In recent weeks, the Naira has staged an impressive comeback against the United States Dollar, soaring by over N700 from N1,800 to its current N1,020 rate. This remarkable resurgence is attributed to the strategic policies implemented by the Cardoso-led Central Bank of Nigeria, which has effectively bolstered the Naira’s position against the dollar. Editor’s Picks … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has refuted claims of selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1. CBN, in a post on X, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of $1001/$1 … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has directed all banks to stop the use of foreign currency-denominated collaterals for naira loans. Adetona Adedeji, acting director of the banking supervision department at CBN, disclosed this in a statement on Monday. Editor’s Picks JUST IN: Court Orders Remands Of Emefiele In EFCC … Read more