Tag: CBN Governor

  • CBN Increases Interest Rate To 18%

    CBN Increases Interest Rate To 18%

    Central Bank of Nigeria’s Monetary Policy Committee has voted to increase the benchmark interest rate by 50 basis points to 18. percent.

    This was disclosed by the CBN Governor, Godwin Emefiele, on Tuesday while reading the communiqué of the second MPC meeting.

    He said the committee also pegged the liquidity ratio at thirty percent.

    The tightening of the rate according to the apex bank governor is expected to curtail inflation currently put at twenty-one percent.

    On naira redesign, Emefiele explained that the bank aligns itself with the Supreme Court’s judgement as currency in circulation (redesigned naira) is about one trillion naira.

    He said that the bank will continue to pump more currency into the system but with caution.

    The central bank boss expressed confidence in the nations commercial banks stating that they have remained resilient with capital requirement at thirteen percent, non performing loans at four point two percent and cash reserve of the banks raising to fourteen trillion naira.

  • CHRAN wants CBN Governor jailed over Naira crisis

    CHRAN wants CBN Governor jailed over Naira crisis

    By Odo Ogenyi,Uyo

    The Center For Human Rights & Accountability Network (CHRAN) has asked the Supreme Court of Nigeria to commit the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele to prison for disobeying its order on the monetary policy.

    Speaking exclusively on the CBN policy yesterday on Advocate Broadcasting Network (ABN) television show, in Uyo, the State Director of CHRAN, Mr Franklyn Isong lamented the negative effect of the policy on Nigerians caused by its poor implementation.

    Isong maintained that it was the position of the human rights group that nobody is above the law of the land, hence the need for the CBN Governor to be jailed for contempt of Court in order to serve as a deterrent to other lawless political office holders in the country who treat Court orders with contempt. 

    He regretted that the Court which the CBN Governor ran to when he was faced with threats of arrest and losing his job on allegation of sponsoring terrorism in Nigeria, is the same Court he was treating with disdain and odion. 

    The apex Court had while considering the matter filed before it by three State governors against the Federal Government of Nigeria in connection to the monetary policy of the CBN, ordered that both the old and new Naira notes remain legal tenders in Nigeria pending the determination of the suit. 

    But the CBN Governor has insisted that the deadline for the old notes to be legal tenders remained Friday, 10th February, 2023, leading to commercial banks rejecting the old notes in the midst of scarcity of the redesigned Naira notes.

  • “CBN Gov Fighting Back For Losing Presidential Bid,” Says Gov Ganduje

    “CBN Gov Fighting Back For Losing Presidential Bid,” Says Gov Ganduje

    – As Kano Sets To Summon Bank Managers.
    Ready To Commence The Distribution F Palliatives Across 44 LGs.

    By Jabiru Hassan, Kano.

    Governor Abdullahi Umar Ganduje of Kano state challenges that the untimely implementation of Naira swap policy, was deliberately done by the governor of the Central Bank of Nigeria (CBN) Godwin Emeifiele, as fighting back strategy for failing to get presidential ticket under the ruling All Progressives Congress (APC).

    He posed the challenge during electioneering campaign rally, held at Tsanyawa, Sunday, where he presented gubernatorial and deputy gubernatorial candidates, alongside senatorial candidate and other candidates.

    The governor emphasized that, “The CBN Governor is only doing this to cause confusion in the forthcoming elections for not just reason. He has not been in good mood for long, because he failed to secure Presidential ticket on the platform of our great party, the APC.”

    Insisting that, Kano state government and APC in the state are totally against the action of the CBN Governor. “Currency redesign is done across the globe, but not in the way we are witnessing in our country.

    The timing is wrong, the deadline given is very wrong and deliberate,” he said. Part of the measures taken by the governor to cushion the effects of the hardship caused by Naira swap development, he reveals that, “We will summon Bank managers very soon to interrogate the shortage of new Naira notes in banks.

    They should come over and explain to us, why our people are still suffering over this issue of Naira Swap. And I will go to them individually to supervise what is happening and why.” Governor Ganduje reminded that, during COVID-19 pandemic state government distributed palliatives to citizens across all the 44 local governments.

    Disclosing that, “We have a plan in the pipeline to start distributing palliatives very soon across all the 44 local governments, to cushion the effect of the hardship caused by the CBN Governor, to our people.”

    At the palaces of the District Heads of Kunchi and Tsanyawa local governments, he urged community leaders to create awareness within their jurisdiction to let people know that, “… hardship people facing is singlehandedly caused by the CBN Governor, to purposely cause confusion in our democratic process.”

  • Banks Will Still Accept Old Notes After Deadline – CBN Gov

    Banks Will Still Accept Old Notes After Deadline – CBN Gov

    Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline, this is according to the Central Bank Governor, Godwin Emefiele.

    Emefiele stated this on Tuesday while appearing before the House of Representatives ad hoc committee.

    It would be recalled that the lawmakers had accused Emefiele of breaching section 20 of the CBN act.

    According to the Speaker of the House, Femi Gbajabiamila, the CBN Act mandates commercial banks to accept old notes.

    “After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Mr Gbajabiamila had said in a speech on Thursday.

    While speaking at the hearing, Emefiele said he is in agreement with the parliament on section 20.

    “Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he said.

    He explained further that “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians,” he stated.

  • JUST IN: CBN Gov, Emefiele Finally Appears Before Reps over New Currency

    JUST IN: CBN Gov, Emefiele Finally Appears Before Reps over New Currency

    The Central Bank Governor, Godwin Emefiele is before the ad-hoc committee of the House of Representatives which is investigating the scarcity of the new naira notes.

    Emefiele had failed to appear before the lawmakers after initial requests detailing in a series of letters that he was in the United States on an important assignment, and was still outside the country respectively.

    The Speaker of the House of Representatives, Femi Gbajabiamila, would go on to state that he would not hesitate to ask the Inspector General of Police, Usman Baba, to issue an arrest warrant on Emiefele to compel him to appear before the House.

    It should be recalled that in November, the apex bank fixed the 31 January deadline for the usage of the old notes.

    However, the scarcity of the new notes forced the hands of the House to set up an ad hoc committee to resolve the difficulties between the CBN and commercial banks, despite the insistence of Emefiele that many of the banks were hoarding the notes.

    Details later

  • New Naira Notes: Reps Threaten To Arrest CBN Gov, Bank Chiefs

    New Naira Notes: Reps Threaten To Arrest CBN Gov, Bank Chiefs

    The Speaker of the House of Representatives, Femi Gbajabiamila has threatened to issue a warrant of arrest on the Central Bank of Nigeria (CBN) and bank directors over their collective failure to honour an invite to appear before the green chamber over scarcity of three newly designed naira notes.

    The House had summoned the CBN and bank directors over the January 31, 2023 deadline for the validity of old N200, N500 and N1,000 notes but the apex bank and managing directors of commercial banks refused to heed the invitation by the green chamber.

    Gbajabiamila, in a statement on Thursday, said the CBN and the bank chiefs, by shunning the invitation of the House, insulted the authority and prerogatives of the people’s parliament. “This is unacceptable,” he said.

    The House had about two months ago asked the CBN Governor, Godwin Emefiele to appear before the House over the naira redesign but the invitation wasn’t honoured by the CBN governor.

    The House subsequently invited bank chiefs to give reasons for the ongoing failure to adequately disburse the redesigned naira notes before the expiration of the January 31, 2023.

    The House further constituted an ad-hoc committee led by the Majority Leader of the House, Alhassan Ado Doguwa over the matter.

    The Speaker said, “The Resolution of the House was predicated on information showing that the rollout of the redesigned naira notes has been an unmitigated failure. This failure has real and dire consequences on the ability of Nigerians to conduct business across the country.

    “The refusal by the CBN to heed the invitation by the House of Representatives is evidence of a blatant disregard for the well-being of the Nigerian people who are their customers. It is also an insult to the authority and prerogatives of the people’s parliament.

    “Therefore, I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives.”

  • CBN Gov, Emefiele Resumes Duty After Annual Leave

    CBN Gov, Emefiele Resumes Duty After Annual Leave

    The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Monday resumed duty after his annual vacation abroad.

    A statement by CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi, said Emefiele, who proceeded on leave in December 2022, resumed work Monday.

    He said, “The governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.

    “Mr. Emefiele remains committed to performing the task before him in line with his oath of office and the policy direction of President Muhammadu Buhari.”

    While thanking the public for keeping faith with the bank, the central bank urged Nigerians to continue to support the policies of the bank aimed at ensuring a stable financial system and the Nigerian economy in general.

  • Group raises alarm over fresh plot to arrest CBN boss

    Group raises alarm over fresh plot to arrest CBN boss

    A human rights organisation under the aegis of the Coalition of National Interest Defenders on Thursday raised the alarm over fresh plot to launch what it described as a coordinated attack and smear campaigns against the Governor of the Central Bank of Nigeria, Godwin Emefiele, because of the policies of the apex bank.

    The organisation which alleged that plans had been concluded to attack the CBN Headquarters, said the Department of State Services was planning to re-arrest Emefiele, despite a subsisting court order.

    The Convener of CNID, Tochukwu Ohazuruike, said there was already a perfected plan to fabricate another allegation to help them arrest Emefiele,  force him to resign, to pave way for appointment of a DSS stooge as acting CBN governor despite numerous judgments from courts of competent jurisdiction.

    While calling for the President’s intervention, Ohazuruike said, “Despite the clear and direct orders of the High court of the FCT, the DSS was insistent that it would arrest Emefiele. The flagrant violation of the rule of law is very worrisome. Nigeria is a democracy and as such, the rule of law must prevail at all times.”

    He alleged that money launderers, vote buyers, election riggers and corrupt politicians were the sponsors of the plot to remove the CBN Governor.

    “Some governors who looted the bailout funds to their states from whom the CBN recovered huge amounts including a governor from whom the CBN recovered N20bn are part of those asking for Emefiele’s head”, he said.

    According to him, about $2m had allegedly been mobilised to organise media smear campaigns and protests against Emefiele and CBN.

    The CSOs called on the DSS to apologise to Emefiele for the trauma it had put him through, and the President, Major General Muhammadu Buhari (retd.), for opposing his policies and show support.

    Speaking on the issue of the allegedly looted N89tn stamp duty fund, Ohazuruike asked series of questions.

    He said, “How it could be possible that N50 charge on electronic transactions be more than the entire financial transactions in our country? How can they say we have N89tn from stamp duty of N50 charge while the entire nation’s foreign reserve is not near that amount?

    “How is it possible that we can have N89tn while the entire assets of our nation’s banks, bank profit and all deposit in the banks are not up to that amount? How can we have N89tn from just N50 charges when the nation’s total budget since 2016 that President Muhammadu Buhari first presented a budget till date is just about N95tn?

    “It means that this amount could have funded all the budgets of the country since this administration assumed office. Just how could that be?”

  • Terrorism: Court Ban DSS From Arresting CBN Gov, Emefiele

    Justice Maryam Hassan of the Federal Capital Territory High Court Abuja has quashed the move by the Department of State Services (DSS) to charge the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele with terrorism and economic crimes of national security.

    Justice Hassan also barred the DSS from arresting, inviting, or detaining Emefiele declaring the terrorism allegations against the CBN governor by the DSS as vindictive, callous, oppressive, void and of no effect.

    In a judgement on the originating summons filed by the Incorporated Trustees of Forum for Accountability and Good Leadership to enforce the fundamental rights of Emefiele, Justice Hassan also restrained the DSS from further harassing or threatening to detain him.

    Earlier in December, the Chief Judge of the Federal High Court, Justice John Tsoho declined an application by the DSS to arrest and detain Emefiele.

    Justice Tsoho, while declining the motion ex-parte filed by an applicant in the absence of the respondent, said the secret police did not provide any concrete evidence to substantiate its claims that Emefiele was involved in terrorism financing and economic crimes.

  • No Going Back On Cashless Policy, Says CBN Governor

    No Going Back On Cashless Policy, Says CBN Governor

    Governor of the Central Bank of Nigeria, Godwin Emefiele, has ruled the possibility of reversing the ongoing implementation of cashless policy.

    Emefiele made the declaration on Thursday after a visit to President Muhammadu Buhari in his country home in Daura, Katsina State.

    Reacting to dissenting voices from the National Assembly and the public over the cash withdrawal policy, the CBN governor told journalists that the limitation was not intended to hurt anyone.

    He underpinned that it was instead designed to strengthen the nation’s economy, as he assured that there will be no rigidity on the policy and no reversal.

    He again appealed to Nigerians to embrace the policy as the apex bank monitors the situation to allay any hardships.