchange data... -
Nigeria Supreme Court: Old and New Naira Notes to Coexist Indefinitely
The Supreme Court ordered the continued coexistence of both old and new Naira notes—specifically the N200, N500, and N1000 denominations—until further notice. The apex court's seven-man panel, led by Justice Inyang Okoro, issued the ruling in response to a Federal Government application seeking... -
Nigeria CBN Governor Emefiele's N1.6bn Fraud Case Delayed Until January 2024
The Federal Capital Territory High Court in Abuja has adjourned the trial of ex-Governor of the Central Bank of Nigeria, Godwin Emefiele, on charges of alleged N1.6bn procurement fraud. The court scheduled the continuation of the trial for January 18 and 19, 2024. Emefiele faces a six-count... -
Nigeria CBN Initiates Overhaul of Fintech Licensing Framework in Response to Evolving Landscape
The Central Bank of Nigeria (CBN) has announced its intention to conduct a comprehensive review of its licensing framework for payment services. CBN Governor, Olayemi Cardoso, highlighted concerns about recent developments in the payment services sector, emphasizing the need for a regulatory and... -
Nigeria How Forex Restrictions on 43 Items Cost Nigeria a Staggering $1.4 Billion -CBN Governor
Nigeria's Central Bank Governor, Olayemi Cardoso, disclosed a staggering $1.4 billion revenue drop between 2015 and 2019 due to forex restrictions on 43 key items. The revelation, made during a keynote address at the Chartered Institute of Bankers of Nigeria, highlighted a 51.0% increase in... -
Nigeria CBN Governor Announces Capital Boost for Banks Amidst President Tinubu's $1tn Economy Ambition
In a significant address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria, CBN Governor Dr. Olayemi Cardoso revealed plans to direct Deposit Money Banks to bolster their capital base. The move is a response to President Bola Tinubu's ambitious projection of a $1tn... -
Nigeria Nationwide Naira Scarcity: Banks Ration Cash in Kano, Sokoto, Edo, and More
In defiance of recent Central Bank assurances, reports of a renewed Naira scarcity have emerged across several states, including Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti. The PUNCH's survey exposed the challenges faced by bank customers and Point of Sale operators, who bemoan... -
Nigeria Ex-CBN Governor Emefiele Granted N300M Bail Amid Procurement Fraud Charges
Justice Hamza Muazu of the Federal Capital Territory High Court in Abuja has granted Mr. Godwin Emefiele, the immediate past Governor of the Central Bank, bail in the sum of N300 million and two sureties in like sum. The sureties are required to provide certificates of occupancy and titles of... -
Nigeria Naira Soars to N750.14 Against Dollar
The Nigerian Naira showcased a robust performance, closing at N750.14 against the dollar at the official market on November 20, 2023. This 5.55% appreciation brought relief to financial analysts, attributing the upswing to the Central Bank of Nigeria's (CBN) strategic move to clear a backlog of... -
Nigeria CBN Postpones MPC Meeting for Second Consecutive Month
The Central Bank of Nigeria (CBN) has once again deferred the meeting of its Monetary Policy Committee (MPC), despite the country grappling with a significant surge in inflation. A Bloomberg report on Monday quoted Dr. Isa Abdulmumin, the CBN's Director of Corporate Communications, confirming... -
Nigeria CBN: Old Naira Notes Stay Legal Tender, Easing Cash Woes for Nigerians
Central Bank of Nigeria (CBN) has declared that the old naira notes, initially slated for discontinuation, will now remain legal tender indefinitely. The CBN's decision to extend the legal tender status comes in the wake of concerns over cash scarcity and challenges faced by residents in... -
Nigeria Nationwide Naira Crunch: Banks Enforce Withdrawal Limits, ATMs Grind to a Halt, Igniting Economic Fears
Nigeria is grappling with a deepening crisis of Naira scarcity as major banks enforce limitations on cash withdrawals and ATMs face depletion, causing widespread concern among residents. The scarcity is particularly impacting Lagos, Abuja, Kano, Katsina, Jigawa, Adamawa, and other regions... -
Nigeria CBN Orders Staff to Disclose Family Ties and Political Links Amidst Ongoing Investigative Probe
The Central Bank of Nigeria (CBN) has issued a directive compelling its staff to declare close relatives employed by the bank and disclose connections with Politically Exposed Persons (PEPs). The directive, outlined in a memo signed by Deputy Director Christian Eze, defines close relatives as... -
Nigeria Old Naira notes still legal tender - CBN
In response to reports of cash shortages in some major cities across Nigeria, the Central Bank of Nigeria (CBN) has taken a resolute stance to ensure that old and redesigned naira notes continue to be recognized as legal tender nationwide. The CBN reaffirms that every banknote it has issued... -
Nigeria Central Bank of Nigeria Delays Phaseout of Old Naira Notes
The Central Bank of Nigeria (CBN) has extended the validity of old N200, N500, and N1000 naira notes, defying its earlier announcement that these banknotes would cease to be legal tender by December 31, 2023, in compliance with a Supreme Court verdict. This decision comes after former CBN... -
Nigeria CBN Refutes Rumors of Naira Redenomination, Citing Misleading Narratives and Speculation
The Central Bank of Nigeria (CBN) has issued a statement to dispel rumors of plans to redenominate the country's legal tender. The CBN's Director of Corporate Communications, Isa AbdulMumin, clarified the bank's position amid growing speculation about a potential redenomination policy. The... -
Nigeria Reps Summon CBN Governor for Clarification on Forex Policy Changes Affecting 43 Items
The House of Representatives is set to invite Central Bank of Nigeria (CBN) Governor Olayemi Cardoso to clarify the recent policy changes that lifted the forex restriction on 43 items. This decision comes in response to a motion of urgent public importance raised by member Sada Soli, who... -
Nigeria Naira Tumbles to 1,220/Dollar as FG Unveils Forex Automation Plan to Stem Devaluation Crisis
In a decisive move to counter the ongoing slump of the Naira, the Federal Government unveiled plans to automate all transactions within the foreign exchange market. The announcement was made by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, during the 29th Nigeria...
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