The exchange rate between the naira and the US dollar fell to approximately N1,745/$1 on the parallel market on Wednesday, marking a sharp decline from the N1,600/$1 levels recorded at the end of last week. On various platforms, peer-to-peer (P2P) exchanges quoted rates as low as N1,715/$, while some International Money Transfer Operators reported rates … Read more
The Naira has regained value against the US dollar in the official foreign exchange market, just 24 hours after experiencing a depreciation. Central Bank of Nigeria (CBN) exchange rate data for Tuesday revealed that the Naira strengthened to N1,525 per dollar, up from N1,538.50 on Monday. This marks a gain of N13.5 compared to the … Read more
OPAY received the CBN’s IFIC Award for Financial Inclusion Innovation at the 2024 International Financial Inclusion Conference, which brought together global leaders to advance financial inclusion in Africa and beyond. OPay stated that the award highlights its compliance with regulatory standards and support for Nigeria’s financial inclusion goals, aiming for a 95 percent participation rate … Read more
By Tunde Odesola Four eyes lock in combat. Two belong to a snake. The other two belong to a former President, whose lipless mouth, pointed nose and slit eyes are snakelike, too. In a swift reversal of roles, the hunter has become the hunted, both locked in the ultimate battle. EDITOR’S PICKS Japa: Russia Opens … Read more
The Central Bank of Nigeria (CBN) has clarified that its Early Exit Package (EEP) is voluntary, with no negative consequences for eligible staff members who choose not to participate. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce Shortage Crisis Erupts at Celestial Church of Christ in Lagos Over N5m Donation EFCC Alleges Nigerian … Read more
In a bid to ensure seamless access to cash through Over-the-Counter (OTC) transactions and Automated Teller Machines (ATMs), the Central Bank of Nigeria (CBN) has released a nationwide directory for reporting instances of cash unavailability. The directive, effective from December 1, 2024, aims to improve currency circulation and address challenges affecting cash availability. EDITOR’S PICKS … Read more
The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees as part of a strategic workforce realignment under the leadership of Governor Olayemi Cardoso. A severance package exceeding ₦50 billion has been allocated for this initiative. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce Shortage Crisis Erupts at Celestial Church … Read more
The Central Bank of Nigeria (CBN) on Friday advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1. CBN Governor, Olayemi Cardoso, said this during the 2024 annual bankers dinner in Lagos organised by the Chattered Institute of Bankers of Nigeria (CIBN) He urged … Read more
The 7th Prosecution witness, Mr John Adetola, testifying in the case against the former Governor of Central Bank of Nigeria, Godwin Emefiele has revealed how he collected the sum of $400,000 on behalf of Emefiele. Adetola, who identified himself as an Executive Assistant to Emefiele, also disclosed how he handed over the money to his … Read more
The Central Bank of Nigeria, CBN, has assured banks of a steady cash supply to address shortages nationwide. CBN governor, Olayemi Cardoso, gave this assurance on Tuesday at a press briefing after the 298th monetary policy committee, MPC, meeting in Abuja. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce Shortage Crisis Erupts at … Read more
The Association of Bureaux De Change of Nigeria (ABCON) has announced that the Central Bank of Nigeria (CBN) has extended the deadline for Bureaux De Change (BDC) operators to complete their recapitalisation by six months, moving the new deadline to June 3, 2025. ABCON President, Aminu Gwadabe, disclosed this development during a virtual general meeting … Read more
The Central Bank of Nigeria, CBN, has cautioned the general public against fraudulent ‘Swift’ messages and unsubstantiated claims regarding foreign currency transfers allegedly withheld by Nigerian banks or the apex bank itself. This is coming in the wake of a surge in petitions from private individuals, law firms, government agencies, and private entities claiming that … Read more
The Central Bank of Nigeria (CBN) has uncovered a new fraudulent scheme involving fake SWIFT messages and has warned Nigerians and the public to be cautious of falling victim to scammers. In a statement issued on Tuesday, CBN spokesperson Hakama Sidi Ali clarified that the bank does not offer correspondent banking services for Nigerian banks … Read more
The Central Bank of Nigeria (CBN) has directed commercial banks to prioritize cash disbursements through automated teller machines (ATMs), warning that failure to comply will attract strict penalties. EDITOR’S PICKS Trump Taps Fox News Host Pete Hegseth As Defence Secretary Sanwo-Olu Appoints Barr. Rekiya Olufunke Hassan as new Chairman of Onigbongbo LCDA Meter Replacement Violations … Read more
President Bola Tinubu has reiterated his commitment to the Tax Reform Bill currently under consideration in the National Assembly, firmly rejecting the National Economic Council’s (NEC) request to withdraw the bill for additional consultations. The NEC, led by Vice President Kashim Shettima and composed of the 36 state governors, had advised the President to pause … Read more
The Federal High Court in Lagos on Friday ordered the final forfeiture of $2.045 million, seven premium properties, and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government. Justice Deinde Dipeolu issued the ruling after no opposition was presented by Emefiele or any other claimants following the … Read more
A Federal High Court sitting in Abuja has stopped the Central Bank of Nigeria, CBN, from further release of financial allocations to the Rivers State Government pending when a lawful appropriation act is passed by a validly constituted House of Assembly. Justice Joyce Abdulmalik issued the order on Wednesday in a judgment on a suit … Read more
The Central Bank of Nigeria (CBN) is urged by the World Bank to avoid forex auctions and instead adopt a structured, transparent approach to foreign exchange interventions to stabilize the naira. This recommendation was highlighted in the Nigeria Development Update, which suggests CBN focus on a flexible, market-reflective exchange rate policy to foster economic stability. … Read more
President Bola Ahmed Tinubu convened with the implementation committee for crude oil and refined products sales in local currency to evaluate the progress of using the naira for crude sales to local refineries. The committee, led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, held a strategic review meeting at … Read more
Labour Party Caucus Leader in the House of Representatives, Afam Ogene, has strongly criticized the Central Bank of Nigeria (CBN) for its unclear stance on the concurrent use of old and new Naira notes, describing the situation as confusing for the public. Ogene’s statement, made in Abuja on Friday, followed a recent clarification from the … Read more