Latest CBN News and Dollar to Naira Update Today 19 September 2023 can be accessed below.
In this comprehensive article, we will cover the latest developments in the Central Bank of Nigeria (CBN), including the preparations for the disbursement of education loans under the Students Loan Act. Additionally, we will discuss the call for prosecution of CBN management by human rights lawyer Femi Falana due to the cash crunch and the ongoing efforts to recover COVID-19 loans from Nigerian citizens. We will also provide you with the most up-to-date Dollar to Naira exchange rates in the Black Market and CBN’s official rates.
Outline of the Article
- Students Loan: CBN and JAMB Collaboration 2.1. The Students Loan Act 2.2. CBN and JAMB’s Role 2.3. Eligibility Verification Process 2.4. Loan Commencement
- Naira Scarcity: Falana’s Call for Prosecution 3.1. Legal Action Against CBN Management 3.2. Accountability and Compensation
- CBN’s Loan Recovery Efforts 4.1. COVID-19 Loans Recovery 4.2. Beneficiaries’ Concerns 4.3. NIRSAL’s Role 4.4. Repayment Process
- Dollar to Naira Update Today 19 September 2023 5.1. Current Dollar to Naira Black Market Rates 5.2. Black Market Rates – September 18, 2023 5.3. CBN Official Rates – September 18, 2023
- Frequently Asked Questions
In today’s dynamic financial landscape, staying informed about the latest news and developments is crucial. This article aims to provide you with a comprehensive overview of the most recent updates from the Central Bank of Nigeria (CBN) and the current Dollar to Naira exchange rates.
Students Loan: CBN and JAMB Collaboration
The Students Loan Act
President Bola Tinubu’s signing of the Higher Education Act 2023 has paved the way for interest-free education loans for Nigerian students pursuing tertiary education. These loans come with a unique repayment plan, allowing students to begin payments two years after their participation in the National Youth Service Corps (NYSC) program.
CBN and JAMB’s Role
The CBN and the Joint Admissions and Matriculation Board (JAMB) are actively collaborating to implement this significant initiative. They are working on the necessary modalities to ensure the smooth disbursement of education loans.
Eligibility Verification Process
Central to this collaboration is JAMB’s role in providing a database of eligible students enrolled in Nigerian tertiary institutions. This database will play a vital role in verifying the eligibility of students for the loan.
The students’ loan scheme is set to begin on 1st October 2023 and will be rolled out in phases. While various stakeholders are involved, the CBN’s primary responsibility is to develop an application to facilitate the disbursement of the loan. This loan is intended to cover tuition and upkeep expenses.
Naira Scarcity: Falana’s Call for Prosecution
Legal Action Against CBN Management
Human rights lawyer Femi Falana (SAN) has called for the prosecution of the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, and the management of the CBN. He alleges that they misled the public regarding the availability of cash due to currency redesign.
Accountability and Compensation
Falana insists on prosecuting CBN management for incitement and culpable homicide, citing their alleged role in the cash crunch crisis. Additionally, he calls on the CBN to rebuild bank buildings destroyed during the crisis and provide compensation to affected families.
CBN’s Loan Recovery Efforts
COVID-19 Loans Recovery
The CBN is actively pursuing the recovery of loans granted to Nigerians under the Targeted Credit Facilities (TCF) scheme in 2020. Some beneficiaries have expressed dissatisfaction with the handling of the loan recovery process.
Beneficiaries like Fatimah Alli and Abbas Sule have voiced their discontent with the CBN’s approach to loan recovery. They highlight the sudden and unexpected deductions from their bank accounts, causing financial distress.
NIRSAL Microfinance Bank, the channel through which the CBN disbursed the loans, recently called on beneficiaries to initiate loan repayments. The initial interest rate was five percent, with a moratorium period until February 28, 2021.
Loan beneficiaries are urged to ensure continuous funding of their loan accounts. NIRSAL emphasizes the importance of borrowers actively participating in the repayment process.
Dollar to Naira Update Today 19 September 2023
Current Dollar to Naira Black Market Rates
Let’s address the most pressing question – the current exchange rate for Dollar to Naira in the Black Market. As of September 19, 2023, the Dollar to Naira Black Market rate is ₦955 for buying and ₦960 for selling. However, please note that Black Market rates can be highly volatile and subject to rapid fluctuations.
Black Market Rates – September 19, 2023
On September 19, 2023, sources from Bureau De Change (BDC) confirmed the following exchange rates for the US Dollar to the Nigerian Naira in the Lagos Black Market:
|Dollar ($)||Buying (₦)||Selling (₦)|
Please note that these rates are for reference purposes, and actual rates may vary at the time of exchange.
CBN Official Rates – September 19, 2023
The Central Bank of Nigeria (CBN) also plays a significant role in determining exchange rates. On September 19, 2023, the CBN’s official rates for the US Dollar to the Nigerian Naira were as follows:
|Dollar ($)||Buying (₦)||Selling (₦)|
The CBN’s official rates are essential for various financial transactions and government policies.
Keeping abreast of the latest developments in the financial sector is vital for individuals and businesses. The Central Bank of Nigeria’s initiatives, such as the Students Loan Act and loan recovery efforts, have far-reaching implications for the nation’s economy and its citizens. As these policies unfold, staying informed and engaged in the financial landscape is crucial.
Frequently Asked Questions
- What is the Students Loan Act?
- The Students Loan Act, introduced in 2023, provides interest-free education loans for Nigerian students pursuing tertiary education. These loans offer a unique repayment plan, allowing students to begin payments two years after their participation in the National Youth Service Corps (NYSC) program.
- Why is Femi Falana calling for legal action against CBN management?
- Femi Falana (SAN) alleges that CBN management, including Governor Godwin Emefiele, misled the public about the availability of cash due to currency redesign. He is calling for legal action, including prosecution for incitement and culpable homicide, and demands compensation for those affected by the crisis.
- How is the CBN recovering COVID-19 loans?
- The CBN is actively working to recover loans granted to Nigerians under the Targeted Credit Facilities (TCF) scheme in 2020. Beneficiaries are reporting unexpected debits from their bank accounts as part of the loan recovery process.
- What role does NIRSAL Microfinance Bank play in loan recovery?
- NIRSAL Microfinance Bank, through which the CBN disbursed the loans, is calling on beneficiaries to initiate loan repayments. The interest rate initially stood at five percent, with a moratorium period until February 28, 2021, after which it increased to nine percent.
- How can loan beneficiaries participate in the repayment process?
- Loan beneficiaries are urged to ensure continuous funding of their loan accounts. Active participation in the repayment process is essential, as emphasized by NIRSAL Microfinance Bank.