Central Bank of Nigeria Revokes Licenses of Resort Savings on MFBanks

 The Central Bank of Nigeria (CBN) on Tuesday announced the revocation of the operating licenses of 179 microfinance banks in the country, alongside those of four primary mortgage banks and three finance companies.

The first gazette stated that the licenses of the financial institutions were revoked because 47 banks

CBN earmarks over N1trn to Fund Real Sector

The Central Bank of Nigeria, CBN, has set aside over N1 trillion to promote lending to the real sector of the economy with a view to stimulating economic activities in the country. The Governor of the CBN, Mr. Godwin Emefiele, disclosed this at the 21st Seminar for Finance Correspondents and Business Editors in Ibadan, Oyo State capital, yesterday.

Mr. Emefiele who spoke through the Deputy Governor, Corporate Services, Mr. Adebayo Adelabu, justified the massive interventions of the apex bank in financing the real sector of the economy, saying that the current trend in global central banking has gone beyond the core functions of monetary policy management. Infrastructure interventions.

Exporters lose N78bn to Dollar Restriction, others

 

The ongoing conflict between stakeholders and the Central Bank of Nigeria over the export repatriation policy, which came into force in February 2015, has forced some non-oil exporters to abandon the sector, while others have gone underground to carry out informal exports, our correspondent has gathered.

The CBN had in a circular signed by its Director, Trade and Exchange Department, Olakanmi Gbadamosi, on February 19, 2015, mandated all authorised dealers to repatriate the proceeds of oil and non-oil exports into the export proceeds domiciliary accounts of the respective exporters.

The circular stipulated 90 days for the repatriation of the oil export proceeds and 180 days for non-oil export proceeds.