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“We Would Not Be Distracted In Our Mandate By Yielding To Selfish Tendencies Of The Few” CBN Spokesman Condemn Calls For Governor’s Resignation

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The Central Bank of Nigeria (CBN) has resisted calls for the resignation of its Governor Godwin Emefiele over issues relating to the exchange rate of the naira. CBN spokesman Mr. Osita Nwanisobi dismissed calls from certain quarters for the resignation of the CBN Governor in Abuja on Monday evening. Nwanisobi alleged that “those behind such calls were only pursuing their selfish agenda fueled by those who had long benefitted from rent-seeking practices in the parallel forex market”. Just like the CBN Governor, Nwanisobi refused to recognise the parallel forex market as a significant segment of the forex market. According to him, the CBN would not be distracted in its mandate by yielding to the selfish tendencies of a few to the detriment of the

Good News To Nigerians As UK Government Supports Startup To Assemble Electric Vehicles

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The UK government says its Manufacturing Africa Initiative will be scaling up support for Metro Africa Xpress (MAX), a tech-enabled company, to assemble electric vehicles in Nigeria. Ms Catriona Laing, the British High Commissioner to Nigeria, made this known on Monday during a courtesy visit to MAX in Lekki, Lagos. Manufacturing Africa is a project which seeks to promote industrialisation in East and West Africa by attracting £1.2 billion in foreign direct investment and creating 90,000 jobs by 2026. Manufacturing Africa is supporting MAX’s ambitions by helping it raise the funds for the assembly of electric vehicles. Laing said that the UK government was delighted to scale up support for MAX because of the company’s brilliant innovation and solutions. “It is amazing to see young

CBN Forex Policy Has Increased  The Operational Responsibilities Of Banks, Says MAN 

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The Manufacturers Association of Nigeria (MAN) stated that the CBN FX policy increased the operational responsibilities of  commercials banks. The Manufacturers CEOs Confidence Index second quarter study stated that the federal government should recognize the numerous problems confronting the sector and solve them in order to maintain the progress gained in the past two quarters of 2021, according to The Sun. It, therefore,  recommended that the government should address the following challenges: Poor  access to forexHigh cost of powerMultiple taxationsPort challengesOver-regulationPoor access to funding, scarcity of raw materials, and low patronage. Concerned about the lack of raw materials, MAN asked the government to choose strategic items for backward integration and to continue driving the resource-based industrialisation agenda by encouraging investment in the development of

No More Dollar Sales To People Who Buy Weapons, CBN Blows Hot

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The Central Bank of Nigeria (CBN) has said that it would no longer allocate foreign exchange to currency traders who in turn sell it to criminals and terrorists to buy arms and ammunition that are used to hurt Nigerians. This is as the apex bank has laid to rest the idea of resuming sales of dollars to Bureau De Change (BDCs) Operators. This disclosure was made by the CBN Governor, Godwin Emefiele, on Friday after the Monetary Policy Committee (MPC) meeting which was held in Abuja, according to ChannelsTV. Emefiele had said that the CBN is determined to put an end to the activities of illegal Forex traders adding that the apex bank remains the only national bank in the world that sells

Obadiah Mailafia Sought Forgiveness From Igbo’s Over Biafra War – Nnamdi Kanu’s Lawyer Reveals

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Ifeanyi Ejiofor, counsel to Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, has reacted to the death of Obadiah Mailafia, former Deputy Governor of the Central Bank of Nigeria, CBN. Ejiofor said Mailafia sought for forgiveness, peace and reconciliation for what Nigeria did to the Igbo during the Biafra civil war. He also disclosed that the former presidential candidate wanted the Middle belt to apologize to the Igbo over their role during the Biafra war. In a series of tweets, Ejiofor wrote: “The sad news of the sudden demise of Dr Mailafia hit me with a great shock.I could not believe it until I made calls to close contacts who confirmed it was true. Hmmmm, what is life but fleeting moments?

Trouble Looms As Buhari Orders EFCC To Investigate CBN On Forex Trading Policies

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President Muhammadu Buhari has directed the Economic and Financial Crimes Commission EFCC to investigate the Central bank of Nigeria (CBN) on its foreign exchange policies. The apex bank under the leadership of Godwin Emefiele has come under serious scrutiny in recent weeks as the naira continues to nose-dive in both the parallel and official markets. The naira exchanged for between N562 and N570, and N412.06 in both the parallel and markets respectively as at last week. Last week, the Central Bank of Nigeria (CBN) declared Oniwinde Adedotun, founder of AbokiFX ( is a website that publishes the parallel market exchange rate of the naira against other currencies) wanted, with directives that operations of the website be shut down for what it described as “endangering the Nigerian

Borrowing To Accumulate Debt For Next Generations Is Criminal – Obasanjo Punches Buhari

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Former Nigerian President, Olusegun Obasanjo, has reacted to the incessant borrowing by the Federal government. Recall that only days ago, President Buhari requested the approval of the National Assembly to borrow $4,054,476,863 and €710 million. Obasanjo, while speaking to Channels Television in South Africa, said it is criminal to accumulate debt for the next generation to pay. He said that if the existing debt remains unserviced or unpaid by the current administration, it might become a huge problem for successive governments. Obasanjo added that borrowing is not a problem, however, he said it would be better if the borrowed funds were used for development and there is a plan or capacity to pay back. He said: If you want to build a commercial house and you go and borrow

Naira’s Free Fall Gets Even Scarier, Now Exchanging Between N562, N570 For 1$

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Naira fell significantly against the U.S. dollar at both the unofficial and official markets on Wednesday, 15 September. According to abokiFX.com, a website that collates black market rates, the Nigerian Naira hit a new time low as it is now exchanging between N562 and N570 for 1$ in parallel markets. The currency has maintained a steady decline on the black market segment for six consecutive sessions on a stretch. Similarly, the naira saw a pronounced decline against the dollar at the official market as foreign exchange supply rose significantly. Though data recorded on the FMDQ securities exchange window where forex is officially traded, showed that the naira closed at N412.06 per $1 at the official window on Wednesday, the same rate it exchanged on Tuesday and the

Naira Takes Another Painful Tumble, Falls At N550 To $1

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The Nigerian Naira depreciated further against the US dollar on Monday September 13, closing at N550/$1 compared to N545/$1 recorded in the previous trading session in parallel markets.  From the data recorded on the FMDQ securities exchange window where forex is officially traded, naira closed at N412.75 per $1 at the official window on Monday, the lowest decline the currency touched on the official window. This translates to a N0.75 or 0.20 per depreciation from the N412.00 it exchanged hands with the greenback currency in the previous session on Friday last week. The new exchange rate represents a 0.92% depreciation and further widens the gap between the black market rate and the official rate. The 550/$ is considered a major psychological barrier to a continuous fall

BREAKING: More Debt Hangin On Nigeria’s Neck As Buhari Returns To Borrowing Table, Seeks N’Assembly’s Approval For $4bn, Euro 710m External Loan

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President Muhammadu Buhari has urged the Senate to approve a fresh loan of $4,054,476, 863.00, Euro 710million and a grant of $125million to finance critical projects in the 2021 budget. Buhari’s request was contained in his letter read by Senate President Ahmad Lawan at plenary following the resumption of the Upper Chamber from its two-month annual vacation. According to the President, the request is an addendum to the proposed 2018 – 2021 Federal Government External Borrowing Rolling Plan earlier approved by the National Assembly. He said that the projects listed in the addendum to the 2018 – 2021 Federal Government External Borrowing Rolling Plan are to be financed through sovereign loans from the World Bank, French Development Agency, China Exim Bank, International Fund

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