<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>@CBN - The DailyNewswave</title> <atom:link href="https://thedailynewswave.com/tag/cbn/feed/" rel="self" type="application/rss+xml" /> <link>https://thedailynewswave.com/tag/cbn/</link> <description>Latest on Current News, Africa and the World</description> <lastBuildDate>Mon, 03 Mar 2025 07:12:47 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <site xmlns="com-wordpress:feed-additions:1">194555375</site> <item> <title>Nigerian banks begin implementation of fresh ATM withdrawal charges</title> <link>https://thedailynewswave.com/nigerian-banks-begin-implementation-of-fresh-atm-withdrawal-charges/?utm_source=rss&utm_medium=rss&utm_campaign=nigerian-banks-begin-implementation-of-fresh-atm-withdrawal-charges</link> <comments>https://thedailynewswave.com/nigerian-banks-begin-implementation-of-fresh-atm-withdrawal-charges/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Mon, 03 Mar 2025 07:12:47 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[News]]></category> <category><![CDATA[@ATM]]></category> <category><![CDATA[@CBN]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=20297</guid> <description><![CDATA[<p>The Central Bank of Nigeria, or CBN, slapped additional fees on Nigerians using automated teller machines (ATMs) on Saturday, according to the DAILY POST. This follows the apex bank’s announcement on 11 February 2025 that, from 1 March 2025, N100 and N450 fees would apply to ATM withdrawals. The CBN explained that the charges would […]</p> <p>The post <a href="https://thedailynewswave.com/nigerian-banks-begin-implementation-of-fresh-atm-withdrawal-charges/">Nigerian banks begin implementation of fresh ATM withdrawal charges</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p>The Central Bank of Nigeria, or CBN, slapped additional fees on Nigerians using automated teller machines (ATMs) on Saturday, according to the DAILY POST.</p> <p>This follows the apex bank’s announcement on 11 February 2025 that, from 1 March 2025, N100 and N450 fees would apply to ATM withdrawals.</p> <p>The CBN explained that the charges would apply to bank customers using other banks’ ATMs, whether onsite or offsite.</p> <p>It stated that the N450 fee would be a surcharge for bank customers using ATMs of other banks that are not within the bank’s premises.</p> <p>Meanwhile, the CBN stressed that ATM withdrawals within customers’ own banks would remain free of charge.</p> <p>DAILY POST observed that banks’ ATMs in the Federal Capital Territory have implemented the withdrawal charges in line with the CBN’s directive.</p> <p>The President of the Bank Customers’ Association of Nigeria, Dr. Uju Ogunbunka, confirmed this to DAILY POST on Saturday.</p> <p>“The ATM withdrawal charges, as announced by the CBN, have commenced. Definitely, this is another burden Nigerians have to contend with,” he told DAILY POST.</p> <p>Written By Ogaga Ariemu</p> <p> </p> <p> </p> <p>The post <a href="https://thedailynewswave.com/nigerian-banks-begin-implementation-of-fresh-atm-withdrawal-charges/">Nigerian banks begin implementation of fresh ATM withdrawal charges</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/nigerian-banks-begin-implementation-of-fresh-atm-withdrawal-charges/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">20297</post-id> </item> <item> <title>CBN gives update on N100 ATM withdrawal charge</title> <link>https://thedailynewswave.com/cbn-gives-update-on-n100-atm-withdrawal-charge/?utm_source=rss&utm_medium=rss&utm_campaign=cbn-gives-update-on-n100-atm-withdrawal-charge</link> <comments>https://thedailynewswave.com/cbn-gives-update-on-n100-atm-withdrawal-charge/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Sun, 16 Feb 2025 03:45:47 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[News]]></category> <category><![CDATA[@CBN]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=19957</guid> <description><![CDATA[<p>Customers of banks who withdraw less than N20,000 from other banks’ automated teller machines are subject to a N100 tax, according to the Central Bank of Nigeria. This comes as the apex bank slammed Nigerian banks against limiting ATM withdrawals below N20,000 per transaction. This is according to a Frequently Asked Questions document released by […]</p> <p>The post <a href="https://thedailynewswave.com/cbn-gives-update-on-n100-atm-withdrawal-charge/">CBN gives update on N100 ATM withdrawal charge</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p>Customers of banks who withdraw less than N20,000 from other banks’ automated teller machines are subject to a N100 tax, according to the Central Bank of Nigeria.</p> <p>This comes as the apex bank slammed Nigerian banks against limiting ATM withdrawals below N20,000 per transaction.</p> <p>This is according to a Frequently Asked Questions document released by CBN on its website on Thursday.</p> <p>The directive follows CBN’s revised ATM withdrawal charges proposed to take effect from March 1, 2025.</p> <p>The policy has sparked reactions among Nigerians as a result of some grey areas.</p> <p>In an update on Thursday, CBN explained that the reason for applying charges for every N20,000 ATM withdrawal was designed to prevent customers from being compelled to break their transaction withdrawals to less than N20,000 per withdrawal.</p> <p>“Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank (a bank other than the one that issued your payment card).</p> <p>“The reason for applying the fee for every N20,000 withdrawal is to prevent customers from being compelled to break their withdrawals to less than N20,000 per withdrawal,” it stated.</p> <p>CBN added, “Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately.”</p> <p>Written By Ogaga Ariemu</p> <p>The post <a href="https://thedailynewswave.com/cbn-gives-update-on-n100-atm-withdrawal-charge/">CBN gives update on N100 ATM withdrawal charge</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/cbn-gives-update-on-n100-atm-withdrawal-charge/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">19957</post-id> </item> <item> <title>CBN approves CFA listing on Nigeria Export Proceed</title> <link>https://thedailynewswave.com/cbn-approves-cfa-listing-on-nigeria-export-proceed/?utm_source=rss&utm_medium=rss&utm_campaign=cbn-approves-cfa-listing-on-nigeria-export-proceed</link> <comments>https://thedailynewswave.com/cbn-approves-cfa-listing-on-nigeria-export-proceed/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Sun, 02 Feb 2025 19:33:28 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[News]]></category> <category><![CDATA[@CBN]]></category> <category><![CDATA[@CFA]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=19655</guid> <description><![CDATA[<p>The Central Bank of Nigeria (CBN) has authorized the use of CFA Franc on Nigeria Export Proceeds (NXP) forms for the repatriation of export proceeds, according to confirmation from the Nigeria Export Promotion Council (NEPC). Mrs. Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the […]</p> <p>The post <a href="https://thedailynewswave.com/cbn-approves-cfa-listing-on-nigeria-export-proceed/">CBN approves CFA listing on Nigeria Export Proceed</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p>The Central Bank of Nigeria (CBN) has authorized the use of CFA Franc on Nigeria Export Proceeds (NXP) forms for the repatriation of export proceeds, according to confirmation from the Nigeria Export Promotion Council (NEPC).</p> <p>Mrs. Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024 in Abuja on Friday.</p> <p>Ayeni said that the council had earlier engaged the CBN on the inclusion of the CFA Franc to boost trading.</p> <p>She said that the currency was one of the currencies to be received as export proceeds by the bankers.</p> <p>“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.</p> <p>“We will be working with CBN and the banks to ensure full implementation.</p> <p>“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship program,” she said.</p> <p>She also highlighted other efforts by the agency to facilitate exports, including certification of 400 small and medium-sized enterprise (SME) exporters.</p> <p>Written By Ogaga Ariemu</p> <p>The post <a href="https://thedailynewswave.com/cbn-approves-cfa-listing-on-nigeria-export-proceed/">CBN approves CFA listing on Nigeria Export Proceed</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/cbn-approves-cfa-listing-on-nigeria-export-proceed/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">19655</post-id> </item> <item> <title>CBN releases FX Code as Naira appreciates against dollar</title> <link>https://thedailynewswave.com/cbn-releases-fx-code-as-naira-appreciates-against-dollar/?utm_source=rss&utm_medium=rss&utm_campaign=cbn-releases-fx-code-as-naira-appreciates-against-dollar</link> <comments>https://thedailynewswave.com/cbn-releases-fx-code-as-naira-appreciates-against-dollar/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Thu, 30 Jan 2025 05:44:45 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[News]]></category> <category><![CDATA[@CBN]]></category> <category><![CDATA[@Exchange Rate]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=19568</guid> <description><![CDATA[<p>The Central Bank of Nigeria (CBN) released the Nigeria Foreign Exchange (FX) Code on Monday, as the Naira strengthened against the dollar in the black market. The apex bank disclosed this in a statement on Monday. According to the CBN, the FX Code became necessary to mitigate risks following various positive transformations in the country’s […]</p> <p>The post <a href="https://thedailynewswave.com/cbn-releases-fx-code-as-naira-appreciates-against-dollar/">CBN releases FX Code as Naira appreciates against dollar</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p>The Central Bank of Nigeria (CBN) released the Nigeria Foreign Exchange (FX) Code on Monday, as the Naira strengthened against the dollar in the black market.</p> <p>The apex bank disclosed this in a statement on Monday.</p> <p>According to the CBN, the FX Code became necessary to mitigate risks following various positive transformations in the country’s financial landscape.</p> <p>The country’s apex bank noted that the Code draws on the principles from the Global FX Code and best practices adopted in leading jurisdictions.</p> <p>CBN said: “Over the years, the Nigerian financial landscape has undergone considerable and positive transformation. Nonetheless, some risks are apparent.</p> <p>“The FX Code was in response to these developments to set out standards to holistically strengthen and promote the integrity and effective functioning of the wholesale foreign exchange (FX) market in Nigeria.</p> <p>“It will facilitate better functioning of the market, further reinforcing Nigeria’s flexible exchange rate regime.</p> <p>“The FX Code is expected to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of market participants, supported by resilient infrastructure, can confidently and effectively transact at competitive prices that reflect available market information in a manner that conforms to acceptable global behavioural standards and best practices.</p> <p>“The FX Code applies to market participants. These are authorised dealers licenced by the CBN under the CBN Act 2007 and the Bank and Other Financial Institutions Act (BOFIA) 2020 and other participants that engage in the wholesale foreign exchange business in Nigeria as part of their licenced business.”</p> <p>According to the apex bank, the FX Code is structured around six leading principles, namely- ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement processes.</p> <p>CBN added: “In addition, some principles were incorporated in the Nigerian FX Code to promote efficiency in the Nigerian FX market.</p> <p>“The FX Code requires market participants to ensure that illegal financial transfers are avoided and appropriate money laundering policies are put in place to protect the integrity of the domestic markets and the global financial framework as a whole. In the context of the FX Code, the term</p> <p>“Market participant is generally used to refer to banks, personnel, and other approved institutions.</p> <p>“In some cases, it will be clear that a principle is by its nature more relevant to only one or the other. For example, certain principles deal primarily with business or bank-level policies and procedures rather than individual behaviours.</p> <p>“The terms ‘banks’ and ‘personnel’ are occasionally used where principles focus on good practice by banks with regard to personnel in their capacity as such, and vice versa.”</p> <p>The first response to the FX Code release was the appreciation of the Naira by N10 at the black market on Monday.</p> <p>Written By Ogaga Ariemu</p> <p>The post <a href="https://thedailynewswave.com/cbn-releases-fx-code-as-naira-appreciates-against-dollar/">CBN releases FX Code as Naira appreciates against dollar</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/cbn-releases-fx-code-as-naira-appreciates-against-dollar/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">19568</post-id> </item> <item> <title>CBN denies selling FX to BDCs at N1,300 per dollar</title> <link>https://thedailynewswave.com/cbn-denies-selling-fx-to-bdcs-at-n1300-per-dollar/?utm_source=rss&utm_medium=rss&utm_campaign=cbn-denies-selling-fx-to-bdcs-at-n1300-per-dollar</link> <comments>https://thedailynewswave.com/cbn-denies-selling-fx-to-bdcs-at-n1300-per-dollar/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Fri, 13 Dec 2024 05:53:33 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[News]]></category> <category><![CDATA[@CBN]]></category> <category><![CDATA[@Dollar]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=18663</guid> <description><![CDATA[<p>A circular that authorized the selling of foreign currency to Bureau De Change operators in the nation has been characterized as fraudulent by the Central Bank of Nigeria. The circular dated Tuesday, 10 December, claimed that the apex bank sold $20,000 to each legible BDC operator at a N1,300 per dollar rate. “Following the ongoing […]</p> <p>The post <a href="https://thedailynewswave.com/cbn-denies-selling-fx-to-bdcs-at-n1300-per-dollar/">CBN denies selling FX to BDCs at N1,300 per dollar</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p>A circular that authorized the selling of foreign currency to Bureau De Change operators in the nation has been characterized as fraudulent by the Central Bank of Nigeria.</p> <p>The circular dated Tuesday, 10 December, claimed that the apex bank sold $20,000 to each legible BDC operator at a N1,300 per dollar rate.</p> <p>“Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium,” the fake circular reads.</p> <p>However, CBN, in its official X account on Wednesday, described the circular as fake.</p> <p>This comes as the naira has firmed up in the past seven days against the dollar at the FX market after CBN introduced the Electronic Foreign Exchange Matching System (EFEMS) for transparent FX transactions.</p> <p>Although in the past two days, the naira had weakened at the black market to N1660 per dollar, the country’s currency gained against the dollar on Tuesday at the official market to close at N1,525.</p> <p>DAILY POST reports that the last time CBN intervened in the black market was in September 2024, when it sold FX at N1590 per dollar to BDC operators.</p> <p>Written By Ogaga Ariemu</p> <p>The post <a href="https://thedailynewswave.com/cbn-denies-selling-fx-to-bdcs-at-n1300-per-dollar/">CBN denies selling FX to BDCs at N1,300 per dollar</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/cbn-denies-selling-fx-to-bdcs-at-n1300-per-dollar/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">18663</post-id> </item> <item> <title>Fubara addresses court ruling stopping CBN from releasing state allocations</title> <link>https://thedailynewswave.com/fubara-addresses-court-ruling-stopping-cbn-from-releasing-state-allocations/?utm_source=rss&utm_medium=rss&utm_campaign=fubara-addresses-court-ruling-stopping-cbn-from-releasing-state-allocations</link> <comments>https://thedailynewswave.com/fubara-addresses-court-ruling-stopping-cbn-from-releasing-state-allocations/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Tue, 05 Nov 2024 06:16:54 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[@CBN]]></category> <category><![CDATA[@Fubara]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=17671</guid> <description><![CDATA[<p>On Wednesday, Rivers State Governor Siminalayi Fubara expressed his dissatisfaction with the Federal High Court’s decision to prevent the Central Bank of Nigeria, CBN, from releasing state allocations. This is as the governor said his approach to the crisis, in adherence to the intervention of President Bola Tinubu, empowered his opponents. While Governor Fubara expressed […]</p> <p>The post <a href="https://thedailynewswave.com/fubara-addresses-court-ruling-stopping-cbn-from-releasing-state-allocations/">Fubara addresses court ruling stopping CBN from releasing state allocations</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<header id="mvp-post-head" class="left relative"> <p class="mvp-post-cat left relative">On Wednesday, Rivers State Governor Siminalayi Fubara expressed his dissatisfaction with the Federal High Court’s decision to prevent the Central Bank of Nigeria, CBN, from releasing state allocations.</p> </header> <div class="mvp-post-main-out left relative"> <div class="mvp-post-main-in"> <div id="mvp-post-content" class="left relative"> <div id="mvp-content-wrap" class="left relative"> <div class="mvp-post-soc-out right relative"> <div class="mvp-post-soc-in"> <div id="mvp-content-body" class="left relative"> <div id="mvp-content-body-top" class="left relative"> <div id="mvp-content-main" class="left relative"> <div class="ai-viewport-2 ai-viewport-3" data-insertion-position="prepend" data-selector=".ai-insert-17-13659426" data-insertion-no-dbg="" data-code="PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTE3JyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4KPCEtLSAvMTQwMDE2MzYvRFBfSW5zaWRlUG9zdF9BZHNlbnNlXzEgLS0+CjxkaXYgaWQ9J2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC00Jz4KPHNjcmlwdD4KZ29vZ2xldGFnLmNtZC5wdXNoKGZ1bmN0aW9uKCkgeyBnb29nbGV0YWcuZGlzcGxheSgnZGl2LWdwdC1hZC0xNTI0NTk1OTA1MjY4LTQnKTsgfSk7Cjwvc2NyaXB0Pgo8L2Rpdj4KPC9kaXY+Cgo8L2Rpdj4K" data-block="17"> <div class="code-block code-block-17"> <div align="center"> <div id="div-gpt-ad-1524595905268-4" data-google-query-id="CNG8ufT1t4kDFaFdpAQdQB4wTg"> <div id="google_ads_iframe_/14001636/DP_InsidePost_MPU_1_0__container__"></div> </div> </div> </div> </div> <p>This is as the governor said his approach to the crisis, in adherence to the intervention of President Bola Tinubu, empowered his opponents.</p> <p>While Governor Fubara expressed no regrets for seeking peace, he acknowledged that this approach may have inadvertently empowered his opponents.</p> <div class="code-block code-block-24"> <div align="center"> <div id="div-gpt-ad-1574186166799-0" data-google-query-id="CNa8ufT1t4kDFaFdpAQdQB4wTg"> <div id="google_ads_iframe_/14001636/DP_InsidePost_MPU_6_0__container__"></div> </div> </div> </div> <p>Justice Joyce Abdulmalik of the Federal High Court in Abuja issued a ruling on Wednesday halting the CBN from releasing monthly financial allocations to the Rivers State Government.</p> <p>The ruling cited a violation of the 1999 Constitution regarding the presentation of the 2024 budget before a four-member Rivers State House of Assembly.</p> <p>Justice Abdulmalik stated that the disbursement of monthly allocations by Governor Fubara since January of this year constituted a breach of the Constitution.</p> <div class="ai-viewport-2 ai-viewport-3" data-insertion-position="prepend" data-selector=".ai-insert-18-89042861" data-insertion-no-dbg="" data-code="PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTE4JyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4KPCEtLSAvMTQwMDE2MzYvRFBfSW5zaWRlUG9zdF9BZHNlbnNlXzIgLS0+CjxkaXYgaWQ9J2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC01Jz4KPHNjcmlwdD4KZ29vZ2xldGFnLmNtZC5wdXNoKGZ1bmN0aW9uKCkgeyBnb29nbGV0YWcuZGlzcGxheSgnZGl2LWdwdC1hZC0xNTI0NTk1OTA1MjY4LTUnKTsgfSk7Cjwvc2NyaXB0Pgo8L2Rpdj4KPC9kaXY+CjwvZGl2Pgo=" data-block="18"> <div class="code-block code-block-18"> <div align="center"> <div id="div-gpt-ad-1524595905268-5" data-google-query-id="CNK8ufT1t4kDFaFdpAQdQB4wTg"> <div id="google_ads_iframe_/14001636/DP_InsidePost_MPU_2_0__container__"></div> </div> </div> </div> </div> <p>Speaking during a special thanksgiving service aimed at celebrating his administration’s resilience ami recent political turmoil, including an arson attack on the State House of Assembly on October 29, 2023, Fubara assured Rivers people that his administration would continue to disburse payments to contractors and ensure timely salary payments to workers starting tomorrow (on Thursday).</p> <p>Governor Fubara confirmed that allocations for the 23 Council Chairmen would also be processed, as the Joint Accounts Allocation Committee, JAAC, procedures have been finalized.</p> <p>He encouraged his supporters to maintain their resilience, emphasizing that challenges can be overcome.</p> <div class="ai-viewport-2 ai-viewport-3" data-insertion-position="prepend" data-selector=".ai-insert-19-47911521" data-insertion-no-dbg="" data-code="PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTE5JyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4gCjwhLS0gLzE0MDAxNjM2L0RQX0luc2lkZVBvc3RfQWRzZW5zZV8zIC0tPgo8ZGl2IGlkPSdkaXYtZ3B0LWFkLTE1MjQ1OTU5MDUyNjgtNic+CjxzY3JpcHQ+Cmdvb2dsZXRhZy5jbWQucHVzaChmdW5jdGlvbigpIHsgZ29vZ2xldGFnLmRpc3BsYXkoJ2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC02Jyk7IH0pOwo8L3NjcmlwdD4KPC9kaXY+CjwvZGl2PgoKPC9kaXY+Cg==" data-block="19"> <div class="code-block code-block-19"> <div align="center"> <div id="div-gpt-ad-1524595905268-6" data-google-query-id="CNO8ufT1t4kDFaFdpAQdQB4wTg"> <div id="google_ads_iframe_/14001636/DP_InsidePost_MPU_3_0__container__"></div> </div> </div> </div> </div> <p>Reflecting on his administration’s achievements, Governor Fubara noted that despite initial skepticism regarding the longevity of his government, he has successfully led for over a year, conducted local government elections, and maintained a full cabinet despite attempts to destabilize his leadership.</p> <p>He highlighted ongoing projects throughout the state, countering criticisms regarding his administration’s capacity to deliver.</p> <p>Fubara referenced recent accolades positioning Rivers State as a leader in financial accountability and transparency.</p> <div class="ai-viewport-2 ai-viewport-3" data-insertion-position="prepend" data-selector=".ai-insert-20-44379993" data-insertion-no-dbg="" data-code="PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTIwJyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4gCjwhLS0gLzE0MDAxNjM2L0RQX0luc2lkZVBvc3RfQWRzZW5zZV80IC0tPgo8ZGl2IGlkPSdkaXYtZ3B0LWFkLTE1MjQ1OTU5MDUyNjgtNyc+CjxzY3JpcHQ+Cmdvb2dsZXRhZy5jbWQucHVzaChmdW5jdGlvbigpIHsgZ29vZ2xldGFnLmRpc3BsYXkoJ2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC03Jyk7IH0pOwo8L3NjcmlwdD4KPC9kaXY+CjwvZGl2Pgo8L2Rpdj4K" data-block="20"> <div class="code-block code-block-20"> <div align="center"> <div id="div-gpt-ad-1524595905268-7" data-google-query-id="CNS8ufT1t4kDFaFdpAQdQB4wTg"> <div id="google_ads_iframe_/14001636/DP_InsidePost_MPU_4_0__container__"></div> </div> </div> </div> </div> <p>In recounting the violent incident from October 30 of the previous year, characterized by the governor as an assassination attempt, Fubara attributed the assault to political adversaries who allegedly ambushed him following a legal withdrawal related to the Martin Amaewhule group, a decision influenced by an intervention from President Bola Tinubu.</p> <p>While Governor Fubara expressed no regrets for seeking peace, he acknowledged that this approach may have inadvertently empowered his opponents.</p> <p>Written By <span class="author-name vcard fn author">Ifunanya Obeme-Ndukwe</span></p> </div> </div> </div> </div> </div> </div> </div> </div> </div> <p>The post <a href="https://thedailynewswave.com/fubara-addresses-court-ruling-stopping-cbn-from-releasing-state-allocations/">Fubara addresses court ruling stopping CBN from releasing state allocations</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/fubara-addresses-court-ruling-stopping-cbn-from-releasing-state-allocations/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">17671</post-id> </item> <item> <title>Cardoso: CBN mum over alleged purchase of N10bn worth bulletproof cars</title> <link>https://thedailynewswave.com/cardoso-cbn-mum-over-alleged-purchase-of-n10bn-worth-bulletproof-cars/?utm_source=rss&utm_medium=rss&utm_campaign=cardoso-cbn-mum-over-alleged-purchase-of-n10bn-worth-bulletproof-cars</link> <comments>https://thedailynewswave.com/cardoso-cbn-mum-over-alleged-purchase-of-n10bn-worth-bulletproof-cars/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Sun, 01 Sep 2024 21:13:13 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[News]]></category> <category><![CDATA[@BulletProof Cars]]></category> <category><![CDATA[@Cardosso]]></category> <category><![CDATA[@CBN]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=16312</guid> <description><![CDATA[<p>Two days after it was reported that its governor, Olayemi Cardoso, and four deputy governors had purchased six state-of-the-art armored vehicles for N10 billion, despite the dire circumstances facing Nigerians, the Central Bank of Nigeria remained silent. Recall that the Daily Nigerian on August 30, 2024, reported that Cardoso and deputy governors, Mr. Philip Ikeazor, […]</p> <p>The post <a href="https://thedailynewswave.com/cardoso-cbn-mum-over-alleged-purchase-of-n10bn-worth-bulletproof-cars/">Cardoso: CBN mum over alleged purchase of N10bn worth bulletproof cars</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p dir="ltr">Two days after it was reported that its governor, Olayemi Cardoso, and four deputy governors had purchased six state-of-the-art armored vehicles for N10 billion, despite the dire circumstances facing Nigerians, the Central Bank of Nigeria remained silent.</p> <p dir="ltr">Recall that the Daily Nigerian on August 30, 2024, reported that Cardoso and deputy governors, Mr. Philip Ikeazor, Emem Nnan Usoro, Bala Bello, and Muhammad Sani Abdullahi purchased six armoured Lexus LX 600 2023.<br /> The report said that Cardoso got two for himself while the four deputies received one each.</p> <p dir="ltr">The procurement comes despite the governors already having SUVs at part of their convoy, the publication stated.<br /> Similarly, the governors had been alleged to have jacked up their housing allowances to over N1 billion.<br /> However, two days after the report, the Spokesperson of CBN, Sidi Hakama has yet to confirm nor dismiss the claims.</p> <p dir="ltr">Also, CBN has yet to speak on the matter on its official X handle, as well as website, DAILY POST gathered on Sunday.<br /> The development comes nearly a year after <a href="https://dailypost.ng/2023/09/15/tinubu-appoints-michael-cardoso-cbn-governor/">Cardoso was appointed by President Bola Ahmed Tinubu</a> on September 15, 2023.<br /> DAILY POST reports that since the appointment of Cardoso, the Monetary Policy Committee has continued to tighten measures.</p> <p dir="ltr">The latest was the increase of interest rate to 26.75 percent in July 2024.<br /> This comes as the country’s inflation rate declined to 33.40 in July 2024 from 34.19 in June 2023.<br /> However, despite the drop in inflation, the prices of goods have remained significantly high as the Naira to Dollar exchange rate stood at N1598.56 and N1645 in official and parallel foreign exchange markets on Friday.</p> <p dir="ltr" style="text-align: left;">Written By Ogaga Ariemu</p> <p>The post <a href="https://thedailynewswave.com/cardoso-cbn-mum-over-alleged-purchase-of-n10bn-worth-bulletproof-cars/">Cardoso: CBN mum over alleged purchase of N10bn worth bulletproof cars</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/cardoso-cbn-mum-over-alleged-purchase-of-n10bn-worth-bulletproof-cars/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">16312</post-id> </item> <item> <title>Nigerian banks’ Non-Performing Loans drop to 3.9 in June – CBN</title> <link>https://thedailynewswave.com/nigerian-banks-non-performing-loans-drop-to-3-9-in-june-cbn/?utm_source=rss&utm_medium=rss&utm_campaign=nigerian-banks-non-performing-loans-drop-to-3-9-in-june-cbn</link> <comments>https://thedailynewswave.com/nigerian-banks-non-performing-loans-drop-to-3-9-in-june-cbn/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Wed, 14 Aug 2024 21:03:20 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[News]]></category> <category><![CDATA[@Bank]]></category> <category><![CDATA[@CBN]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=15902</guid> <description><![CDATA[<p>Nigerian banks’ Non-Performing Loans (NPLs) (Bad Loans) decreased to 3.9 percent in June 2024, down from 4.8 percent in April. Members of the Central Bank of Nigeria Monetary Committee disclosed this in their personal statements at July’s 296th MPC meeting recently released by CBN. Bala Bello, a member of MPC, said that the decline in […]</p> <p>The post <a href="https://thedailynewswave.com/nigerian-banks-non-performing-loans-drop-to-3-9-in-june-cbn/">Nigerian banks’ Non-Performing Loans drop to 3.9 in June – CBN</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p>Nigerian banks’ Non-Performing Loans (NPLs) (Bad Loans) decreased to 3.9 percent in June 2024, down from 4.8 percent in April.</p> <p>Members of the Central Bank of Nigeria Monetary Committee disclosed this in their personal statements at July’s 296th MPC meeting recently released by CBN.</p> <p>Bala Bello, a member of MPC, said that the decline in NPL showed improvement in industry risk management practices and implementation of regulatory policies to manage bad loans such as its Global Standing Instruction and GSI policy.</p> <p>Another member of MPC, Bandele Amoo, noted that the nation’s banking industry is relatively stable and sound at the end of July 2024.</p> <p>“The NPL, Capital Adequacy Ratio (CAR) and Liquidity Ratio (LR) remained within the maximum regulatory thresholds,” Amoo said.</p> <p>This comes as the MPC agreed to <a href="https://dailypost.ng/2024/07/23/cbn-raises-interest-rate-to-26-75-amid-surging-inflation/">raise the country’s interest rate to 26.75 percent</a> last month in a bid to tackle rising inflation which stood at 34.19 percent in June 2024.</p> <p>The apex bank had in April 2024 <a href="https://dailypost.ng/2024/04/02/recapitalization-jobs-losses-loom-as-nigerian-banks-battle-to-escape-extinction/">announced new minimum capital requirements for all Nigerian banks</a> to achieve Nigeria’s $1 trillion economy target.</p> <p>DAILY POST recalls that CBN on July 13, 2020, issued a guideline on GSI to enhance loan recovery across the banking sector, which took effect from August 1, 2020.</p> <p>Written By Ogaga Ariemu</p> <p>The post <a href="https://thedailynewswave.com/nigerian-banks-non-performing-loans-drop-to-3-9-in-june-cbn/">Nigerian banks’ Non-Performing Loans drop to 3.9 in June – CBN</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/nigerian-banks-non-performing-loans-drop-to-3-9-in-june-cbn/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">15902</post-id> </item> <item> <title>Naira redesign, an affront to constitution – Supreme court</title> <link>https://thedailynewswave.com/naira-redesign-an-affront-to-constitution-supreme-court/?utm_source=rss&utm_medium=rss&utm_campaign=naira-redesign-an-affront-to-constitution-supreme-court</link> <comments>https://thedailynewswave.com/naira-redesign-an-affront-to-constitution-supreme-court/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Fri, 03 Mar 2023 21:29:16 +0000</pubDate> <category><![CDATA[News]]></category> <category><![CDATA[Politics]]></category> <category><![CDATA[@CBN]]></category> <category><![CDATA[@MBuhari]]></category> <category><![CDATA[#Politics]]></category> <category><![CDATA[#Politicstoday]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=10316</guid> <description><![CDATA[<p>Nigeria’s apex court on Friday faulted the implementation of the naira redesign policy of the Central Bank of Nigeria, describing it as an affront on the 1999 constitution of the country. The Supreme Court in its ruling therefore extended the validity of the old naira notes till 31, December, 2023, putting an end to the […]</p> <p>The post <a href="https://thedailynewswave.com/naira-redesign-an-affront-to-constitution-supreme-court/">Naira redesign, an affront to constitution – Supreme court</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p>Nigeria’s apex court on Friday faulted the implementation of the naira redesign policy of the Central Bank of Nigeria, describing it as an affront on the 1999 constitution of the country.</p> <p>The Supreme Court in its ruling therefore extended the validity of the old naira notes till 31, December, 2023, putting an end to the debate and economic crisis that greeted the policy.</p> <p>Justice Emmanuel Agim, who read the lead judgment, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.</p> <p>Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.</p> <p>The ruling therefore ordered that the old N200, N500 and N1000 notes remain in circulation till December 31, 2023.</p> <p>It also restrained President Muhammadu Buhari and the CBN, from a full implementation of the naira redesign policy.</p> <p>Justice Agim, the apex court said the President “did not follow the provisions of the constitution before implementing the policy.”</p> <p>The court also noted that the President and the CBN failed to consult the National Security Council and National Economic Council before implementing the policy.</p> <p>Recall that the CBN had earlier announced that the 1000, 500, and 200 naira notes will cease to be legal tender from Friday, February 2023.</p> <p>Kogi, Kaduna, and Zamfara state governors led 10 other states to sue the Federal Government at the Supreme Court and called for a nullification of the CB deadline.</p> <p>The states said the CBN policy is imposing a lot of hardship on Nigerians and insisted that the ten-day extension by the Federal Government is still insufficient to address the challenges of Nigerians swapping their old Naira notes for new ones.</p> <p>The post <a href="https://thedailynewswave.com/naira-redesign-an-affront-to-constitution-supreme-court/">Naira redesign, an affront to constitution – Supreme court</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/naira-redesign-an-affront-to-constitution-supreme-court/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">10316</post-id> </item> <item> <title>CBN sensitises marketers, guarantees availability of new notes</title> <link>https://thedailynewswave.com/cbn-sensitises-marketers-guarantees-availability-of-new-notes/?utm_source=rss&utm_medium=rss&utm_campaign=cbn-sensitises-marketers-guarantees-availability-of-new-notes</link> <comments>https://thedailynewswave.com/cbn-sensitises-marketers-guarantees-availability-of-new-notes/#respond</comments> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Tue, 10 Jan 2023 22:58:02 +0000</pubDate> <category><![CDATA[Business]]></category> <category><![CDATA[News]]></category> <category><![CDATA[@CBN]]></category> <category><![CDATA[Balogun Market]]></category> <category><![CDATA[Central Bank of Nigeria]]></category> <category><![CDATA[Mr Koyor Baribokola]]></category> <guid isPermaLink="false">https://thedailynewswave.com/?p=9554</guid> <description><![CDATA[<p>The Central Bank of Nigeria (CBN) has assured marketers and traders that it has made the redesigned naira notes (1000, 500, 200) available for them via Automated Teller Machines (ATMs). The Branch Controller, CBN, Lagos State, Mr Koyor Baribokola, gave the assurance when the apex bank took its sensitisation tour on the new naira notes […]</p> <p>The post <a href="https://thedailynewswave.com/cbn-sensitises-marketers-guarantees-availability-of-new-notes/">CBN sensitises marketers, guarantees availability of new notes</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></description> <content:encoded><![CDATA[<p>The Central Bank of Nigeria (CBN) has assured marketers and traders that it has made the redesigned naira notes (1000, 500, 200) available for them via Automated Teller Machines (ATMs).</p> <p>The Branch Controller, CBN, Lagos State, Mr Koyor Baribokola, gave the assurance when the apex bank took its sensitisation tour on the new naira notes to Balogun Market, Lagos, on Tuesday.</p> <p>He said the apex bank initially had a challenge as people were not depositing the old notes, but the situation had changed.</p> <p>“We are having much deposits now; this gives us the confidence to push more new notes into circulation and into the economy.</p> <p>“We are making them available to you and you will have them if you haven’t had them before. Please have the assurance that you are going to have them.</p> <p>“We pushed out a lot last week and today we are continuing with it, part of the meeting was what delayed my coming out here.</p> <p>“We set a date for the deadline for the complete change over that is Jan. 31, and for now, that stands. We have not extended or changed the time.</p> <p>“So, between now and the Jan. 31, all the old 1,000, 500 and 200 notes you have in your possession, bring it to the bank and then take new ones,” Baribokola said.</p> <p>He encouraged stakeholders to be the apex bank’s mouthpiece by spreading the message, and to protect and keep the new notes safe.</p> <p>“Please have the assurance that the new naira notes were redesigned in the interest of all Nigerians including you so that you have them and you enjoy spending them and keep them safe, and as much as possible, try and also do electronic transactions.</p> <p>“We encourage people to use our e-channels to do transfers, to spend, to buy and to do all that you need to do to share with your friends and your families,” he stressed.</p> <p>The Head of Union Homes Success Market, Oloyeola Bisi Balogun, commended the apex bank for choosing to begin its sensitisation with the traders.</p> <p>She, however, urged the bank to carry out more awareness campaigns on the new notes, particularly at the grassroots.</p> <p>According to her, there are many people who are yet to see the new notes. “Let them relate more with the grassroots because the percentage of the people at the grassroots is more than those people in urban areas.</p> <p>“The CBN has tried to improve the economy through the redesigned notes but we all know that in Nigeria when something is introduced newly, there’s bound to be complaints.</p> <p>“We also had the same complaints when the old notes that we are used to now, were first introduced,” she said.</p> <p>Mr Amos Adamu, a dealer in suitcases, who saw the new notes for the first time, said “I have never seen the new notes but if the redesigned notes can make Nigeria a better place for the masses, I support it.</p> <p>“Because changing these three denominations will affect the poor because many do not have bank accounts to go and deposit the old notes.”</p> <p>Also, Mrs Rebecca Ukachi, a trader, said though she disliked the new notes because they looked like fake notes, she would collect them whenever customers bring them to buy goods from her.</p> <p>“Let us be sincere, the new notes look fake but I do not have an option, I will collect it because it is legally acceptable, but I still prefer the old notes because of the quality,” she said.</p> <p>The News Agency of Nigeria (NAN) reports that the redesigned notes – 1,000, 500 and 200 notes came into use on Dec. 15, 2022.</p> <p>The post <a href="https://thedailynewswave.com/cbn-sensitises-marketers-guarantees-availability-of-new-notes/">CBN sensitises marketers, guarantees availability of new notes</a> appeared first on <a href="https://thedailynewswave.com">The DailyNewswave</a>.</p> ]]></content:encoded> <wfw:commentRss>https://thedailynewswave.com/cbn-sensitises-marketers-guarantees-availability-of-new-notes/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">9554</post-id> </item> </channel> </rss> <!-- Performance optimized by W3 Total Cache. 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