CBN Archives

ANAMBRA STATE GOVT ‘PUNISHED’ FOR SEALING GTBANK’S BRANCHES OVER STAMP DUTIES REMITTANCE: WHERE THE COURT GOT IT WRONG

The Story On 13 January 2022, Anambra State Government (ANSG) sealed four branches of Guaranty Trust Bank Ltd (“GTBank” or “GTCO”), across the State. This was over an alleged failure of GTCO to remit stamp duties to the Anambra State Internal Revenue Service (AIRS). The Stamp Duties Act was recently amended. The amendment introduced a […]

stephenazubuike
November 5, 2022
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170 Views

Case Law

CBN MOVED TO STOP A SUIT AGAINST IT FOR “INJURIOUS” FOREX POLICY BUT THE COURT OF APPEAL STOOD IN THE WAY

The Central Bank of Nigeria (CBN) is the regulator of the Foreign Exchange Market in Nigeria. The CBN periodically issues foreign exchange manuals and circulars for the operation and regulation of the market. This is in line with its statutory mandate to determine from time to time, by a suitable mechanism, the exchange rate of […]

stephenazubuike
March 14, 2021
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128 Views

COVID-19: CBN’S TEMPORARY SUSPENSION OF CHEQUE CLEARANCE IN THE CLEARING SYSTEM

Special Feature

CBN CIRCULAR ON CRYPTOCURRENCY: CBN AND SEC SINGING DISCORDANT TUNES

By a Circular dated 5 February 2021 believed to have emanated from the the Central Bank of Nigeria (CBN), the apex Bank directs banks and other financial institutions to disscoatiate themselves from cryptocurrency transactions on the basis that it is prohibited. The CBN also directs that all accounts of persons transacting in cryptocurrency be closed. […]

stephenazubuike
February 5, 2021
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144 Views

Covid-19 Series

COVID-19: SOME OF THE DIFFICULTIES IN ACCESSING THE CBN’S N50 BILLION TARGETED CREDIT FACILITY

A. Introduction On March 23, 2020, the Central Bank of Nigeria (“The CBN”) in an effort to mitigate the negative economic impact of the COVID-19 on households, micro, small and medium scale enterprises, released the Guidelines for the Implementation of the N50 Billion Targeted Credit Facility (“The Guidelines”). The only participating bank – NIRSAL Micro […]

williams-iheme-williamsiheme
April 13, 2020
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110 Views

Covid-19 Series

COVID-19: UNDERSTANDING THE IMPLEMENTATION OF THE CBN N50 BILLION TARGETED CREDIT FACILITY

The Central Bank of Nigeria (“CBN”), in its Press Release of March 16, 2020 (“Press Release”), introduced six (6) policy measures in response to the Covid-19 outbreak. One of them was the creation of a N50 Billion Targeted Credit Facility Scheme (“the Scheme”) which was to be extended through the NIRSAL Microfinance Bank (“NMFB”) as […]

bdulwasiu-esuola-esuola
April 5, 2020
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96 Views

Covid-19 Series Legal Explainer

COVID-19: CBN’S TEMPORARY SUSPENSION OF CHEQUE CLEARANCE IN THE CLEARING SYSTEM

In the wake of COVID-19 pandemic, the governments all over the world and their institutions have taken drastic measures to stem the spread of coronavirus (the virus). The Federal Government of Nigeria has also taken steps in this direction. On 29 March 2020, President Muhammadu Buhari, through a broadcast ordered the shutdown of business activities […]

stephenazubuike
April 4, 2020
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144 Views

Case Law Law News

Coast Clear: Accounts of banks with CBN can be garnisheed without prior consent of the Attorney-General.

*Background The Central Bank of Nigeria (CBN) was established under the Central Bank of Nigeria Act, 2007 (CBN Act). The principal objects of the CBN are to ensure monetary and price stability; issue legal tender currency in Nigeria; maintain external reserves to safeguard the international value of the legal tender currency; promote a sound financial […]

stephenazubuike
August 5, 2019
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115 Views

Special Feature

The Access Bank and Diamond Bank Deal: Implications for Stakeholders.

Introduction The news recently broke of the restructuring involving Access Bank Plc and Diamond Bank Plc, two leading Nigerian financial institutions. While the restructuring has been described by some as a merger, others have described it as an acquisition. This debate will be further discussed in this piece. However, suffice it to say that the successful restructuring and the emergence of Access […]

sanford-mba-sanford
April 15, 2019
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269 Views

Special Feature

“Etisalat and The Illogic of CBN and NCC’s Intervention”: A Rejoinder, Reflection and Call to Action.

“…In essence, it is clear that what the CBN and the NCC have done, is not to interfere with the corporate governance of Etisalat (now 9mobile), but to play a key role in ensuring the protection of the overall value of the firm, and the larger stakeholder interest…” Sanford U. Mba. Sanford U. Mba, Doctoral […]

stephenazubuike
August 9, 2017
0 Comments
139 Views

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