CBN disburses $61.64mn to Airlines to boost Naira valuation

  The Central Bank of Nigeria (CBN) has injected approximately US $61.64 million into the hands of foreign airlines operating in the country, a move intended to send the Naira soaring This targeted dollar releass aimed at clearing a portion of the backlog of matured foreign exchange obligations owed to the airlines, is a big step towards stabilizing the country’s forex market and boosting investor confidence. The Acting Director of CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali confirmed this

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President Tinubu nominates Cardoso as new CBN Governor

President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.   A statement released by Presidential spokesperson, Ajuri Ngelali, says this directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of

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President Tinubu names Special Investigator to probe CBN

President Bola Tinubu has appointed a special investigator, Jim Osayande Obazee, to probe the Central Bank of Nigeria (CBN) and Related Activities.    The President made the appointment via a letter addressed to Obazee who is the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN).   The letter in part reads     “In accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this

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Meet acting CBN Governor, Folashodun Shonubi

Folashodun Adebisi Shonubi is now the acting Governor, Central Bank of Nigeria (CBN).    Shonubi was born on the 7th of March, 1962. He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering.   Thereafter he obtained a Master of Science in Mechanical Engineering in 1985 with bias in Production Engineering from the same University.   From 1988-1989 he shifted grounds to Finance and obtained a Masters’ in Business Administration specializing

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CBN board will determine Emefiele’s fate over alleged participation in partisan politics, not me – Buhari

President Muhammadu Buhari has said that fate of Governor of Central Bank of Nigeria (CBN) Godwin Emefiele over alleged participation in partisan politics, will be determined by board of the apex bank and not him.   Buhari said this in an interview with Bloomberg. According to the President, CBN’s board of directors determines whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.    He said;    “The CBN

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Report and we will take it up

Nigerians have been directed by the Central Bank of Nigeria to report cases of unauthorized debits.   Following an outcry over Nigerians losing money through unauthorized POS transactions, CBN’s spokesperson, Osita Nwanisobi said the apex bank would ensure that bank customers get a redress on issues of excess charges and unauthorised withdrawals.   He told TheCable;   “What you should be asking them (bank customers) is if they have reported those incidents to the CBN. We work based on the information we

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