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Nigeria’s suspended central bank governor detain by security agency

Nigeria’s suspended central bank Governor Godwin Emefiele has been detained by the police’s Department of State Services (DSS). The DSS said on Saturday that Emefiele who was suspended by the new president is being held in custody for investigative reasons. “The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended governor of the Central Bank of Nigeria… Read More
Africa Business West Africa World 

Nigeria targets diaspora remittances with ‘naira for dollar’ scheme

Banks in Nigeria are encouraging their clients to accept remittances in dollar from relations abroad for a reward. The scheme which was introduced by the Central Bank of Nigeria seeks to offer a reward of five naira for every $1 sent by Nigerians living abroad through international money transfer operators in the country. The scheme is to be called “naira… Read More
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Ghana in line to host ECOWAS central bank

Ghana is seeking to host the ECOWAS central bank which is expected to be set up in the coming months. The bank would be critical ahead of the introduction of the ECOWAS common currency the ‘Eco’ from January 2020. ECOWAS Commissioner in charge of Micro Economic Policy said Ghana is one of the leading countries in line to host the… Read More
Africa Business Nigeria News and Headlines West Africa World 

Nigeria: Loan defaulters to lose deposits in other banks

Nigeria’s Central Bank has announced that loan defaulters will now lose their deposits in other banks. The move is in an attempt to reduce the rate at which customers of banks default in paying their loans. The central bank and other lending institutions agreed to seize the bank savings of customers that borrow money and refuse to pay back. Per… Read More