Islamic Republic of Nigeria: Buhari directs CBN to revert itself and sell dollar to Muslim pilgrims at N197 as against N400

Islamic Republic of Nigeria: Buhari directs CBN to revert itself and sell dollar to Muslim pilgrims at N197 as against N400

'General' Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to issue concessionary rights to Muslim pilgrims, to access forex. CBN on Thursday, directed banks and authorised forex dealers to sell the Pilgrims Travelling Allowance (PTA), to intending pilgrims at a concessionary exchange rate of N197 to $1. As at yesterday $1 dollar was exchanged for N400. This implies that Buhari is giving a whooping subsidy of N203 for each dollar exchanged by a Muslim pilgrim.

Buhari’s policies disappoint me - Sanusi Lamido Sanusi

I am Disappointed in Buhari’s Anti-corruption war - Sanusi Lamido Sanusi

Former central bank governor of Nigeria, Sanusi Lamido Sanusi, said that the exchange rate policies backed by General Muhammadu Buhari are doomed to fail, Financial Times newspaper reports.

Economic Tyranny! Buhari takes over Central Bank of Nigeria management

Economic Tyranny as Buhari takes over Central Bank Naira management 

Nigeria’s President Muhammadu Buhari erased any doubt about who is in charge of currency policy in Africa’s biggest economy — to the detriment of the central bank’s independence.

Buhari's CBN is fighting a lost battle: Naira's free fall will hit rock bottom

Buhari's CBN is fighting a lost battle: Naira's free fall will hit rock bottom 

I have watched Emefiele struggle to keep the naira on its feet, but I can assure him that he is fighting a lost battle. I pity him. This is the wrongest time to be CBN governor. There are no easy answers to the currency crisis. An import-dependent country is a dollar-dependent country. 

Double Standard and Nepotism: EFCC too ANXIOUS to quiz CBN Emefiele but SCARED to interrogate Lamido Sanusi over $2.2bn arms

Double Standard and Nepotism: EFCC too ANXIOUS to quiz CBN Emefiele but SCARED to interrogate Lamido Sanusi over $2.2bn arms  

There is double standard and obvious nepotism in the way the Economic and Financial Crimes Commission (EFCC) is handling the alleged fraud committed with arms deal. Whereas bulk of the money were transferred through the Central Bank of Nigeria (CBN) under Lamido Sanusi Lamido, the EFCC are rather focusing their attention on the Igbo-speaking current governor of the CBN, Godwin Emefiele. Vanguard reports that as investigation into the alleged looting of funds meant for the acquisition of arms for the Nigerian armed forces continues, operatives of the  EFCC, are in a dilemma over what to do with Sanusi, the former CBN Governor.

A Crumbling Country: CBN restricts Overseas Nigeria Students to $1000 monthly withdrawal

A Crumbling Country: CBN  restricts Overseas Nigeria Students to $1000 monthly withdrawal

In an obvious move to shore up Nigerian crumbling economy by reducing the amount of money leaving the country, the Central Bank of Nigeria (CBN) has started to restrict Nigerian students studying overseas to a paltry $1000 withdrawal of their money heald in Nigerian banks.

A CRUMBLING country: JP Morgan completely removes Nigeria’s bonds from index

A CRUMBLING country: JP Morgan completely removes Nigeria’s bonds from index

General Muhammadu Buhari's 7 months of CONFUSED reign has completely ruined Nigeria!

Bonds closed on Friday with yields on benchmark instruments closing flat, despite the final phase-out of Nigerian bonds from the JP Morgan index on Friday.

Nigerian firms in trouble as central bank measures backfire - Reuters and international community begin to understand the real Buhari

Nigerian firms in trouble as central bank measures backfire

• Nigeria imposes forex controls, bans import of 680 items
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• Manufacturers warn import ban might force closure of plants
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• Companies wait for weeks to get dollars to pay suppliers
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• Africa's biggest economy suffers from oil price crash

Nigerian companies making anything from soap to tomato paste could run out of raw materials and be forced to shut down as Africa's top oil producer has effectively banned the import of almost 700 goods to prevent a currency collapse.

Nigeria's CBN Governor 'mulls' resignation over Buhari's draconian orders and lack of economic direction

Nigeria's CBN Governor mulls resignation over Buhari's draconian orders and lack of economic direction

Godwin Emefiele, the Governor of the Central Bank of Nigeria may be mulling resignation due to Muhammadu Buhari's draconian orders and his lack of economic direction, which is seriously damaging Nigeria's economy.

DAILY POST reports that Emefiele was getting tired of the approach of General Buhari to fiscal and monetary issues in Nigeria.

CBN releases new guidelines for diaspora BVN registration

CBN releases new guidelines for diaspora BVN registration 

Nigerians in Diaspora that have Nigerian bank accounts and are yet to do their Bank Verification Numbers BVN registration can now do so without leaving their resident country as the Central Bank of Nigeria has made two options available for them to conveniently do the registrations.

Plot to liquidate Innoson Motors exposed: Innoson seeks CBN’s intervention

Plot to liquidate Innoson Motors exposed: Innoson seeks CBN’s intervention 

An indigenous vehicle assembly plant, Innoson Motors Group, has called for the intervention of the Central Bank of Nigeria(CBN) in the ongoing case with Guaranty Trust Bank Plc, alleging that the bank had refused to obey court orders to pay some amount of money to the Group.

N12bn currency scam: Another member of the Ibadan CBN syndicate arrested

N12bn currency scam: One more suspect arrested

As lawyers returned to court for arguments on bail applications for accused persons in the two remaining N12 billion currency scam cases at a Federal High Court, Ibadan yesterday, they were told that another suspect of the Ibadan CBN syndicate, Tijani Olusoga, had been arrested and would soon appear in court with fellow accused persons.

Lead prosecutor, Mr Rotimi Jacobs (SAN), disclosed this when the last of the seven cases came up for hearing.

Afolabi Olufemi, Kolawole Babalola and 4 other CBN executives nabbed by EFCC alongside 16 others for N8 billion currency fraud

Olufemi,  Babalola and 4 other CBN  executives nabbed by EFCC alongside 16 others for N8 billion currency fraud

The Economic and Financial Crime Commission (EFCC) has concluded arrangement to arraign in court, six top executives of the Central Bank of Nigeria (CBN) implicated in a mega scam involving the theft and recirculation of defaced and mutilated currencies.