CBN

CBN approves appointment of Ahmad Abdullahi as chairman of FBN Holdings

CBN approves appointment of Ahmad Abdullahi as chairman of FBN Holdings

The Central Bank of Nigeria (CBN) has approved the appointment of Ahmad Abdullahi as a non-executive director and chairman of First Bank Holdings PLC. This follows the resignation of Remi Babalola as chairman of the company. Osita Nwanisobi, CBN director of corporate communications, disclosed this on Friday. According to Nwanisobi, the apex bank was notified of the resignation of Babalola as chairman of the company against the backdrop of the contest by some significant shareholders for control of First Bank Holdings PLC. The CBN spokesman thank Babalola for his services and acknowledged the strides recorded by the company under his…
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South-East traders petition CBN, allege illegal, spurious bank deductions

South-East traders petition CBN, allege illegal, spurious bank deductions

The South-East Amalgamated Markets Traders Association has decried what it described as “multiple and indiscriminate charges and deductions on customers” by commercial banks. The association complained about the bank charges in an open letter to the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, made available to our correspondent in Enugu on Monday. It was signed by its President-General, Chief Gozie Akudolu, and its Secretary-General, Mr. Alex Okwudiri. It said, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same and perform such other…
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External reserves lost $610m in Nov, CBN battles to save Naira

External reserves lost $610m in Nov, CBN battles to save Naira

The nation’s external reserves fell by $610m last month, figures obtained from the Central Bank of Nigeria on Thursday revealed. The reserves dropped to N$41.22bn as of November 29 from $41.83bn on October 29. The CBN also disclosed that at the present level, the external reserves could meet the country’s nine-month import demand. Figures obtained from the apex bank showed that the reserves, which had gained $5bn in October, returned to a downward path in November. The reserves increased from $36.78bn on September 30 to $41.83bn as of October 29. The Governor, CBN, Godwin Emefiele, said, at the Chartered Institute…
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E-Naira adds no value to Nigeria’s economy – Expert faults FG

E-Naira adds no value to Nigeria’s economy – Expert faults FG

Following the launch of the much anticipated digital currency, e-Naira, which is the first of its kind in Africa, as social justice expert has raised concerns. President Muhammadu Buhari had launched the e-Naira on Monday at the Presidential Villa, Abuja. The Central Bank Digital Currency (CBDC) and its underlying technology, called blockchain, has the ability to improve Nigeria’s Gross Domestic Product, GDP, by $29 billion over the next 10 years, President Muhammadu Buhari had said. E-Naira, according to Buhari would enable the government send direct payments to citizens eligible for specific welfare programmes as well as foster cross border trade.…
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CBN announces 500m grant for Nigerian entrepreneurial students including undergraduates and graduates

CBN announces 500m grant for Nigerian entrepreneurial students including undergraduates and graduates

The CBN disclosed this on Wednesday in a report, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme that it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment. “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place prize – N150m; second place prize – N120m; third place prize – N100m; fourth place prize – N80m; and fifth place prize – N50m,” Also.It was added that activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian…
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