CBN Archives - Parliament Reports

Reps go after CBN, NIRSAL, BOI over N1.12tr agric cash

Leah TwakiJune 17, 20254 min

NIRSAL Microfinance Bank has disclosed that insecurity has been a major setback to the full implementation of the agricultural loan scheme The House of Representatives Committee on Nutrition and Food Security has launched an investigation into the alleged mismanagement of over ₦1.12 trillion expended under the Anchor Borrowers Programme (ABP), an agricultural intervention initiative of the Central Bank of Nigeria (CBN). The probe also extends to the NIRSAL Microfinance Bank, which reportedly disbursed ₦215 billion...

House of Representatives

Reps walk out in protest over ways and means | HOUSE GIST

Leah TwakiAugust 1, 20244 min

Reps staged a walkout over approval for CBN to lend more money to government as 2024 budget is amended again Opposition Reps stage walkout over raise of ways and means threshold The emergency session at the House of Representatives called yesterday turned rodwy as some opposition lawmakers staged a walkout from the green chamber over the increment of the controversial Central Bank of Nigeria (CBN) ways and means lending to the Federal Government by 10%....

House of Representatives Senate

Ways and Means: NASS increases CBN’s advances to FG to 10%

Leah TwakiAugust 1, 20244 min

Despite objection by some lawmakers in the House of Representatives, both the Senate and House okayed a raise to 10% in Ways and Means by the CBN to Federal government The House of Representatives and Senate has both resolved to increase the Central Bank of Nigeria (CBN)’s advances to the Federal Government from five percent to a maximum of ten percent. This was a major outcome of the emergency plenary session held on Wednesday by...

Senate

CBN reiterates commitment to overall economic stability

Sharon EboesomiJuly 21, 20244 min

“Nigeria’s GDP would reach $1 trillion by 2030 at the latest due to the anticipated stability.” Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the bank’s dedication to putting policies into place that support long-term financial market expansion while maintaining general economic stability. He stated that Nigeria’s Gross Domestic Product (GDP) would reach $1 trillion by 2030 at the latest due to the anticipated stability. In a presentation to the senate...

House of Representatives Senate

Nigeria will be net exporter of petroleum by December – NNPCL

Sharon EboesomiJuly 15, 20246 min

NNPCL has assured that the economy would be recovered from the woods in no time. The Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN) have disclosed that the ailing economy is getting revitalised based on emerging indicators. This was revealed on Monday at an interactive session of the national assembly joint committee on finance chaired by Senator Sani Musa (APC, Niger East). Critical stakeholders including the ministers of finance, Wale...

CBN increases MPR from 24.75% to 26.25% to conquer inflation

Sharon EboesomiMay 22, 20242 min

The MPR is the rate at which commercial banks borrow from the economy and often determines the cost of funds. In an ongoing effort to lower inflation, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided on Tuesday to increase both the benchmark interest rate and the MPR by 150 basis points, from 24.75 percent to 26.25 percent The MPR is the rate at which commercial banks borrow from the economy...

BREAKING: CBN makes u-turn, withdraws circular on cybersecurity levy

Sharon EboesomiMay 20, 20242 min

The CBN directed all commercial banks to forgo the initial circular, in line with the presidential directive. The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to impose a mandatory deduction of 0.05 per cent from each electronic transaction as a cybersecurity levy. The apex bank announced this in a revised circular dated May 17, 2024. The circular which was later accessed...

“I collected dollars in cash for Emefiele”, dispatch testifies in court

Sharon EboesomiApril 14, 20245 min

Osazuwa narrated how he had helped Emefiele pick up $1m, $850,000, $750,000, $400,000 on different occasions. In the ongoing trial concerning alleged abuse of office, Monday Osazuwa, an employee of the Central Bank of Nigeria (CBN), has testified against Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN). At the high court in Ikeja, Lagos, Emefiele and his co-defendant, Henry Omoile, are presently on trial for a 26-count accusation. Nonetheless, the duo...

Senate

Senate set to summon Emefiele over N30trn ‘Ways And Means’

Sharon EboesomiMarch 20, 20244 min

The Deputy Governor of CBN Corporate Services, Bala Bello expressed remorse for the lack of oversight provided by the CBN’s previous administration and assured lawmakers that the new administration was making every effort to collect unpaid loans. The Senate has announced that should the current leadership of the Central Bank of Nigeria (CBN) fail to offer necessary explanations, it will invite Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), to explain...

Senate

Urum Kalu Eke rejects Tinubu’s CBN Board appointment

Sharon EboesomiFebruary 29, 20243 min

According to Eke, it was as a result of his current job role as a Consultant to the World Bank which was conflicting with the appointment. A nominee for the Central Bank of Nigeria (CBN) Board, Urum Kalu Eke, has rejected the appointment of President Bola Ahmed Tinubu. The nominee’s rejection of the appointment was revealed following the presentation of a report by the Committee on Banking, Insurance and Other Financial Institutions presented by its...

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