THE HARMATTAN NEWS

Tag: #cbn

  • CBN clears $2 billion in outstanding FX liabilities

    CBN clears $2 billion in outstanding FX liabilities

    The Central Bank of Nigeria (CBN) says it has paid approximately two billion dollars in its bid to clear the backlog of outstanding foreign exchange liabilities across various sectors.

    According to a statement by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali in Abuja on Thursday, the benefiting sectors include manufacturing, aviation, and petroleum.

    Sidi-Ali said that the apex bank had also cleared up the entire liability of 14 banks and started settlements with foreign airlines, adding that it would continue settlement of verified fx backlog.

    She said that payment of the fx backlog for qualified transactions had commenced, adding that the CBN had commissioned an independent forensic review by a reputable firm.

    She, however, said that the forensic review revealed grave infractions, gross abuse, and significant non-compliance with market regulations by some of the stakeholders.

    “Appropriate sanctions will be enforced by the CBN in collaboration with relevant regulatory and law enforcement agencies.

    “Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently done in the last three months,” she said.

    She emphasised the resolve of the CBN to sanitise the financial services sector and foster trust among all market participants, including internal and external stakeholders in the Nigerian economy.

  • CBN Confirms Emefiele’s Resignation As Cardoso Assumes Office

    CBN Confirms Emefiele’s Resignation As Cardoso Assumes Office

    The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor, three months after being suspended from office by President Bola Tinubu.

    Emefiele was thereafter quizzed by officials of the Department of State Service (DSS) who later charged him to court.

    Following his suspension, the Federal Government appointed Mr Folashodun Shonubi, the Deputy Governor (Operations Directorate), to oversee the affairs of the apex bank.

    In a statement by the Director of Information at the office of the Secretary to the Government of the Federation, Willie Bassey, the government said Emefiele’s suspension from office was due to an ongoing investigation of his office and the planned reforms in the economy’s financial sector.

    However, on September 15, Tinubu nominated Olayemi Cardoso as the new CBN Governor, pending his confirmation by the Nigerian Senate.

    “President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” presidential spokesman, Ajuri Ngelale, said in a statement.

    Corroborating this, the apex bank issued a statement on Friday, announcing the assumption of office by the acting governor.

    The bank’s Director of Corporate Communications, Isa AbdulMumin, said Cardoso will act as governor pending his confirmation by the parliament.

    “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate. This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),” the statement said.

    The bank also said that the “Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”

    Cardoso was the former chairman of Citibank Nigeria. He is a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations