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Central Bank Of Nigeria

All articles tagged with #central bank of nigeria

economy2 years ago

CBN Takes Action to Stabilize Naira Amidst Speculation and Forex Concerns

The Central Bank of Nigeria (CBN) has implemented foreign exchange intervention measures to tackle currency speculators and stabilize the naira, which has been tumbling in the parallel market. The CBN's acting governor, Folashodun Shonubi, stated that the naira's volatility is driven not only by economic factors but also by speculative demand. While specific details of the intervention measures were not disclosed, Shonubi warned speculators of potential significant losses. The CBN has also restricted diaspora remittances, setting limits on the exchange rate for naira payouts. The recent revelation of lower effective foreign exchange reserves in the CBN's financial statements has raised concerns about the bank's ability to defend the naira. Nigeria's zero earnings from crude oil sales for the past seven months have worsened the foreign exchange crisis in the country.

via Punch Newspapers|
#central-bank-of-nigeria#diaspora-remittances#economy
politics2 years ago

Tinubu's Special Investigator to Uncover Central Bank and NNPCL Mess

Jim Obazee, former CEO of the Financial Reporting Council of Nigeria, has been appointed by President Bola Tinubu as a special investigator to probe the Central Bank of Nigeria and key Government Business Entities. Obazee, a native of Edo State, holds a Bachelor's degree in Accounting and a Master's degree in the same discipline. He has extensive experience in financial reporting and analysis, and has served in various leadership roles in international accounting organizations.

via Punch Newspapers|
#bola-tinubu#central-bank-of-nigeria#financial-reporting-council-of-nigeria
politics2 years ago

Tinubu Appoints Special Investigator for CBN Probe

President Bola Tinubu has appointed Jim Obazee, the former CEO of the Financial Reporting Council of Nigeria, as a special investigator to probe the Central Bank of Nigeria (CBN) and related entities. Obazee previously investigated the CBN under the tenure of Sanusi Lamido Sanusi and uncovered massive corruption, leading to Sanusi's suspension in 2014. The appointment is aimed at strengthening key Government Business Entities, blocking leakages, and providing a comprehensive report on public wealth in the hands of corrupt individuals and establishments. Obazee will report directly to President Tinubu.

via SaharaReporters.com|
#central-bank-of-nigeria#corruption#financial-reporting-council-of-nigeria
politics2 years ago

"From Arrest to Denial: The Controversial Journey of Nigeria's Suspended Central Bank Governor"

Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, has been charged with illegally owning a shotgun and cartridges, following his arrest by the Department of State Services (DSS). Emefiele denies the charges and has been granted bail. The arrest comes after he was criticized by President Bola Tinubu for a failed attempt to redesign the currency, the naira, to prevent vote-buying during the presidential election. Emefiele's tenure as governor has been marked by economic turmoil, and he is seen by many as an integral figure in the government's mismanagement of the economy. The case against him is seen by some as a distraction for the new government, which is already facing criticism over its handling of the economy.

via BBC|
#arrest#central-bank-of-nigeria#court
politics2 years ago

Suspended Nigeria Central Bank Governor Charged After Court Ruling

The suspended governor of the Central Bank of Nigeria, Godwin Emefiele, has been charged after being detained for over a month. The charges were filed following a court directive, and Emefiele is being investigated for alleged "criminal infractions." The specific charges have not been specified. Emefiele had previously been accused of terrorism financing and economic crimes.

via The Associated Press|
#central-bank-of-nigeria#charges#detention