The Naira experienced a slight appreciation at the official market, trading at N1,431.49 to a dollar on Friday. Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N21.79 or 1.5 per cent, compared to the previous day’s rate of N1,453.28 against...
CBN
The Senate Joint Committee on Defence, Army, Navy and Air Force on Wednesday in Abuja met with the Service Chiefs over the killing of 16 soldiers in Okuoma Community in Delta. The meeting observed a minute silence in honour of the late 16 soldiers before going into a...
The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in...
Senate has urged its ad-hoc committee to ensure thorough investigation of the N30 trillion “Ways and Means” disbursed by Central Bank of Nigeria(CBN)during administration of former President Muhammadu Buhari. NAN report that Ways and means is a loan facility through which the Central Bank of Nigeria (CBN) provides...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has urged all Microfinance Banks (MfBs) to ensure prompt rendition of statutory monthly returns through FinA application. The CBN Director, Financial Policy and Regulation Department, Valentine Ururuka, disclosed this in a circular addressed to all MfBs. Ururuka said...
The Central Bank of Nigeria (CBN) has reported a significant increase in foreign exchange inflow into the economy in February. Acting Director, Corporate Communications Department of the CBN, Mrs Hakama Sidi, said this in a statement on Friday in Abuja. Sidi said that the upsurge in forex...
Cryptocurrency exchange Binance has ended its naira services, the company said on Tuesday. It listed the timeline, asking users to take needed action. “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” Binance...
Many Nigerians are now spending long hours in banks, seeking to link their National Identification Number (NIN) to their bank accounts. The development is sequel to the Central Bank of Nigeria’s directive to banks to place restrictions on all Tier 1 bank accounts without BVN or NIN by March...
A former President of Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekweccn, has commended the Central Bank of Nigeria (CBN) for revoking the operational licences of 4,173 Bureaux De Change operators. Nzekwe made the commendation while speaking with the News Agency of Nigeria(NAN) on Monday in...
The Central Bank of Nigeria (CBN) has successfully concluded the sale of government securities following the issuance of N1.053 trillion (680 million dollars) in short-term instruments. A statement issued on Sunday night by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, stated that the sale is part...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has announced revocation of operational licences of 4,173 Bureau De Change (BDCs) operators for failure to observe some regulatory provisions. The CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, disclosed this in a statement issued on...
The Attorney-General of the Federation (AGF), Mr Lateef Fagbemi and Minister of Finance, Mr Wale Edun have denied knowledge of contract entered by the Central Bank of Nigeria (CBN) and Systemspecs/Remita for revenue collection across MDAs. The duo said this during the resumed investigative hearing by the House...
The Central Bank of Nigeria (CBN) has said the on-going reforms will check rising inflationary trend and address distortions in the foreign exchange market The CBN Governor, Yemi Cardoso said this on Tuesday in Abuja, while presenting the communique from the apex bank’s Monetary Policy Committee (MPC) meeting....
Transactions on the stock market closed negative on Tuesday for the secondary day, depreciating further by 1.38 per cent and in reaction to the outcome of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The News Agency of Nigeria (NAN) reports that CBN,...
The Central Bank of Nigeria (CBN) on Tuesday approved allocation of 20,000 dollars to all eligible Bureau De Change (BDC) operators across the country as part of its on-going reforms. Dr Hassan Mahmud, Director, Trade and Exchange Department, CBN, in a circular, said the move was aimed at...
The Central Bank of Nigeria (CBN has mandated foreign exchange sellers to Bureau De Change (BDC) of the equivalent of 10,000 dollars and above to declare their forex sources. Director, Financial Policy and Regulation Department of the CBN, Haruna Mustapha, said this in a revised regulatory framework to...
The Federal Government says it will go after economy saboteurs that are truncating its efforts in providing dividends of democracy and making life better for all Nigerians. This is contained in a statement issued by the Minister of Information and National Orientation, Alhaji Mohammed Idris and made available...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has reviewed the formula for fixing foreign exchange rates for Customs duty on importation. The Director, Trade and Exchange Department of the CBN, Dr Hassan Mahmud, said this in a memo addressed to the Nigeria Customs Service...
The Federal Government has expressed determination to raise at least 10 billion dollars to increase foreign exchange (forex) liquidity to stabilise the Naira and grow the economy. President Bola Tinubu made this known at the inauguration of the Public Wealth Management Conference organised by the Ministry of Finance Incorporated...
In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) are joining forces to address challenges impacting the nation’s economic stability. This is contained in a statement by the...