A statement posted on the apex bank’s website on Friday disclosed that the sales were made to the dealers on Monday, July 22 and Tuesday, July 23, 2024, between an exchange rate of N1470.00/$1 and N1510.00/$1.
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The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday.
The Director of Financial Markets Department of the CBN, Omolara Duke, said this in a statement on Friday in Abuja.
It said this in a circular to BDC operators and the public by Aliyu Mahdi, Acting Director of the Trade and Exchange Department.
This was the position of panelists and contributors at an online citizen-organised People’s Parliament.
Cardoso said that this had led to a 50 percent reduction in month-on-month inflation between February and May.
Akinwumi is the Economic and Financial Crimes Commission’s Prosecution Witness 2 in the ongoing trial of Binance.
The LCCI’s commendation was contained in a statement signed by its Director General, Dr. Chinyere Almona, on Tuesday.
The warning was contained in a circular by the CBN Acting Director, Currency Operations Department, Mohammed Solaja.
It said the allegations are documented in the latest annual report published by the Auditor-General of the Federation.
This was contained in a circular issued on Friday by the Director of Currency Operators, Mohammed Solaja, in Abuja.
The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, said this during a two-day Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos.
Headline inflation decelerated in May to 2.14 per cent from a month earlier, slowing from 2.29 per cent in April and 3.02 per cent in March, according to the National Bureau of Statistics (NBS). The monthly rate has declined from as high as 3.12 per cent in February. Reflecting a slowdown in price increases for essential goods, food inflation also fell for a third consecutive month to 2.28 per cent in May, from 2.50 per cent in April, and as much as 3.79 per cent in February, the NBS data show.
This follows claims in certain quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s licence revocation.
It was learnt that Online reports had claimed that the apex bank would terminate the licenses of the three banks, following the revocation of Heritage Bank’s license.
Inflation typically occurs when demand outpaces supply, often as a result of an excess of money circulating in the economy. To address this, the central bank raises the benchmark interest rate, aiming to reduce inflation by tightening the money supply. Higher interest rates increase the cost of credit, discouraging borrowing and spending. Savings and investing in government securities become more appealing as higher returns are offered. All these lead to reduced spending by individuals and businesses; thereby decreasing the amount of money in circulation and helping to curb inflation.
At a news conference on Friday, he called for the intervention of President Bola Ahmed Tinubu and the National Assembly.
He said this while testifying as Prosecution Witness 1 in the alleged naira swap case filed against suspended CBN Governor, Godwin Emefiele.
The representative of Delta North Senatorial District on the platform of the Peoples Democratic Party said this on Tuesday.
The sack, said to be part of CBN’s restructuring, was not the first since President Bola Tinubu assumed power.