President Tinubu also sought expeditious consideration and approval of the request of Tadase. President Bola Tinubu has requested the Senate’s confirmation of Hon Amidu Tadese Raheem from Osun State as Commissioner of the National Population Commission (NPC). This request was made in a letter sent to the Senate Following the provisions of sections 154 (1) of the Constitution of the Federal Republic of Nigeria, 1999 as amended. In the letter read by the President of...
CBN Governor, Cardoso has assured that efforts by the Apex bank will seek to minimise the distortion that high exchange has on inflation. The Central Bank of Nigeria (CBN) has disclosed that its efforts to stabilise foreign exchange rates to ease the economic situation in the country are beginning to yield results. The CBN governor, Olayemi Cardoso, who disclosed this during an interactive session with the Joint Senate Committee on Finance, Banking, Insurance and Financial...
The Joint Economic Team of the Senate consisting of the Committees on National Planning and Economic Affairs, Banking Insurance and Other Financial Institutions, Appropriations, and Agriculture had an interactive session with the officials of the Central Bank of Nigeria (CBN) led by Governor Yemi Cardoso. The Senate has questioned the Central Bank of Nigeria (CBN) concerning the increased economic challenges currently facing the country as they voiced concern about the plan to import food to...
Ndume said he doesn’t speak for the North, nor Northern senators, but in the interest of Nigerians and President Tinubu who he has enormous respect for. Senator Mohammed Ali Ndume (APC, Borno South), has stated that he has no resentment for opposing the move by the Central Bank of Nigeria (CBN) to relocate some of its units from the Abuja headquarters to Lagos State as his intervention was based on reality and the irrelevance of...
The Senate postponed the interactive session with the CBN Governor to meet with service chiefs and address security issues facing the country. The Senate Committee on Banking, Insurance, and Other Financial Institutions has postponed its interactive session with the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso till Friday 9th at 9 am. This was announced by the Chairman of the Committee, Senator Adetokunbo Abiru (APC, Lagos East) on Tuesday at the committee...
The Senate Committee on Banking, Insurance, and Other Financial Institutions held an emergency closed-door meeting to address the financial crises of the country. The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been summoned by the Senate to speak on the status of the economy and the free flow of Naira on the foreign exchange market next Tuesday. In response to the Naira’s collapse to N1,520 to the US dollar, the Senate...
Tinubu assured that the interest rate on securitised Ways and Means advances has been trimmed to 9% per annum, compared to +3% on the MPR. The Senate has approved the securitisation of outstanding 7.388trn Ways and Means following President Bola Tinubu’s request. The President said the move is aimed at realising the reduction of debt service cost and to extend the repayment period of the existing loans. This was disclosed in a letter read by...
The apex bank encourages members of the public to report hoarding through a specially created online channel as it moves to arrest naira scarcity The Central Bank of Nigeria (CBN) has warned commercial banks and Point-Of-Sale (PoS) operators against collusion in creating artifical scarcity of the naira. This comes on same day the House of Representatives called on the CBN to disrupt the activities of POS operators who charge exorbitant fees to provide naira notes...
The House is set to investigate the failure of commercial banks to pay customers over the counter forcing them to patronize POS operators who sell naira notes at exorbitant prices The House of Representatives has resolved to investigate the sale of naira notes at exorbitant price by Point-of-Sale (POS) operators across the country. The House expressed concern over the failure of commercial banks to pay customers over the counter, thus forcing them to resort to...
The representatives are demanding the adoption of mechanisms to make the Chinese Yuan (CNY) an official foreign exchange reserve currency The House of Representatives has urged for the use of the Chinese Yuan as an official exchange currency as a way to mitigate the continuous depreciation of the naira. This House made this resolution on Wednesday, December 20, 2023, following the adoption of a motion moved by Rep. Jafaru Gambo Leko (Bauchi, APC) on the...
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