Browsing: CBN

Godwin Emefiele, the CBN Governor, who has shown capacity and pluckiness managing Nigeria’s reserve bank these past years of global cum local  economic crisis, made this announcement on Tuesday, July 27 while presenting a communique from the Monetary Policy Committee (MPC) meeting. He cited unwholesome business practices of the BDCs which run contrary to the rules of engagement thus putting much strain on the naira.

The Norrenberger Money Market Fund is a collective investment scheme, registered with the Securities and Exchange Commission (SEC). The fund invests in Nigerian short-term money market instruments such as Federal Government Treasury Bills, Bankers’ Acceptance, Commercial Papers, Certificate of Deposit, and other instruments introduced and approved by the Central Bank of Nigeria (CBN) from time to time.

Speaking with journalists in Abuja at the weekend, the Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi said the Nigerian banking system had proven to be very sturdy in spite of the global challenges posed by the corona virus pandemic (COVID-19). He made this clarification in response to certain false and unfounded stories circulating in the social media attacking the soundness and safety of some Nigerian banks.

According to SERAP’s deputy director, Kolawole Oluwadare, the organization is also seeking an order to compel the president to “explain and clarify whether the $25 billion (N9.7 trillion) overdraft reportedly obtained from the CBN is within the five-per cent limit of the actual revenue of the government for 2020.”

James Faleke, Chairman, House Committee on Finance and Rep. Victor Nwokolo, Chairman, House Committee on Banking and Currency, led members to commence the investigation on Monday in Abuja.

The CBN Governor,  Godwin Emefiele, agreed to the proposal from the Governor of the Central Bank of The Gambia,  Buah Saidy, who led a delegation to visit him on Tuesday