LAGOS MARCH 24TH (NEWSRANGERS)-The lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1, The PUNCH has learnt. The development may lead to massive job loss in the manufacturing industry, among other sectors, according to the Manufacturers Association of Nigeria. The…
LAGOS MARCH 24TH (NEWSRANGERS)-If the directive by the House of Representatives executive by Central Bank of Nigeria (CBN) on the introduction of the enforcement of the use of coins as a legal tender to tackle price inflation and stabilise the economy it means Nigerians are expected to revert to the use of coins in soonest. The…
LAGOS FEBRUARY 8TH (NEWSRANGERS)-For the first time in 2022, the Central Bank of Nigeria (CBN) has wielded the big stick and debited Zenith Bank Plc, Providus Bank, First City Monument Bank (FCMB) Limited and 11 other banks N356.1billion for failing to meet its 27.5 per cent Cash Reserve Requirement (CRR) obligation. The fresh debit, which…
LAGOS DECEMBER 23RD (NEWSRANGERS)-Amid a surge in demand for more cash by bank customers as the Yuletide season approaches, some Deposit Money Banks have slashed the withdrawal limits of their customers. Findings across bank branches in some key cities in the country revealed that many customers could not withdraw the total amount they needed over…
LAGOS DECEMBER 3RD (NEWSRANGERS)-The 2019 audit report has revealed that the Central Bank of Nigeria recorded zero naira (nil) as recovered funds between 2016 and 2019 despite years of consistent recovery. Office of the Auditor-General for the Federation revealed this in its 2019 audit report published on its website. The report signed by Aghughu, Adolphus,…
LAGOS OCTOBER 21ST (NEWSRANGERS)-The Central Bank of Nigeria has said it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment. The CBN disclosed this on Wednesday in a report, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’. “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas…
LAGOS OCTOBER 14TH (NEWSRANGERS)-The House of Representatives has mandated its Committee on Customs and Excise; Finance; Banking and Currency to invite Governor of the Central Bank of Nigeria, Godwin Emefiele; Controller-General of the Nigeria Customs Service, Col. Hameed Ali (retd.); and Minister of Finance, Budget and National Planning, Zainab Ahmed, over the controversy surround the…
LAGOS SEPTEMBER 18TH (NEWSRANGERS)-The Federal Government has said it will shut down the operations of Aboki FX, a website providing currency exchange information, which the bank described as an illegal and criminal platform. The Governor of the Central Bank of Nigeria, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day…
