President Jonathan Suspends CBN Governor Sanusi

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President Goodluck Jonathan today ordered the suspension of Nigeria's Central Bank Governor, Sanusi Lamido Sanusi, weeks after the CBN Governor exposed the theft of at least $20 billion by officials of  Nigerian petroleum ministry.

 A press release issued by the spokesperson to the President, Reuben Abati explained that the CBN governor was suspended because of reports by the Financial Reporting Council claiming the CBN governor had engaged in "financial recklessness and misconduct". The release did not specifically name any particular financial crime but goes ahead to announce a replacement for Mr. Sanusi.

Sanusi: CBN reduces inflation, targets 6 to 9 per cent

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The Central Bank of Nigeria (CBN) says it wants inflation in a variety between 6-9 per cent, lowering the regulator's previous target of keeping in single-digits.CBN's governor, Lamido Sanusi, told Reuters on Wednesday, he expects it to complete the year below that level...Inflation in Nigeria fell to a new five-year low of 8 per cent in September. Sanusi added that despite lower prices he did not think there was likely to be an interest rate cut in the near future.

CBN bans importation of foreign currency

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Abuja -  The Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval.
This was contained in a statement signed by CBN Director of Corporate Communications, Mr Ugo Okoroafor, on Tuesday in Abuja.
It said that the move was sequel to the Bank’s withdrawal of the operating licence of 20 Bureaux de Change (BDCs).

Coninue

We Did Not Feeeze any Church's Account-CBN

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The Central Bank of Nigeria (CBN)  Friday washed its hands off news making the rounds that it had ordered the freezing of bank accounts of some religious organisations over allegations of link with terrorists.

The bank explained in a statement posted on its website that in order to ensure that the provisions of the Money Laundering (Prohibition) Act (MLPA) of 2011 were enforced, all Designated Non-Financial Businesses and Professions (DNFBPs) were required to comply with the Know-Your-Customer (KYC) requirement whose deadline was recently extended to December 31, 2013.

The statement signed by the Director, Corporate Communications, CBN, Mr. Ugochukwu Okoroafor, pointed out that the only requirement for the KYC update was the presentation of evidence of registration, specifically, certificate of registration showing registration number with the Special Control Unit Against money Laundering (SCUML).

CBN orders banks to report B’Haram, Ansaru transactions

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Following the recent proscription of the violent Islamic sects, Boko Haram and Ansaru, by the Federal Government, the Central Bank of Nigeria has ordered banks to check the activities of the terrorist groups.

The central bank in a letter to all banks on Wednesday, directed them to check their database and report activities of the two sects to the regulator.

The letter read, “The Federal Government of Nigeria, in its effort to stem terrorism in the country, has proscribed the activities of Jamaatu Ahlis-Sunna Liddaawati Wal Jihad, otherwise known as Boko Haram, and Jama’atu Ansarul Muslimina Fi Biladis Sudan in any part of the country. Their activities are consequently declared as terrorist and illegal.

Why we can’t enforce ban on naira spraying - CBN

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The Central Bank of Nigeria on Wednesday said the law enforcement agencies should be held responsible for the ineffectiveness of the law banning spraying of currencies at social gatherings in the country. The CBN said because of the disinterest shown by the law enforcement agencies in apprehending those violating the law banning spraying of currencies, the perpetrators had persisted in the unlawful act. 

Deputy Governor in charge of Operations, CBN, Mr. Tunde Lemo, who said this in Abeokuta during a sensitisation workshop on the commencement of the cash-less policy in Ogun State, however, said it was not the duty of the apex bank to enforce the law. The Federal Government had, through a bill signed into law in 2007 by the administration of former President Olusegun Obasanjo, criminalised all manners of abuse of the Naira. The law also prescribed six months imprisonment or N50,000 fine or both sanctions for offenders. Lemo, however, expressed regret that the law enforcement agencies had so far been unable to arrest or prosecute any violator for spraying money or abusing naira notes since the bill was signed into law about six years ago. 

House Of Reps Query CBN, FIRS,NCS Over Missing N7.9bn

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The House of Representatives on Monday uncovered a N7.935bn discrepancy in the remittance of revenue generated by the Nigeria Customs Service to the Federation Account in 2007.

A report of the House Committee on Public Accounts indicated that Customs generated and remitted N233.430bn to the Federation Account during the year, but found out that only N241.366bn was released to the Federation Accounts Allocation Committee for sharing between the three tiers of government.

This left a difference of N7.9bn, which the committee said was not accounted for.

The committee queried the Central Bank of Nigeria, the NCS and the Federal Inland Revenue Service about the development. It directed them to explain what led to the discrepancy.

CBN Pegs New Deposit Limit For Account Holders

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The Central Bank of Nigeria (CBN) yesterday set new deposit limits for all categories of account holders and introduced three-tier Know Your Customer (KYC) requirements for banks. With the new policy, bank customers have now been categorised into Low Value Accounts (Level One); Medium Value Accounts (Level two) and High Value Accounts (Level three). 
For Low Value Account holders, the policy pegs a maximum single deposit amount of N20,000 and maximum cumulative balance of N200,000 at any point in time.  For Medium Value Account holders, a maximum single deposit of N50,000 and a maximum cumulative balance of N400,000. However for the High Value Account, no limit is placed on cumulative balance.

EFCC arrests former CBN governor, Charles Soludo

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Former Central Bank of Nigeria Governor, Prof Charles Soludo, was Thursday arrested  by operatives of the Economic and Financial Crimes Commission(EFCC). He was picked up from his Abuja residence a source in EFCC confirmed to Vanguard. Vanguard gathered that Soludo’s arrest was in connection with the controversial contract he awarded for the printing of polymer currency notes to an Australian firm while he was governor of the CBN between 2006 and 2008.  It was not clear as at the time of filing the report if the operatives would release the former Anambra State Peoples Democratic Party governorship candidate. (Vanguard)

CBN may revoke licences of more MFBs

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Indications have emerged that the Central Bank of Nigeria may revoke the operating licences of some microfinance banks in the country early next year, ADEMOLA ALAWIYE reports. With the financial sector smarting from the 2010 withdrawal of operating licences of 103 microfinance banks, indications have again emerged that more MFBs may soon lose their licences as a result of another impending cleaning exercise by the Central Bank of Nigeria.

Opposition as Reps move to abridge CBN autonomy

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CBN Governor, Sanusi Lamido Sanusi
| credits: File copy

Stakeholders in the financial sector,  including a former Minister of Finance, Mr. Adamu Ciroma, and an ex-Central Bank of Nigeria  Governor,  Chief Joseph Sanusi, on Monday, opposed the bid by the House of Representatives to tamper