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The operation of the Treasury Single Account in Nigeria has not been without controversies. On Tuesday, 10 November 2015, Dino Melaye, a Nigerian senator representing Kogi West, raised a motion that the operation of the treasury single account (TSA) be investigated for possible corruption. He claimed that "the appointment of REMITA, an e ...
It operates under the Nigeria Deposit Insurance Corporation Act (1990). [3] The NDIC is a member of the Financial Reporting Council of Nigeria. [4] The NDIC complements the regulatory and supervisory role of the Central Bank of Nigeria (CBN), although it reports to the Federal Ministry of Finance. The NDIC advises the CBN in the liquidation of ...
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. [3] The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country; promote monetary stability and a sound financial environment, and act as a banker of last resort ...
The Asset Management Corporation of Nigeria AMCON was established in 2009 by the National Assembly of Nigeria. [11] The institution acquires non-performing loans of commercial banks. The financing of AMCON is composed of a ₦50 billion CBN fund and 0.3% of total assets of participating commercial banks.
Cash-less Nigeria is a policy established in the year 2012 by the Central Bank of Nigeria to curb excesses in the handling of cash in the Nigerian federation. It prescribed a cash handling charges on daily withdrawal above five hundred thousand Naira (N500,000.00) for individuals and three million Naira for corporate bodies (N3, 000,000.00).
Folashodun Adebisi Shonubi (born 7 March 1962) is a Nigerian economist who served as the acting governor of the Central Bank of Nigeria from 9 June to 15 September 2023. [1] [2] [3] He was the deputy governor (Operations Directorate) under the former CBN governor Godwin Emefiele until his suspension. [4] He resigned from the central bank in ...
Premium Trust Bank is a Nigerian commercial bank that is licensed by the Central Bank of Nigeria, the national banking regulator. [1] The bank offers personal, corporate, private and SME Banking. [2] As of February 2023, the bank has 8 branches in Nigeria. [3] Premium Trust Bank was founded by Emmanuel Emefienim. [4] [5]
The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to a reduction in fuel subsidies. [14]