CBN stinks as FRC open lid on financial malpractices, corruption
The Financial Council audit report on the Central Bank of Nigeria which led to the suspension of Sanusi Lamido Sanusi from office accused the apex bank management of several financial practices that border on fraud. It said that there is a provision for “Facility Management of N7.034 billion in 2012; N5.751 billion in 2011.
CBN to buck pressure to devalue naira – Spokesman
Central Bank of Nigeria, CBN will resist pressure to devalue the naira since it retains ample funds to defend the currency, its spokesman, Ugochukwu Okoroafor has said.
CBN to resist pressure to devalue naira
The Central Bank of Nigeria, yesterday, said it will resist pressure to devalue the naira since it retains ample funds to defend the currency.
CBN compels banks to buy dollars to halt naira depreciation
The Central Bank of Nigeria (CBN) on Friday compelled banks to buy dollars at N160.5 per dollar, in a bid to halt the four day depreciation of the naira at the interbank foreign exchange market. The unusual intervention forced the interbank exchange rate to N162.05 per dollar on Friday from N163.7 per dollar on Thursday, translating to 165 kobo appreciation for the naira.
Is interest rate another ghost hunting Nigeria?
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, while inspecting a cold rolling mill facility in Ilorin last week was reported to have said that the current regime of interest rates in the country was too high for the productive sector of the economy. She described the 20 percent lending rate being charged by commercial banks on loans obtained by industries as outrageous.
CBN as misguided Father Christmas
In view of the apparently ‘boundless’ funds at the disposal of Nigeria’s Central Bank for its independent interventions, observers, including the National Assembly have frowned at the proprietary and the shrouded protocol surrounding the values and the choice of beneficiaries of the apex bank’s bonanza.
