Just in: Reps halt CBN's cash withdrawal policy, summon Emefiele – Newstrends
Connect with us

Business

Just in: Reps halt CBN’s cash withdrawal policy, summon Emefiele

Published

on

The House of Representatives has asked the Central Bank of Nigeria (CBN) not to implement the new cash withdrawal policy slated for January 9, 2023 pending compliance with the provisions of the Act establishing the bank.

The House also summoned CBN Governor Godwin Emiefele to brief the Chamber on several policies of the bank in recent times.

The lawmakers on Thursday condemned the new cash withdrawal policy, saying it would grossly affect small businesses and the economy especially those in  the rural communities who do not have access to banks.

And following a point of order raised by Mark Gbillah on the provisions of the Central Bank Act, the House directed the CBN Governor to appear before the House on Thursday, December 15, 2022 to brief the House on why the policy should be allowed to stand.

Magaji Da’u Aliyu, who sponsored the motion, said the new policy by the CBN, which limits daily cash withdrawal to N20,000 daily should not be allowed to stand as it would adversely affect the Nigerian people, especially those running small-scale businesses.

He said while the country was trying to come to terms with the decision to redesign the currency, the CBN was coming up with yet another policy that will adversely affect the masses without proper advocacy.

 

Business

Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market

Published

on

Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market

The official market observed a modest increase in the value of the Naira against the dollar, concluding at N1,597.24 to $1, marking a 0.34% enhancement from the prior closing figure of N1,602.75 to $1 from the preceding week’s end.

This recent closing figure of N1,597.24 to the dollar signifies the first instance of a rate ending beneath the N1,600/$1 mark since March 5th, 2024.

Additionally, data from NAFEM disclosed a slight rise of 2.20% in forex dealings, reaching $140.45 million as opposed to the $137.43 million noted earlier.

On Monday, within the Investors and Exporters (I&E) window, the naira saw mixed results against major global currencies.

READ ALSO:

The I&E FX window recorded a high of N1640/$1 and a low of N1,400.00, indicating a fluctuation of N240/$1.

In the parallel market, the naira appreciated by 0.78% against the US dollar, trading at N1,608 compared to the previous figure of N1,614 per dollar.

Against the pound sterling, the naira modestly gained by 0.74%, ending at N2,030/£1 from the earlier rate of N2,045/£1.

It also made gains against the euro by 0.58%, closing at N1,725/€1 up from last week’s Friday rate of N1,735/€1.

The country’s foreign reserves saw a slight increase of $2.71 million as of March 14, 2024, amounting to $34.416 billion—a 0.008% rise from the previous day’s reserves of $34.413 billion.

Nigeria’s foreign reserves have been on an upward trajectory for 20 days (approximately 3 weeks), starting from February 13, 2024.

Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market

Continue Reading

Railway

Vandals destroy rail track in Kaduna community

Published

on

Vandals destroy rail track in Kaduna community

Vandals have destroyed a rail track at Chidunu village in the Chikun Local Government Area of Kaduna State.

The hoodlums taking advantage of high rate of insecurity in the area stormed the village and reportedly loaded their three trucks with track materials forcefully removed from the rail.

Public Relations Officer for the Northern District of the Nigeria Railway Corporation, Alhaji Abdullahi, in a statement on Monday, said two of the truck were stopped and impounded by security agents.

However, a Canter truck driver absconded with a portion of the stolen materials.

Some of the vandals were also apprehended by security operatives around the community.

Abdullahi highlighted the logistical challenges with the urgency to act before nightfall and the volatile nature of the area.

“It was difficult to arrange for logistics to evacuate track rails and sleepers before it got dark,” he said, emphasizing the collaborative efforts with local vigilantes and hunters to bolster surveillance along the affected railway stretch.

“We received a report on Sunday that the vandals were arrested during their illicit operation with two long trucks loaded with rail track materials,” Abdullahi said.

He added that the case has been handed over to the Nigeria Security and Civil Defence Corps (NSCDC) for further investigation.

“The case is at present with the NSCDC, O.C. Anti-Vandal for further investigation,” Abdullahi stated.

Continue Reading

Business

Panic as CBN set to fire more directors

Published

on

Panic as CBN set to fire more directors

About 12 more directors of the Central Bank of Nigeria are said to have been listed for sacking in a reorganization move by the Governor of the apex bank, Olayemi Cardoso.
This is coming after seven directors were fired last Friday.
Two of the seven terminated directors are currently facing a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Jim Obaze report.
Obaze was appointed as Special Investigator by President Bola Ahmed Tinubu to scrutinise the activities of the CBN under the watch of its former Governor Godwin Emefiele.
While the two directors are said to have accepted their fate, the other five are planning to take a legal action against the bank for alleged unlawful termination of their appointments.
The termination letters sent to the seven directors cited “reorganizational and human capital restructuring” as reasons for their dismissal.
The letters stated that they were relieved of their jobs with effect from Friday March 15, 2024.
They were directed to hand over all bank properties in their care to their department’s administrator immediately.
The Nation reported that 12 more directors are set to be dismissed.

Continue Reading

Trending

Skip to content