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Banking & Finance

CBN seeks FUTA’s partnership on eNaira

The Central Bank of Nigeria on Monday sought the partnership of the Federal University of Technology, Akure, Ondo State, in adopting the newly introduced digital currency known as eNaira. The apex bank urged the university to adopt the new system for financial transactions within the varsity environment. Speaking during the …

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Allow Multilateral Development Banks(MDBs) use Special Drawing Rights-Adesina urges IMF

The President of African Development Bank (AfDB),Dr Akinwumi Adesina has called on the International Monetary Fund((IMF) to grant permission to Multilateral Development Banks(MDBs) to use its Special Drawing Rights to meet the financing deficit of vulnerable jurisdictions. Speaking on a panel at the Summit for a New Global Financing Pact, …

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CBN issues 8 new guidelines to banks, forex dealers

The Director, Financial Markets Department of the Central Bank of Nigeria (CBN), Alvan Ikoku, has issued a circular to banks and other foreign exchange (Forex or FX) authorised dealers informing them of changes in the FX market. In the circular titled; “FURTHER LIBERALIZATION OF THE INTER-BANK FOREIGN EXCHANGE (FX) MARKET,” …

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CBN:Emefiele fired, faces probe

President Bola Ahmed Tinubu has suspended the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, from office with immediate effect. This is contained in a statement issued on Friday night by Willie Bassey, Director in the office of the Secretary to the Government of the Federation. The statement …

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Babalola urges Tinubu to seek debt forgiveness for Nigeria

Foremost lawyer Chief Afe Babalola has asked the incoming administration of Asiwaju Bola Ahmed Tinubu to prioritise debt forgiveness for Nigeria from creditors countries and multilateral financial institutions. Babalola said forgiveness or cancellation would relieve Nigeria of humongous foreign debts, adding that lion share of the country’s resources were being …

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African Devt Bank proposes ‘fast track’ compensation for Zimbabwe white ex-farmers

The African Development Bank (AFDB) has developed financial instruments to “fast track and front load” $3.5 billion in compensation to white farmers whose land was taken from them by Zimbabwe’s government, the bank’s president said on Monday. Akinwumi Adesina’s announcement, which did not include details of the proposed instruments, comes …

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