Tag Archives: CBN

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.” In the suit number FHC/L/MSC/441/2024 filed last ...

Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.” SERAP said the allegations are documented in the ...

By Isidore Emeka Uzoatu. Recent developments in the country’s economic sector have become causes for concern to all patriots. That is, if that word still has a meaning in this space. O yes. For today patriotism in this nation has come to tally in meaning with Fela Kuti’s definition of its citizenship. In Big Blind Country (BBC) – one of ...

  The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday. According to the CBN, the ...

Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to use his “good offices to immediately direct the Central Bank of Nigeria (CBN) to withdraw the cybersecurity levy on Nigerians as it patently violates the provisions of the Nigerian Constitution 1999 [as amended] and the country’s international human rights obligations and commitments.” SERAP also urged him “to stop ...

The Central Bank of Nigeria (CBN) has revoked the operational licences of 4,173 Bureaux De Change operators in the country. The bank disclosed this Friday through a statement signed by the acting Director, Corporate Communication, Sidi Hakama. The bank said the affected institutions failed to pay for licence renewal, submit returns or comply with CBN directives on anti-money laundering, countering financing of ...

By Felix Oguejiofor Abugu Cutting off one’s nose to spite one’s face is a popular expression used to describe “a needlessly self-destructive overreaction to a problem,” according to Wikipedia, which further explains that when one is cautioned against cutting off one’s nose to spite one’s face, “it is a warning against acting out of pique, or against pursuing revenge in ...

The Central Bank of Nigeria has said it is raising dollar supply in the foreign exchange market, just as it also lifted the ban on 43 items that were previously not qualified for forex at the official market. The decision came after the naira tumbled to 1,050/$ at the parallel market on Thursday, following pressure from international organisations and experts. ...

Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate. This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN). Similarly, the Deputy-Governors-Designate ...

President Bola Tinubu has approved the nomination of 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. This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in ...