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A herd of analysts said CBN has been promoting pro-growth strategies recently, while letting market interest rates fall to a shade over the inflation rate.
So, when four banks -- Standard Chartered Bank, Stanbic IBTC, Citibank Nigeria, and Diamond Bank -- were accused of assisting MTN Nigeria Communications to illegally move $8.1bn abroad, the CBN quickly applied sanctions.
He succeeds Mike Robinson, president, PBL Insurance Ltd., who is completing a two-year term as CBN chairman.
The new bill proposes to amend the CBN Act CAP C4 LFN 2004.
In a personal statement about the July MPC meeting that was made public in Sep- tember, Salami criticised what he described as a "quantita- tive easing [QE] stance" by the CBN, highlighting the sharp rise in its financing of the gov- ernment's fiscal deficit.
Specifically, since December 2016, the government's borrowing from the CBN has risen twentyfold to N814bn ($2.25bn), dwarfing a marginal 0.4% rise in lending to commercial banks; there was a 30% rise in the CBN's purchase of Treasury bills, to the tune of N454bn; a 5% increase in the government overdraft to N2.8 trillion; and an increase in the mirror account to N1.5 trillion in April 2017 from just N3bn in December 2016.
However in a quick reaction, the banks blamed the CBN of trying to de-stabilise the market, stating that the apex bank by now owed Nigerian banks up to $3billion from unfunded letters of credit (LCs), since previous year, before the TSA regime.
Therefore, the CBN would like to request the general public to ignore speculations or rumours to the contrary as they could only be the handiwork of mischief makers who do not mean well for the Nigerian banking system and its economy," CBN stated in a press release imploring the general public to not make 'panic withdrawals'.
Due to Nashikaku's efforts, CBN visited the village on 20 October to start a clean-up operation.
CBN Governor, Sanusi Lamido Sanusi, told visiting Vice President, Global Industries, of the International Finance Corporation (IFC), Jyrki Koskelo, that the central bank is already perfecting strategies that would help encourage Nigerian banks to invest in SMEs in the country.
Unprecedented in ag radio, but more common in the consumer radio market, the CBN offers agri-marketers and their agencies a first step in economically reaching a significant portion of the cattle market in ag radio.
CBN is the hardest substance next to diamond, having high corrosion resistance and causing no chemical reaction with iron.
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