FG moves to pin down ways and means to address liquidity in the system

By Ogechi Okorie ABUJA – The Federal Government has said that it will pin down Ways and Means to deal with the problem of too much liquidity in the system in its avowed determination to alleviate the pressure of excess money in the system. The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, disclosed this in Washington DC, United States of America, while answering questions from journalists shortlyafter a meeting with investors at the on-going Spring Meetings of the IMF and World Bank. This was contained in a statement released on Friday signed by the Director, Information & Public Relations, Mohammed Manga made available to Precise Post on He informed the global gathering that the President Bola Ahmed Tinubu-led Administration was fully determined topinning down on Ways and Means to alleviate the pressure of the excess money in the system, adding that in the light of this, the fiscal and monetary authorities were also working towards bringing down inflation.  Mr. Edun added that by so doing, the two authorities are working hand in hand to …

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Cardoso reveals strategy behind clearing FX backlog, restoring confidence

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that it was important to clear about $7bn foreign exchange backlog to restore the confidence of investors. He stated this on Wednesday in Washington DC where he is attending the IMF-World Bank Spring Meetings. “I thought it was very important to clear it and restore investors’ confidence,” Cardoso stated, saying that he had to reach out to various stakeholders to make this a reality. “Whatever policy we make, if they don’t impact the man on the street, then you have not done anything,” Cardoso stated. He also said the era of intervention was gone as it was not the core responsibility of the apex bank.

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Rise in value of naira sign that CBN had convinced investors – Cardoso

…Says Shifts in FX Reserves Not Due to Defending Naira By Ogechi Okorie WASHINGTON – Central Bank of Nigeria Governor Olayemi Cardoso has said the rise in the value of the currency (naira) was a sign that the central bank had convinced investors that it was willing to do whatever was necessary to stabilize inflation. Cardodo also said the naira’s recent sharp rise is a positive verdict on policy action to curb inflation, not because the authorities have been intervening in its support. “It is not our intention to defend the naira,” he said on Wednesday during an event at the spring meetings of the International Monetary Fund and World Bank in Washington. “The shifts you’ve seen in our reserves has really little or nothing to do with defending any naira and that’s certainly not our objective.” Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria. Cardoso, …

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How I collected $3m cash for Emefiele– CBN employee

IKEJA- A Central Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches.Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014.Osasuwa said he joined the apex bank as a senior supervisor in 2014.He said Emefiele was the Managing Director of Zenith Bank Plc while he was working as a dispatch rider in the bank.The witness said he knew Emefiele, who was his boss, while in Zenith Bank and that he later joined him at the CBN.The witness said he was later appointed  as a senior supervisor (full time) in recording and filing of documents while working in the CBN governor’s office in Lagos.“I was still working in the CBN governor’s office while I was appointed as a full staff member and we usually communicated through …

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Court remands Emefiele over alleged $4.5 billion, N2.8 billion fraud, abuse of office

ABUJA- Justice Rahman Oshodi of the Ikeja Special Offences Court remanded Godwin Emefiele, the former Central Bank of Nigeria governor, on Monday for alleged abuse of office. His co-defendant, Henry Isioma-Omoile, was remanded in Ikoyi prison custody, where he is currently held pending the determination of their bail application on April 11. In his two bail applications, the defendants’ counsel, A. Labi-Lawal, had urged the court to grant the defendants bail on self-recognisance and liberal terms pending the determination of the case. In his 31 affidavits, Mr Labi-Lawal said the first defendant (Mr Emefiele) had complied with the bail Justice Muazu granted him in his alleged fraud trial case in Abuja. He said the charges were bailable offences and not a capital offence. “Though the first defendant was granted administrative bail by the prosecuting authority. He is seeking bail based on self-recognition (sic), and he is ready to attend the court. “The court should also take into consideration the status of the first defendant as he was the former CBN governor of the country,” he said. The defence counsel said …

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Ex-MAN chairman lauds CBN as Naira appreciates

OGUN- A former Chairman of Manufacturers Association of Nigeria (MAN) Ogun Chapter, Dr Wale Adegbite, has commended the Central Bank of Nigeria (CBN) for making emphatic efforts towards the recovery of Naira. Adegbite said this to the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun. NAN reports that in Abuja, the Naira exchanged for as high as N1,900 to a dollar in February. But the currency has gradually appreciated after Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). Meanwhile, at the Investors and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against dollar. The former MAN chairman said the recovery of Naira against the dollar was a welcome development as this would bring about price stability. “Naira has been recovering because of the implement of orthodox monetary policy by the monetary authorities in Nigeria. “In addition, this will bring about price stability which is a welcome development for both manufacturers and the public.” he said. Adegbite said that the side effect of the new policy is higher cost of funds which manufacturers …

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CBN orders BDCs to sell dollar at N1,269

The Central Bank of Nigeria has disclosed that it will be allocating $10,000 to each Bureau de Change operator at N1,251/$. This was contained in a circular made available to journalists and signed by the bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud on Monday. The apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, implying the BDCs are not expected to sell above N1,269/$1. On July 27, 2021, the CBN discontinued the sale of foreign exchange to BDCs, accusing them of trading FX wholesale amounts greater than $5,000, in contravention of their licences, and Nigeria’s FX regulations. The CBN announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau de Change operator across the country in February. This comes more than two years after the suspended former CBN Governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators. The naira maintained a steady appreciation against the United States dollar on Monday, gaining N14 to close at 1,408/$ at the …

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CBN to begin sale of dollars to BDCs at N1,251/$1

By Chris Udochukwu The Central Bank of Nigeria (CBN) has announced that it will begin the sale of dollars to Bureau De Change operators at the rate of N1,251/$1. This was contained in a statement signed by the Director, Trade and Exchange Department, Dr. Hassan Mahmud and directed to the President, Association of Bureau De Change Operators of Nigeria dated 25th March, 2024. According to the apex bank, $10,000 FX will be sold to each eligible Bureau De Change (BDC) at $1/N1,251. Also, all BDC operators are allowed to sell to end-users at a margin NOT MORE THAN 1.5% above the purchase rate from CBN. In other words: BDCs are to buy at N1,251BDCs are to sell at N1,269(1.5% increase) (TheCable)

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N1.079trillion Anchor Borrowers Loans: Recover it from commercial banks used for distribution – Senate to CBN

…Says N30trillion Ways and Means recklessly handled by Emefiele By Chris Udochukwu The Senate through its Ad – hoc committee probing issuance of N22.7trillion Ways and Means to the Federal Government during President Muhammadu Buhari’s administration by the Central Bank of Nigeria ( CBN), has directed the apex bank to recover much of the N1.079trillion given as loans to farmers under Anchor Borrowers Loan scheme. The N1.079trillion given as loans to farmers under the Anchor Borrowers Scheme , was part of the money spent from the N22.7trillion given as overdraft to President Buhari led government by CBN from 2015 to 2023 , which later increased to N30trillion on account of accrued interests. Miffed by poor handling of recovery of the loans , particularly the N1.079trilliion given to farmers under the Anchor Borrowers Scheme , the Chairman of the Committee , Senator Jibrin Isah ( APC Kogi East ) , at an interface with officials of CBN on Wednesday this week, directed the apex bank to debit commercial banks used for disbursement of the loan from source . Senator Isah ‘s …

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Reduce summoning of my appointees, let them focus on their jobs, Tinubu tells Reps committees

ABUJA- President Bola Tinubu on Wednesday urged Speaker of the House of Representatives, Tajudeen Abass, to relax summons on heads of ministries, departments and agencies for them to concentrate on their duties. The President’s statement came on the heels of the lower legislative committee on public accounts’ threat to obtain an arrest warrant against Central Bank of Nigeria governor Yemi Cardoso for failing to honour several invitations from the House to answer queries on alleged revenue leakages and a claim that revenue sourced through Remita for the Treasury Single Account was not being remitted.  At the Iftar feast to break Wednesday’s Ramadan, Mr Tinubu urged Mr Abbas and his colleagues to wield their legislative authority with wisdom particularly in the manner in which summons were issued to various heads of MDAs whose absence at their duty posts could  significantly hurt the entire nation based on their vital positions. ”I have been watching various committees summoning ministers and heads of agencies. I have complained to the Speaker to let the poor breathe. Let these people do the job,” Mr Tinubu said, …

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Finally, CBN reduces Customs Duty exchange rate by 5.3%

By Chris Udochukwu The Central Bank of Nigeria (CBN) has announced a 5.3% reduction in the exchange rate for computing Customs duties at the nation’s seaports. The Customs FX duty rate has been revised from N1630.159/$ to N1,544.081/$ as of March 4, 2024. The move comes in response to the stability of the naira’s exchange rate against the dollar. The new rate represents a 5.3% decrease compared to the previous rate of N1630.159/$ used on March 2, 2024. Importers opening Form M for trade on Monday, March 4, 2024, will benefit from a lower exchange rate for duty calculation, providing some relief in import duties. Industry analysts suggest that the CBN’s efforts to stabilize the exchange rate for Customs duty evaluation will help mitigate the economic impact of high tariffs on businesses. The move aims to create a more favourable business environment for importers, addressing concerns about high import duties and fluctuating FX rates for duty calculation. Last week, the CBN issued a directive instructing Customs to use the rate on submitting Form M to calculate import duties.

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Naira strengthens as foreign demands rise sharply for bond auctioned by CBN

By Chris Udochukwu The naira strengthened as foreign demand rose sharply for bonds auctioned by the Central Bank of Nigeria following a jumbo interest-rate increase to shore up the country’s battered currency. The CBN said that foreigners bought almost fourth-fifths of a 1.053 trillion naira ($682 million) auction of three-month to 12-month bills last week, lured by sharply higher yields, which it said was a sign that its policy actions to attract dollar inflows were working. Foreign demand “underscored the level of confidence that the central bank now enjoys from investors,” said CBN spokeswoman Hakama Sidi Ali. “The CBN is optimistic that its monetary policy measures are beginning to yield positive results,” she said. Yields on 12-month notes rose to 21.5% at the auction, 450 basis points higher than the previous sale on Jan. 19. The three-month bill was sold at 19% compared with 10%. The central bank lifted its benchmark policy rate by a much larger than-expected 400 basis points to 22.75% on Feb. 27 to attract foreign capital and help support the naira, which has lost around 70% …

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Alleged N30bn Shared To Governors’ Controversy: Why The Secrecy And Why Is CBN Silent On This – Shehu Sani

By Chris Udochukwu ABUJA – Former federal lawmaker that represented Kaduna Central Senatorial District in the 8th Senate, Senator Shehu Sani has reacted to the ongoing back and forth arguments surrounding the alleged N30billion shared to the governors’, asking why the secrecy and wondering why the Central Bank of Nigeria (CBN) is silent about it. Precise Post recalls that on the 21st of February, 2024, the President of the Senate, Godswill Akpabio said an “unverified report” indicated that state governors received N30 billion each from the Federation Account to ameliorate inflation and the high cost of food in their respective states. Last September, the federal government said N2 billion was released to governors out of the N5 billion loan it offered to each state as a palliative to cushion the effect of the removal of fuel subsidy. During the plenary, Mr Akpabio said information available to him indicates that apart from the first tranche of funds given to the governors, an additional N30 billion was also given to them through the Federal Inland Revenue Service (FIRS). “I must say that …

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CBN Has Started To Take Control By Shehu Bashir Esq

I am happy to observe that the Central Bank of Nigeria, CBN, has started to take control and do the needful to rein in the criminals and saboteurs and forex speculators. I am particularly happy to note that some of the “radical” suggestions I made in my previous notes are now being strategically implemented and even improved upon. The new policy of the CBN which is attached hereunder is the right step in the right direction. All we need now is continuous enforcement without any iota of compromise. However you look at it, it is not correct that we allow a few manipulators and speculators take charge of our legitimate forex market. Demolishing all illegal stalls (online and offline ) used for illegal forex market is good, moving forward. I can attest that the Zone 4 is now given a clean shave, just like NCC has been directed to block all illegal websites being used for forex speculation. Therefore, we can continue other strategic policies implementation including high tech control of forex manipulation that is usually done through crypto and …

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Use Increased Federation Allocation To Deal With Hunger And Poverty – Bwala Charges Governors

…Urges Tinubu to direct direct the Fiance minister and CBN Governor to publish allocations to states in the national dailies By Chris Udochukwu ABUJA – Legal Practitioner, Daniel Bwala has charged the 36 states Governors in Nigeria to fear God and remember life hereafter and make use of the increased Federation Allocation to deal with hunger and poverty in their respective states. This is also as he has urged President Bola Tinubu to direct the Fiance minister and Central Bank of Nigeria’s Governor to publish allocations to states in the national dailies for the Nigerian people to use and hold their governors to account. Bwala who made the call on his X account (formerly twitter), reminded that since the removal of fuel subsidy, states are now receiving almost three times their previous earnings and it appears nothing visible or tangible is seen across states of the federation. Precise Post recalls that President Bola Tinubu upon assumption of office in May 29, 2023, announced the removal of fuel subsidy, saying it is a conduit pipe used by the cabals to siphon …

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Tinubu’s government to place CBN official, two others on Interpol red notice for forging Buhari’s signature to withdraw $6.2 million

ABUJA- The Special Investigator for the Central Bank of Nigeria, Jim Obazee, has requested an official of the apex bank and two others on the run be placed under Interpol red notice for allegedly forging the signature of former President Muhammadu Buhari io fraudulently withdraw $6.2 million from the nation’s treasury. Peoples Gazette gathered that the request became imperative after the suspects failed to turn themselves in for questioning over the looted funds, leading investigators to believe that they had fled the country to escape prosecution. Four months before Mr Buhari’s administration ended in 2023, the sum of $6.2 million was withdrawn from the government coffers through a letter purportedly from the presidency (bearing Mr Buhari’s signature) and addressed to the CBN for payment of foreign election observers. Odoh Eric Ocheme, Adamu Abubakar and Imam Abubakar, were fingered as the three key suspects who carried out the forgery and fraudulent withdrawal. Their names have been submitted to the Interpol red notice, which would help the foreign police locate and arrest them in any of Interpol’s 196 member nations including the UK, U.S., France, Australia, …

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