CBN REVOKES OPERATING LICENSES OF ASO SAVINGS AND LOANS PLC AND UNION HOMES SAVINGS AND LOANS PLC. (PHOTO).

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 CBN Revokes Operating Licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc The Central Bank of Nigeria (CBN) has revoked the operational licenses of two primary mortgage banks, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing multiple regulatory violations and financial distress. In a press release issued today, the CBN stated that the action was taken under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria. The move is part of broader efforts to reposition the mortgage sub-sector and enforce compliance with laws and regulations. The affected institutions were found to have breached various provisions, including: - Failure to meet the minimum paid-up share capital requirement for their license category. - Having insufficient assets to cover liabilities. - Being critically undercapitalized, with capital adequacy ratios below the CBN's prudent...
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DAYS WHEN NAIRA WILL BE STRONGER THAN US DOLLAR COMING BACK- PASTOR ADEBOYE, PREDICTS.(PHOTO).

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Days When Naira Will Be Stronger Than US Dollar Coming Back, Redeemed Church Overseer, Pastor Adeboye, Predicts

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye on Sunday predicted that naira would regain its strength against the US dollar.

The cleric said this while preaching during the church’s monthly thanksgiving service themed; ‘Uncommon Miracles,’ recalling a time when naira competed favourably with the US dollar.

Adeboye said that miracles connote something that is unique, even when people cannot comprehend it.

He said, “My wife came in the morning and said ‘Darling, we would N5,000 today;’ N5,000 of those days when the naira was stronger than the dollar.

“Don’t worry, those days will return. I know you don’t believe me. If the Lord I serve is still on His throne, those glorious days will return. Maybe when that happens, you will know that there is a God of miracles.

Also in December 2020, during RCCG’s Annual Holy Ghost Congress under the theme, “It is time to fly” held at RCCG International Headquarters, Lagos-Ibadan Expressway, Adeboye predicted that naira would regain its strength against other strong courrencies.

He prayed that God would intervene in Nigeria’s financial sector and change the hearts of policymakers who deliberately devalued the currency.

One dollar was traded at the rate of N918/$1 on Friday, representing 0.21 percent (N5) gain compared to N920 traded since Tuesday, according to data from the Abokifx, an online platform that collates exchange rates at the unregulated market.

 

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