The Economic and Financial Crimes Commission has uncovered a total sum of N37,170,855,753.44 allegedly laundered in the Ministry of Humanitarian Affairs under former minister Sadiya Umar-Farouk. Details of the ongoing probe exclusively obtained by this paper revealed that the money was transferred from the federal government’s coffers and sent...
•CBN Governor Yemi Cardoso The Trade Union Congress of Nigeria, TUC, today, told President Bola Tinubu to call the Central Bank of Nigeria, CBN, to order over the scarcity of Nigeria in the country. The TUC said that the unfortunate development has continued to subject Nigerians to needless excruciating hardship by insensitive and heartless ag...
•Tunde and Buhari The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obazee, has indicated that the recent naira redesign wasn’t expressly approved by former President Muhammadu Buhari. Obazee had gathered that the approval came from Buhari’s aide, Sabiu Tunde ‘Yusuf’, reports The PUNCH. This was contained in the...
The Central Bank of Nigeria (CBN) has threatened to sanction banks and Point of Sales (POS) operators found to be complicit in the current Naira scarcity crisis. The apex bank, in a statement yesterday, urged members of the public to report infractions, especially hoarding of Naira by Banks and POS operators, in their areas to […]
•Market About a week to Christmas Day, shoppers have condemned the worsening naira scarcity, with many of them expressing frustration over their inability to make vital purchases for the Yuletide celebration. Findings by this paper yesterday revealed that banks were still rationing cash over-the-counter, while several Automated Teller Machines...
•CBN Governor Yemi Cardoso Critical flaw in the implementation of the naira redesign policy is responsible for the prevailing cash scarcity, Central Bank of Nigeria (CBN) Governor Yemi Cardoso, said yesterday. Cardoso acknowledged the “glaring defects” in various CBN policies and announced a comprehensive review initiative, reports The Nation....
The naira depreciated yesterday to N1,260 per dollar in the parallel market from N1,220 per dollar Tuesday. Similarly, the naira depreciated to N904.65 per dollar in the official Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N904.65 per dollar from N865.03 per dollar on Tues...
•Naira notes The Central Bank of Nigeria (CBN) has raised an alarm concerning the proliferation of counterfeit banknotes, particularly in higher denominations. A statement from the CBN signed by Mrs Sidi Ali, Hakama Ag director of corporate communications, said the fake bank notes are being utilised in transactions within food markets and comm...
1. Introduction Recent developments in the foreign exchange market in particular, and the overall economy in general, have prompted my writing this article on how to reduce the volatility in the value of the Naira. Exchange rate fluctuations rather than its level, cause more uncertainty in the market place. If exchange rate is stable, business...
•Old note and new naira The Central Bank of Nigeria has instructed all its branches nationwide to continue issuing various denominations of both old and redesigned banknotes in ample quantities to deposit money banks. The apex bank disclosed this in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and posted on its...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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