“It is an arbitrary order capable of undermining the operational independence of the NNPCL. By this order, Mr. President has wrested control of the finances of the NNPCL and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria. This is an unprecedented act, without any legal or ethical basis. It is also a violation of the principle of due process in public administration”
Browsing: CBN
According to him, even if the ₦aira recovers for three months, it could “still crash because the fundamental problem has not been fixed, which is improving production, to deepen the balance of trade and payment for Nigeria.”
Weeks after it was raised from ₦783 per dollar to ₦952 per dollar, the Central Bank of Nigeria (CBN) has again raised the exchange rate for cargo clearance from ₦952/$ to N1.356 per dollar.
The Central Bank of Nigeria (CBN), has removed allowable limit of exchange rate quoted by the International Money Transfer Operators (IMTOs).
The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified claims by airlines with an additional $64.44 million.
President Bola Tinubu has approved the handing over by the Nigeria National Petroleum Company Ltd (NNPCL) of revenue from sales of crude oil to the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria (CBN) says it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions.
Nigeria is a country of one week, one issue; but insecurity, spreading over the nation like a cancer in a diseased body, remains constant. However, in some ways, a nation’s behaviour tends to reflect that of its leader’s character.
In 2001, during my postgraduate program in Montpellier, South France, one of the most observable features of banks in France was the sparse population in banking halls. You can hardly see ten people in the banking halls, comprising bank workers and customers. The only reason for a customer to be in the banking hall is to open a new account or negotiate a loan, not to withdraw cash or make a deposit. ATMs perfectly serve these functions. Even when you need a bank statement, a printing machine is poised at the gate for the customer’s self-service. Then, banking operations in France were about 70% digital. I am happy today in Nigeria; we are almost reaching where developed countries like France were over twenty years ago in banking operations. The advent of ICT has globalized all developmental sectors and made banking services effective, efficient, and timely. Nigeria has the potential and wherewithal to be on par with any nation in ICT and innovative technologies for the nation’s development. However, we still face poor infrastructure, human resistance against change, sabotage by the beneficiaries of the old order, and other mundane and archaic reasons to slow down progress. The plan to relocate the Central Bank of Nigeria from Abuja to Lagos can be viewed within this context.
The Senate Committee Chairman on the Army, Ali Ndume has warned President Bola Tinubu that relocating some departments of the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria (FAAN) headquarters to Lagos, will have political implication.