Buhari’s Forex Ban: Food Crisis Looms

Rewane, Moghalu Others Carpet Buhari The cost of basic food items may soon spiral over the decision of the federal government to stop making forex available to food importers. Nigerians must therefore gear up for early next year when the impact of the policy will begin to have effect, experts told the magazine a day after President Muhammadu Buhari issued the policy statement. President Buhari, on Tuesday made his government decision known to Nigerians when All Progressives Congress, APC paid him a Salah homage. The governors were led by the…

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Islamic Banking On The Rise

The Central Bank of Nigeria, CBN has acceded to rising demand for Islamic financing also known as Islamic banking in Nigeria by increasing the number of Islamic Bank to two. The apex bank recently announced that it has licensed more banks for operations. Two more commercial banks, Blobus Bank and Titan Bank have been given approval to operate, thus increasing the number of commercial banks in the country to 23. The CBN also gave approval for Taj bank to operate as an Islamic financing institution. In 2012, then CBN governor,…

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CBN: More Banks Amid Recapitalisation Row

The Central Bank of Nigeria, CBN has increased the number of deposit money banks in Nigeria to 23. A non-interest/ Islamic bank, was also licensed for operation increasing the number to two. TAJ Bank Limited joins Jaiz Bank a non-interest bank licensed by then CBN Governor Sanusi Lamido Sanusi. The development came on the crest of CBN/MPC meeting in Abuja on Monday. The apex bank had last month said it was considering a fresh recapitalization exercise for all commercial banks in the country. “In the next five years, we intend…

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