TheNewsGuru

Tag: CBN

CBN

  • FG aims at single digit inflation, pursues more FDI inflows

    FG aims at single digit inflation, pursues more FDI inflows

    The Federal Government says it recognises the threat posed by inflation to the welfare of Nigerians, and is taking strategic measures to bring it down to single digit.

    The move is also aimed expanding investment frontiers of the economy, Finance Minister and Co-Ordinating Minister for the Economy, Olawale Edun and Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said on Saturday at a joint press conference at the end of the 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank Group, in Washington DC.

    According to National Bureau of Statistics (NBS) data, inflation rate in Nigeria rose to 24.23 per cent in March from 23.18 per cent in February 2025.

    We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians. Our policy stance is firmly focused on bringing inflation down to single digit in a sustainable manner over the medium term,” Cardoso said.

    He said the aim was to “restore price stability, protect household purchasing power, and lay the foundation for long-term investment.”

    The CBN boss said the recent Fitch Ratings upgrade, which applauded the exchange rate unification to reduce arbitrage in the markets, the introduction of electronic FX matching platform and a new FX code to enhance transparency and efficiency in the market as well as deployment of monetary policy tightening to keep inflation on check, showed that the reforms were succeeding.

    Edun put Federal Government’s economic growth target at seven per cent, an ambitious projection which has the potential to substantially reduce the current level of poverty and improve the standard of living of Nigerians significantly.

    That’s a commitment and target, and the way to get it is by focusing on agriculture, increasing productivity, as well as making food more available to the people,” the Minister said.

    Edun said government was also focused on “building more infrastructure, particularly in the digital economy area that will benefit young people, and supporting businesses through improved access to finance.

    He said President Bola Tinubu’s desire was that the poor and the most vulnerable were not left behind in the benefits from the ongoing economic reforms.

    His words: “We have a social and direct benefit transfer programme. It started off and it wasn’t robust enough or up to standard, so we stopped it.

    “We are back to the drawing board, and now have a standard that requires payments going out to people on the social register, and allow each person to be identified biometrically, through a National Identity Number. Each person has a digital methodology for reaching them.”

    Twenty million Nigerians are currently on social register, with one million monthly addition which is expected to rise to three million monthly in due course.

    Addressing the benefits of the spring meetings, Edu said the just concluded one came at a time ofglobal uncertainty, structural shifts, rising trade and geopolitical tensions, elevated interest rates and high debt levels of which many of the heavily impacted countries are in Sub Saharan Africa.

    He said although tariff hikes were impacting real wages and disruption of global supply chains disproportionately affecting Emerging Market Developing Economies (EMD’s) in view of the limited diversification of their economies and greater dependence on imported goods, domestic policy re-strategising should be the first line of defence.

    Fiscal Fiscal policies should safeguard sustainability and rebuild buffers; remain investment friendly to create job opportunities and enhance resilient growth.

    “Policy calibration should be toward further restoring confidence and stability, reducing imbalances and improving productivity to drive sustainable growth. Regional and cross regional economic integration and cooperation is critical,” he said.

    He explained that in line with the Renewed Hope Agenda of President Tinubu, Nigeria was pursing growth-oriented policies through various initiatives in agriculture and food security, road and rail infrastructure, social security as well as strong reforms in both the upstream and downstream sectors of the oil and gas arena.

  • CBN approves cash-based BTA for 2025 Hajj

    CBN approves cash-based BTA for 2025 Hajj

    The Central Bank of Nigeria (CBN), has approved the request by the 2025 Hajj intending pilgrims to be granted cash transactions for the holy pilgrimage to the Kingdom of Saudi Arabia.

    This followed the intervention of Vice-President Kashim Shettima, who appealed to President Bola Tinubu on behalf of the pilgrims through the National Hajj Commission of Nigeria (NAHCON).

    The News Agency of Nigeria (NAN) reports that CBN had earlier in the year introduced a new payment method for Basic Travel Allowance (BTA) for Nigerians embarking on the 2025 hajj pilgrimage.

    There had however been concerns that the hitherto use of mandatory debit cards proposed by the CBN for the pilgrimage would endanger the smooth planning, operation, and performance at the 2025 Hajj.

    Addressing newsmen after a meeting with the Vice-President, NAHCON’s Commissioner for Policy, Personnel Management and Finance, Aliu Abdulrazaq, confirmed that the CBN has granted Nigerian pilgrims the opportunity of cash transactions for upcoming hajj

    According to Abdulrazaq the meeting was prompted by the policy of the Federal Government on the card for Basic Travel Allowance (BTA) for 2025 Hajj operations.

    ”Out of the magnanimity of the CBN and appeal made by the Vice President, the idea of a card for pilgrims in the 2025 Hajj has been dropped.

    “This is a landmark achievement for NAHCON. If you go to Saudi Arabia, mostly the areas where the pilgrims are going to perform their rituals, there is only one Automated Teller Machine there.

    “And it is always crowded and poses so many difficulties for pilgrims to purchase whatever they want to purchase.”

    ”But now we are confident that the Hajj operations will be very seamless for the pilgrims, as all arrangements are in top gear, even the BTA that was our fear has now been addressed.”

    Similarly, the NAHCON’s Secretary, Dr Mustapha Ali, clarified that the change was neither a concession nor a subsidy from the Federal Government.

    ”There is a need for clarification. It is not a concession or intervention by the Federal Government. It is not a subsidy either.

    ”The Vice-President intervened because most of the pilgrims make purchases in the streets of Mecca or Medina, and they do not need debit cards to make their purchases.

    “Now it is allowed for them to carry cash. The CBN will provide the cash at the market rate,” he explained.

    In the same vein, Malam Abba Aliyu, Director of Human Resources, CBN and Board member representing the CBN in NAHCON, explained that the apex bank intervention was borne out of interest for the welfare of Nigerian pilgrims.

    ”Looking at the financial literacy of the pilgrims, there is need for us to make life easy for them because a lot of them do not know how to operate the ATM,” he said.

  • CBN gov faces contempt charge over Paris Club refund

    CBN gov faces contempt charge over Paris Club refund

    A consulting firm, Melrose General Services Limited, has filed a contempt charge against the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, and its Director of Legal Services, Salam-Alada Kofo, over dispute on the Paris Club refund.

    The company instituted the suit marked: FHC/ABJ/CS/532/2025 before Justice Inyang Ekwo of the Federal High Court in Abuja.

    Cardoso and Kofo are facing contempt proceedings for allegedly failing to comply with a Supreme Court judgment that reversed the forfeiture of N1.22 billion and N220 million in an appeal by Melrose General Services.

    Justice Ekwo had fixed June 4 for the hearing of the matter.

    NAN reports that in June 2024, the Supreme Court overturned a previous forfeiture order against Melrose General Services Limited’s funds, which had been frozen following an investigation by the Economic and Financial Crimes Commission (EFCC).

    The disputed sums included N1,222,384,857.84 in Melrose’s bank account and N220 million paid by the company to Wasp Networks and Thebe Wellness as loan and investment.

    The apex court had ruled that the EFCC had not proven the funds were proceeds of fraud, as alleged.

    The court set aside the lower courts’ forfeiture orders, directing the release of the funds to their rightful owners.

    However, despite the Supreme Court’s decision, Melrose’s lawyers filed a lawsuit at the trial court, alleging that the CBN and its top officials had only partially complied with the judgment.

    Melrose, in its application before Justice Ekwo, averred that while the N1.22 billion was refunded, the outstanding N220 million remains unpaid.

    The company, through its counsel Chikaosolu Ojukwu, SAN, filed the contempt suit against the CBN governor, Director of Legal Services, the EFCC and the Minister of Finance, arguing that their refusal to release the full amount constitutes contempt of court and undermines the Supreme Court’s authority.

    Ojukwu informed the court that the EFCC, via the CBN, had only made a partial refund, and accused the CBN officials of neglecting their legal obligations regarding the remaining funds.

    He cited the apex court judgement which ruled that, “The appellant’s application( Melrose General Services limited) to set aside the order of interim forfeiture of the sum of N1,222,384,857.84 in the appellant’s account with Access Bank Plc and N220,000,000.00 in the accounts of the 2nd and 3rd respondents(Wasp Networks and Thebe Wellness), is hereby granted.”

    It would be recalled that Justice Ekwo had, on March 27, granted Melrose’s request to serve the contempt applications (Form 48 and Form 49) on the respondents, giving them seven days to reply.

    At the April 10 hearing, Melrose’s counsel, Segun Fiki, confirmed that all parties, except the Ministry of Finance, had responded to the court documents.

    The CBN’s legal team, represented by Abdulfatai Oyedele, filed a preliminary objection and counter-affidavit, arguing that the Supreme Court did not direct payment of N220 million to Melrose’s account, but to the accounts of Wasp Network Limited and Thebe Wellness Services, from which the money was originally forfeited.

    The CBN submitted that Wasp Network’s solicitors had requested payment of N200 million, while Thebe Wellness had yet to claim their N20 million share.

    The CBN maintained it had acted in compliance with the judgment and that there was no unethical conduct.

    The EFCC, represented by Martha Babatunde, filed a motion for misjoinder, asserting it should not be a party to the contempt case.

    The judge has adjourned the matter until June 4 for hearing.

    Recall that the dispute stems from the controversial Paris Club refund, a settlement involving payments to consultants for services rendered to the Nigerian Governors’ Forum.

  • Paris Club refund: Consultant files contempt charge against CBN

    Paris Club refund: Consultant files contempt charge against CBN

    A consulting firm, Melrose General Services Limited, has filed a contempt charge against the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, and its Director of Legal Services, Salam-Alada Kofo, over dispute on the Paris Club refund.

    The company instituted the suit marked: FHC/ABJ/CS/532/2025 before Justice Inyang Ekwo of the Federal High Court in Abuja.

    Cardoso and Kofo are facing contempt proceedings for allegedly failing to comply with a Supreme Court judgment that reversed the forfeiture of N1.22 billion and N220 million in an appeal by Melrose General Services.

    Justice Ekwo had fixed June 4 for the hearing of the matter.

    In June 2024, the Supreme Court overturned a previous forfeiture order against Melrose General Services Limited’s funds, which had been frozen following an investigation by the Economic and Financial Crimes Commission (EFCC).

    The disputed sums included N1,222,384,857.84 in Melrose’s bank account and N220 million paid by the company to Wasp Networks and Thebe Wellness as loan and investment.

    The apex court had ruled that the EFCC had not proven the funds were proceeds of fraud, as alleged.

    The court set aside the lower courts’ forfeiture orders, directing the release of the funds to their rightful owners.

    However, despite the Supreme Court’s decision, Melrose’s lawyers filed a lawsuit at the trial court, alleging that the CBN and its top officials had only partially complied with the judgment.

    Melrose, in its application before Justice Ekwo, averred that while the N1.22 billion was refunded, the outstanding N220 million remains unpaid.

    The company, through its counsel Chikaosolu Ojukwu, SAN, filed the contempt suit against the CBN governor, Director of Legal Services, the EFCC and the Minister of Finance, arguing that their refusal to release the full amount constitutes contempt of court and undermines the Supreme Court’s authority.

    Ojukwu informed the court that the EFCC, via the CBN, had only made a partial refund, and accused the CBN officials of neglecting their legal obligations regarding the remaining funds.

    He cited the apex court judgement which ruled that, “The appellant’s application( Melrose General Services limited) to set aside the order of interim forfeiture of the sum of N1,222,384,857.84 in the appellant’s account with Access Bank Plc and N220,000,000.00 in the accounts of the 2nd and 3rd respondents(Wasp Networks and Thebe Wellness), is hereby granted.”

    It would be recalled that Justice Ekwo had, on March 27, granted Melrose’s request to serve the contempt applications (Form 48 and Form 49) on the respondents, giving them seven days to reply.

    At the April 10 hearing, Melrose’s counsel, Segun Fiki, confirmed that all parties, except the Ministry of Finance, had responded to the court documents.

    The CBN’s legal team, represented by Abdulfatai Oyedele, filed a preliminary objection and counter-affidavit, arguing that the Supreme Court did not direct payment of N220 million to Melrose’s account, but to the accounts of Wasp Network Limited and Thebe Wellness Services, from which the money was originally forfeited.

    The CBN submitted that Wasp Network’s solicitors had requested payment of N200 million, while Thebe Wellness had yet to claim their N20 million share.

    The CBN maintained it had acted in compliance with the judgment and that there was no unethical conduct.

    The EFCC, represented by Martha Babatunde, filed a motion for misjoinder, asserting it should not be a party to the contempt case.

    The judge has adjourned the matter until June 4 for hearing.

    Recall that the dispute stems from the controversial Paris Club refund, a settlement involving payments to consultants for services rendered to the Nigerian Governors’ Forum.

  • Bank recapitalisation crucial to achieving $1trn economy – CBN

    Bank recapitalisation crucial to achieving $1trn economy – CBN

    The Central Bank of Nigeria (CBN), says recapitalisation of Nigerian banks is crucial to the march towards achieving a one-trillion dollar economy.

    CBN’s Deputy Governor, Corporate Services, Emem Usoro, said this on Monday in Abuja, at the ongoing 36th edition of the Finance Correspondents Association of Nigeria (FICAN).

    The theme of the seminar is, “Banking Recapitalisation Towards a One Trillion Dollar Economy ”.

    Usoro’s address was delivered by Mrs Hakama Sidi-Ali, CBN’s, the Acting Director, Corporate Communications Department.

    According to her, the global financial system and architecture have assumed a new dimension even before the new administration of Donald Trump in the United States of America.

    She said that globalisation had broken the limits of financial flows , and investors have inadvertently taken full advantage of the opportunities.

    “However, countries and their financial systems must be prepared to utilise opportunities created by financial globalisation through appropriate policy support and actions.

    “The Nigerian banking system has also undergone reforms, including recapitalisation and consolidation exercises.

    “The 2004 banking sector consolidation and recapitalisation exercise, which set a limit of N25 billion minimum capital base for banks, brought the Nigerian banks from 89 to 25,” she said.

    She said that as the country worked towards building a one-trillion dollar economy, it must consider recapitalisation of its banks to be able to finance the economy and favourably compete globally with its peers.

    “We should particularly pay significant attention to bank recapitalisation to ensure that our banks are strong, resilient and stable enough to carry our financial intermediation.

    “Building a one-trillion dollar economy is not as easy task. It will require careful planning, robust and clear policy direction, dutiful implementation and averred commitment from stakeholders that would galvanise various sectors of the economy.

    “Today, our economy is valued at approximately 25 billion dollars. As we aspire to build a trillion-dollar economy, all hands must be on deck, ” she said.

  • Economy resurgence: CBN declares $6.83bn balance of payments surplus

    Economy resurgence: CBN declares $6.83bn balance of payments surplus

    The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of 6.83 billion dollars for the 2024 financial year.

    According to a statement issued by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this marks a decisive turnaround from deficits of 3.34 billion dollars in 2023 and 3.32 billion dollars in 2022.

    Sidi-Ali said that the improvement reflected the impact of wide-ranging macroeconomic reforms, stronger trade performance, and
    renewed investor confidence in Nigeria’s economy.

    “The current and capital account recorded a surplus of 17.22 billion dollars in 2024,
    underpinned by a goods trade surplus of 13.17 billion dollars.

    “Petroleum imports declined by
    23.2 per cent to 14.06 billion dollars, while non-oil imports dropped by 12.6 per cent to 25.74 billion dollars.

    “On the export side, gas exports rose by 48.3 per cent to 8.66 billion dollars, and non-oil exports increased by 24.6 per cent to 7.46 billion dollars, ” she said.

    She said that remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to 20.93 billion dollars.

    Sidi-Ali said that International Money Transfer Operator inflows surged by 43.5 per cent to 4.73 billion dollars, up from 3.30 billion dollars in 2023, reflecting stronger engagement from the Nigerian diaspora.

    She said that official development assistance also rose by 6.2 per cent to 3.37 billion dollars.

    “Nigeria recorded a net acquisition of financial assets totalling 12.12 billion dollars

    “Portfolio investment inflows more than doubled, increasing by 106.5 per cent to 13.35 billion dollars, while resident foreign currency holdings grew by 5.41 billion, indicating stronger confidence in domestic economic stability,” she said.

    The director said that, although Foreign Direct Investments (FDIs) dropped by 42.3 per cent to
    1.08 billion dollars, the overall financial account posted notable gains.

    She said that the country’s external reserves increased by 6.0 billion dollars to 40.19 billion dollars by year-end 2024, bolstering its external buffer.

    “Marked Improvement in data integrity
    notably, net errors and omissions narrowed significantly by 79.5 per cent to negative 5.10 billion dollars in 2024, down from 24.90 billion dollars in 2023.

    “This reflects substantial improvements
    in data availability and capture, representing a major advance in data accuracy,
    transparency, and overall reporting integrity,” she said.
    .
    She said that the 2024 BOP surplus highlighted the effectiveness of Nigeria’s ongoing reform
    agenda.

    According to her, the liberalisation and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilising the Naira, and coordinated fiscal and monetary measures have all contributed to enhanced
    competitiveness and investor sentiment.

    Meanwhile, the CBN Governor, Yemi Cardoso, said that the positive turnaround in the country’s external finances was evidence of effective policy implementation and unwavering commitment to macroeconomic stability.

    According to Cardoso, this surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.

  • CBN injects $197.71m to boost fx liquidity

    CBN injects $197.71m to boost fx liquidity

    The Central Bank of Nigeria (CBN) on Friday supplied a total of $197.71 million to the foreign exchange market through sales to authourised dealers.

    The apex bank’s Director of Financial Markets Department, Dr Omolara Duke, disclosed this in a statement on Saturday in Abuja.

    She noted that the intervention aligned with the apex bank’s ongoing commitment to ensuring adequate liquidity and supporting orderly market functioning.

    According to Duke, the move reflects the CBN’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.

    She said the decision was largely influenced by recent movements in the FX market, driven by the announcement of new U.S. tariffs and declining crude oil prices.

    “The CBN has observed recent fluctuations in the foreign exchange market between April 3 and April 4.

    “These  are reflective of broader global macroeconomic shifts currently impacting several emerging markets and developing economies,” she said.

    “These developments stem from the recent announcement by the United States government of new import tariffs on goods from several economies, triggering a period of adjustment across global markets.”

    Duke further noted that crude oil prices had dropped by over 12 per cent, falling to approximately $65.50 per barrel, introducing new challenges for oil-exporting nations like Nigeria.

    She assured that the CBN would continue to monitor both global and domestic market conditions.

    She expressed confidence in the resilience of Nigeria’s foreign exchange framework, “which is designed to adjust in line with evolving economic fundamentals.

    “All authourised dealers are reminded to strictly adhere to the principles outlined in the Nigerian FX Market Code.

    “And uphold the highest standards in their dealings with clients and market counterparties,” she added.

  • Tinubu narrates nasty experience during naira scarcity as relative says”my wealthy uncle does not have N10K cash”

    Tinubu narrates nasty experience during naira scarcity as relative says”my wealthy uncle does not have N10K cash”

    Nigeria’s President, Bola Ahmed Tinubu, has recounted his nasty encounter with his close relative who narrated how their wealthy uncle ran short of cash during the naira scarcity in 2023.

    Recounting the experience at a special Iftar held in his honour at the Presidential Villa on Saturday night, Tinubu said the odds were against him during the 2023 campaigns, so much that he contemplated withdrawing from the race.

    He said, “Those close to me know that the odds were against me. During the campaigns, one of them came to my living room around 3:30 a.m. and said he needed just N50,000 to buy foodstuff for our uncle.

    “He told me, ‘The currency is gone because of you. People are jumping over bank counters because there is no cash. Our uncle, a wealthy man, doesn’t even have N10,000 in cash. What are you running for?

    “I told him, ‘I am running for President, not for you and our uncle.’ I gave him the N50,000. As he walked out, he turned to me and said, ‘I don’t think you will make it.’ I replied, ‘I will make it,’” Tinubu declared.

    He added, “I was amazed. At that moment, I almost dropped the idea of running for President. But thanks to Aminu Masari and all of you who encouraged me.

    “When I came to Abuja, Masari told me, ‘I am the Chairman of the North West Group; don’t look back’,” he said.

    Further speaking, the President explained reasons why he declared the removal of fuel subsidy during his inauguration.

    “On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal.

    “The hallmark of a great leader is the ability to make the right decision at the right time.

    “That was the day I declared that the subsidy was gone. The following day, I was hounded and thoroughly abused in the media. But I stood firm, knowing it was the right thing to do for our nation’s future.” he added.

  • See new rate as Naira appreciates against Dollar

    See new rate as Naira appreciates against Dollar

    The Naira appreciated on Friday in the official market, trading at N1,536.82 to a dollar.

    Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N1.84.

    This represents a 0.11 per cent increase compared to the N1,538.66 per dollar recorded on Thursday.

    The gain followed four days of slight depreciation between Monday and Thursday.

    On Monday, March 24, the Naira closed at N1,531.19 per dollar. On Tuesday, it traded at N1,532.39, and on Wednesday, it exchanged at N1,537.62.

    In spite of these slight losses, the Naira has remained relatively stable against the US Dollar since December 2024, due to CBN’s reforms promoting transparency in the foreign exchange market.

  • Senate confirms Ayogu new CBN board of directors member

    Senate confirms Ayogu new CBN board of directors member

    The Senate, on Tuesday, confirmed the nomination of Prof. Melvin Ayogu as a member of the Board of Directors of the Central Bank of Nigeria (CBN).

    The approval was sequel to the presentation of the report of the Senate Committee on Banking, Insurance and other Financial Institutions during plenary.

    The report was presented by Sen. Osita Izunaso (APC-Imo) on behalf of the Chairman of the Committee, Sen. Adetokunbo Abiru.

    Presenting the report, Izunaso said that the request for confirmation of the nomination for appointment of Ayogu as a member of the Board of Directors of CBN was made pursuant to Provisions of Section 6 (1 and 2) of the Central Bank of Nigeria, Act.

    According to him, the recommendation of the nominee is in tandem with the provisions of Section 10 (1) of the Act.

    “It provides that the President, when appointing the nominee, shall have due regard to fair representation of the financial, agricultural, industrial and commercial interests and the principles of federal character.

    “That the nominee’s performance during the screening exercise is indicative of his qualifications and suitability for the responsibilities associated with the position of the Director of the CBN.

    “That the nominee possesses the expertise, knowledge and professional experience to be a member of the Board of Directors of the CBN.

    “That the committee did not receive any petition against the nomination for appointment as a member of the Board of Directors of the CBN.

    “That the nominee had been cleared by the Nigerian Police Force and Department of State Services (DSS)”.

    Supporting the report, Sen. Ede Dafinone (APC-Delta) said the nominee is a Professor of Economics, schooled globally and has cut his teeth in economic theory and also practice globally.

    “I wholeheartedly support and second the report of the committee approving his nomination as a director of the Central Bank”.

    In his remarks, President of the Senate, Godswill Akpabio, expressed appreciation to the committee for the speedy and painstaking job they have done in clearing the nominee for confirmation by the senate.

    “I congratulate the nominee and pray that he will add value to the CBN to solve the myriad of problems facing the financial and monetary sector of the Nigerian economy,” he said.