HOW FAKE Naira Notes Flood Nigerian Markets - Ex CBN Chief Reveals

Twenty per cent of the currency in circulation is fake, a former Deputy Governor of Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, has disclosed. He made the disclosure yesterday while speaking at the opening session of a three-day public hearing on the 2017 budget appropriation process in the National Assembly on the topic: “Public Finance in the Context of Economic Recession: Innovative Options.”
Mailafia who said investors’ knowledge of the huge economic potential in Nigeria was the reason for the recent oversubscription of the $1 billion Eurobond sale by the federal government, adding that it was saddening that the concerned authorities appear to be oblivious of the gravity of the fake currency in circulation, which he said was highly detrimental to the growth of the economy. According to him, when fake currencies of that magnitude circulate, original currencies become scarce, warning that “bad money chases away good money”.

Fayose to FG: Defeat hunger, not recycled story of defeating Boko Haram

..........says hunger does not speak the language of political propaganda!

Ekiti State Governor, Mr Ayodele Fayose has said that what Nigerians are now desirous of hearing from the All Progressives Congress (APC) led federal government is the defeat of hunger and untold hardship ravaging the country and not recycled stories of defeat of Boko Haram insurgents, which is allegedly aimed at diverting the attention of Nigerians from the fact that there is ravaging hunger at this time of the year.

The governor said it has become predictable that whenever Nigerians cry of the pains and sufferings they are going through, the federal government will come with stories like; “20 Chibok girls found,” “$1 billion found in Mr A, B or C bedroom,” “Boko Haram technically defeated,” “We have captured Sambisa forest,” etc just to divert attention.

FG Realises N3tr from TSA, Says SystemSpecs

The Federal Government has saved N3 trillion in the Treasury Single Account (TSA), the firm handling it, SystemSpecs Limited, has said.

SystemSpecs Chief Executive Officer (CEO), John Obaro, who made this known last weekend, said the TSA has reduced debt servicing costs, liquidity reserves and enhanced the effective use of surplus cash.

He said his firm would continue to deliver on its terms of contract with the Central Bank of Nigeria (CBN), despite being owed its fees on e-collections since March, last year.

Some banks, he said, were rejecting the collection of deposits for the non-payment of the fees. “From our end, we have continued to provide and support the Remita platform, 24 hours a day and seven days a week, for use by citizens for all their payments to the Federal Government. Our continued support for the TSA is fueled by our belief in the enormous benefits the Remita software brings to the implementation of TSA for the average citizen.

CBN Releases Highlights Of Flexible Foreign Exchange Policy

The Central Bank of Nigeria (CBN) has released the highlights of the much awaited flexible foreign exchange market policy.

The highlights, which are key notes and agreements reached by the CBN, were released on Wednesday, weeks after the Monetary Policy Committee meeting announced the introduction of the policy.

After its meeting of May 24, the CBN said the policy would allow the bank retain a small portion of foreign exchange for critical transactions.

British Airways, Others Accused of Using Forex Scarcity to Rip off Nigerians, FG

Foreign airlines operating in Nigeria have been accused of devising a means of ripping off Nigerians and the federal government by taking advantage of the shortage of dollars in the foreign exchange market, and the gap between the official exchange rate and the parallel market rate, investigations have revealed.

According to sources in the industry and the Nigerian Civil Aviation Authority (NCAA), the airlines procure their foreign exchange from ticket sales at the official rate of 199/$1 from the Central Bank of Nigeria (CBN) for onward repatriation to their home countries, but allegedly use the parallel market rate of over N300 to the dollar when Nigerians and other passengers opt to pay for their dollar-priced tickets in naira instead of using the official exchange rate.

Acting CBN Governor Sarah Alade : CBN lost none of its documents in the fire incident in Lagos Branch office

Acting CBN Governor Sarah Alade says the apex bank lost none of its documents in the fire incident at its Lagos Branch office yesterday.

The fire incident which coincided with the first Monetary Policy Committee meeting chaired by acting Central Bank Governor, Dr Alade, created pandemonium around the Lagos Central Business District as fire fighters battled to put off the inferno.

Lagos CBN Office On Fire

The Central Bank of Nigeria (CBN) office of in Lagos is on fire at the moment, according to report and photos shared on the social media.

While the causes of the fire outbreak are yet unknown, Lagos Fire Service and other emergency agency officials have arrived the scene.

A report says that the fire started at about 5:40 PM at the top most part of the building.

Central Bank office in Lagos on fire {Photo}

More details soon…