17

Jun

OPSN Faults CBN For Denying Firms Access To N1Tr Intervention Funds

The Organised Private Sector of Nigeria (OPSN) has chastised the Central Bank of Nigeria (CBN) for creating bureaucratic roadblocks that prevent businesses from accessing the N1 trillion COVID-19 intervention funds set up by the apex bank to stimulate and revamp the economy through structured refinancing and loans. According to the OPSN, credible information from many firms across the country indicated that the apex bank had limited access to various intervention monies. Chairman of OPSN, Taiwo Adeniyi, and members of the body spoke at a press conference on the status of the economy, urging the apex bank to complement its efforts […]

11

Jun

The Central Bank Of Nigeria (CBN) Has Denied Plans To Nationalize Unity Bank

A media allegation that the Central Bank of Nigeria (CBN) was considering nationalizing Unity Bank Plc was dismissed as “fake news” by the CBN yesterday. In a statement, CBN spokesman Osita Nwanisobi advised customers and other stakeholders to disregard the report, describing it as the work of swindlers. “The report is fake news,” he remarked. It contains an iota of truth.” He went on to say that such information should be ignored by the general population. According to the report, the apex bank’s targeted investigation of Unity Bank revealed that the Tier 2 lender is in “grave financial condition,” with[…]

11

Jun

CBN’s Digital Currency To Launch Before 2022 – Bankers’ Committee

Mrs Rakiyat Mohammed, Director of the Central Bank of Nigeria’s Information Technology Department, has stated that the banking authority will create a digital currency by the end of 2021. Muhammed made the announcement during a news conference following the Bankers’ Committee meeting on Thursday. “As I stated before the end of the year, the Central Bank will make a special announcement and possibly launch a pilot scheme to be able to provide this type of currency to its citizens,” she said. She stated that approximately 80% of central banks around the world were looking into the prospect of releasing central[…]