CBN Governor Godwin Emefiele – Tech | Business | Economy

Finally, CBN Orders Banks to Receive, Dispense Old Naira Notes

Justice Godfrey Okamgba — Tue, 14 Mar 2023 05:43:39 +0000

A few hours after the Presidency said it did not inform the Central Bank of Nigeria not to comply with the Supreme Court judgment, the apex bank directed commercial banks to dispense and receive old naira notes as legal tender across the country.

The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday evening.

According to a statement issued on Monday by the acting Director of CBN Corporate Communications, Isa AbdulMumin, the CBN issued the directive during a Bankers’ Committee meeting on Sunday.

It stated that President Muhammadu Buhari did not instruct the Governor of the Central Bank of Nigeria, Godwin Emefiele, or the Attorney-General of the Federation, Abubakar Malami, to disregard “any court orders involving the government and other parties.”

The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500, and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.”

[JUST IN] CBN Increases Weekly Cash Withdrawals to N500K, N5M

Justice Godfrey Okamgba — Wed, 21 Dec 2022 19:33:03 +0000

The maximum weekly limit for cash withdrawals by individuals and corporate organizations through all channels has been raised by the Central Bank of Nigeria (CBN) to N500,000 and N5,000,000, respectively.

This was stated by the CBN in a letter sent to banks on Wednesday.

The apex bank claimed it based its choice on input from stakeholders.

The weekly cash withdrawal cap for people set by the apex bank many weeks ago has sparked controversy in the political arena.

Details later…

CBN takes Steps to Establish Offshore Banking in Free Trade Zones

Justice Godfrey Okamgba — Wed, 07 Dec 2022 13:30:53 +0000

In a move geared towards encouraging investors to repatriate their profits from their enterprises, the Central Bank of Nigeria, or CBN, and the Free Trade Zone Authority, or FTZA, have started working to develop offshore banking in the zones in Nigeria.

Prof. Adesoji Adesugba, managing director of the Nigeria Export Processing Zone Authority, said that having off-shore banking operations in the FTZs is a factor that would further increase investors’ confidence in the nation’s FTZs operations in an interview with Vanguard Maritime Report on the sidelines of the three-day conference to mark the 30th anniversary of the FTZ in Nigeria.

Adesugba also stated that Nigeria must implement off-shore banking in FTZs as a best practice in order to improve investor activities in the FTZs.

He said:”The CBN is in charge of processing off-shore banking in the FTZs and the FTZA and the CBN have met over the issue for almost two years and we are still meeting. The document to establish thee off-shore banking operations is ready.

We are just awaiting the approval of the CBN to commence operations in the Free Zones because Free Zones enterprises are not allowed to enjoy the facilities of the banking system in the Nigerian territory.

“So we need an off-shore banking system. There is no way you can do business without having a bank, so that is what we are asking for. It’s high time we start that.

“Every other Free Zone outside Nigeria has that kind of system. It’s not new, but in Nigeria, we still don’t have it. It is an incentive for investors because that is the first thing they ask for when they come in the Free Trade Zones.

“The absence of an off-shore banking counts against us, so we are asking the Central Bank to please fast-track that for us to have it.

Nigeria Will Hit 85% Financial Inclusion Soon – Emefiele

Yinka Okeowo — Tue, 10 May 2022 08:28:20 +0000

Mr. Godwin Emefiele, the Governor, Central Bank of Nigeria (CBN), has expressed optimism that the Bank will achieve the 85% financial inclusion rate target in Nigeria, within a very short period from its current rate of slightly below 70%.

Mr. Emefiele disclosed this in Abuja at the Bank’s head Office in Abuja, while playing host to a delegation of Executive Directors from the Bank of Uganda, who were on an experience sharing tour of the CBN’s Central Bank Digital Currency (CBDC) project on Monday, May 9, 2022.

He noted that the CBN was committed to accelerating the rate at which those who were financially excluded could come into the formal banking sector.

He expressed satisfaction that the country’s Central Bank Digital Currency, the eNaira, had recorded some level of success judging by the rate of integration and security features, adding that the CBDC will enhance the relationship between mobile banking and e-business and speed up the rate of financial inclusion.

The CBN Governor also noted that the interest the novel eNaira was attracting from other countries and multinational bodies such as the International Monetary Fund (IMF) and the World Bank, underscored the level and quality of work the CBN had put into the project.

Although, he noted that Nigeria, being the first country in Africa to launch its CBDC, was a case study to other climes, he said the country was treading cautiously to ensure it sustains the successes recorded thus far.

While equally stressing that the country had deepened its payment system infrastructure, which he noted was ranked among the best in the world, Mr. Emefiele paid tribute to his predecessor in office, Sanusi Lamido Sanusi, for laying the foundation upon which the country’s current payments system was built.

He recalled that Sanusi, as then CBN Governor, appointment him chairman of the sub-committee of the of the Bankers’ Committee to lead the payments system drive in 2012, adding that the move paved the way for innovative ideas that eventually led to the creation of the eNaira.

He therefore charged the Executive Directors (Deputy Governors equivalent) of the Bank of Uganda to strive to strengthen their country’s payment system, noting that a strong payment system remained the bedrock for the successful take-off of a Central Bank Digital Currency (CBDC).

The delegation from the Bank of Uganda (BoU) comprised; Executive Director and Economic Adviser to the Governor, BoU, Dr. Jacob Opolot; the Executive Director, Information Technology, BoU, Mr. Richard Mayebo; Executive Director, Finance, BoU, Mr. Richard Byarugaba; and the Ag. Director, National Payments Systems Department, Mr. Andrew Kawere.