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Nigerian Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has ballooned to N15.51tn, rising by 2,286 per cent in six years, data collated from the CBN have shown. The N15.51tn owed by the Federal Government to the central bank is not part of the country’s total public debt stock, […]
Continue ReadingCentral Bank of Nigeria (CBN) has explained why there is recent sharp depreciation of Naira against the United States Dollar. Responding to questions from members of the House of Representatives Committee on Finance during the 2022-2024 MTEF/FSP stakeholders interactive session on Monday August 16, CBN Deputy Governor, Corporate Services, Edward Adamu blamed the depreciation on COVID-19 pandemic, shortage […]
Continue ReadingThe Attorney General of the Federation (AGF), Central Bank of Nigeria (CBN) and Union bank are currently entangled in a fierce legal battle with a private company, Petrol Union oil and gas Ltd over a whopping $15B judgment debt at the Supreme Court Supreme Court of Nigeria has, however, agreed to hear a motion filed […]
Continue ReadingThe House of Representatives has asked the Central Bank of Nigeria to urgently put in place a policy to check further devaluation of the naira to the United States dollar and other international legal tenders. The House decried that while the Nigerian currency was losing value, others in African were appreciating. At the plenary on […]
Continue ReadingNigeria’s naira exchanged to the dollar at N490/$ at the parallel market on Thursday. According to naijabdcs.com, the official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N488/490 to the dollar as of Thursday evening. The naira had earlier exchanged […]
Continue ReadingCentral Bank of Nigeria (CBN) has officially devalued the naira to 410.25/$ after the country’s currency defied all interventions to retain its value. Experts, in reaction, have said that the last resort employed by the CBN to adopt the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the […]
Continue ReadingCentral Bank of Nigeria has revoked the operating licence of Skye Bank Plc with immediate effect. This was disclosed by the Governor of Central Bank, Godwin Emefiele, during a press briefing in Lagos on Friday. He said that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets […]
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