E-Financial
CBN Says It Will Steer Nigeria Away from Recession
Central Bank of Nigeria (CBN) on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19.
![CBN Says It Will Steer Nigeria Away from Recession](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2020/05/CBN-Logo-1.jpg?resize=558%2C294&ssl=1)
Mr. Godwin Emefiele, CBN governor
It said this was in spite of the push by some vested interests to impugn the integrity of the bank.
Isaac Okorafor, director, Corporate Communications Department, CBN, said the bank had uncovered sinister plans by some persons in Nigeria’s economic and socio-political space to distract the CBN.
He said such persons want to discredit the institution through deliberate misinformation, complete fabrications and outright lies.
He, however, noted that Godwin Emefiele, CBN governor, and his team at the bank would not be deterred by the actions of such persons.
Okoroafor said the bank, in pursuit of its mandate enshrined in the CBN Act 2007, as Amended, would continue to strive to ensure accretion to the external reserves to safeguard the international value of the naira.
He added that it would continue to ensure that no individual or institution circumvents the system.
According to Okorafor, the naira, in the past three years, had remained stable against other world currencies, due to strict measures put in place by the CBN to check cases of round-tripping.
He said the bank, working with other relevant agencies of government, had equally curtailed the activities of economic saboteurs neck-deep in smuggling and other economic crimes.
He noted that those opposed to the policies of the CBN would not relent in their effort to undermine the bank, but stressed that the bank remained resolute to the dictates of its enabling Act.
The CBN spokesperson said the bank would not be distracted by subjective criticisms from persons who do not mean well for the general good of the Nigerian people and the economy.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
![CBN Urges Banks to Expedite Action on Recapitalisation](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2023/10/Yemi-Cardoso.jpg?resize=460%2C187&ssl=1)
Olayemi Cardoso, governor of CBN
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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