The Central Bank of Nigeria (CBN) yesterday released new guidelines which permits Bureau de Change (BDC) operators to purchase up to $25,000 weekly from Authorised Dealer Banks (ADBs) to meet retail market demand. In a circular signed by Dr. W. J. Kanya, the Acting Director of the Trade & Exchange Department at the CBN, the […]
•IGP Kayode Egbetokun The Senate has issued a stern warning to the Inspector-General of Police, Kayode Egbetokun; the Chief Executive of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; the Nigerian National Petroleum Company Limited (NNPCL); and the Governor of the Central Bank of Nigeria (CBN), among others, threatening them with ar...
•US Dollar notes and Naira notes The Naira depreciated at the official market yesterday, trading at N1,495.60 to a dollar. Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira lost N20.82. This represents a 1.4 per cent loss when compared to the previous trading day on Friday, January 31, when […]...
•Embattled former CBN Governor Godwin Emefiele A prosecution witness in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the award of contracts for the purchase of vehicles for which Emefiele is facing tried, followed due process. The prosecution witness, Salawu Gana, is a former official of the Procurement D...
•Naira and Dollar notes The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 non-refundable annual license renewal fee for Bureau De Change (BDC) operators. In a circular dated January 24, 2025, signed by John S. Onojah, acting director of the financial policy and regulation department, the apex bank said the move […]...
•US Dollar notes and CBN The Central Bank of Nigeria has directed participants in the foreign exchange market to submit compliance reports on adherence to the Nigeria FX Code by January 31, 2025. The directive is part of efforts to strengthen ethical practices, governance, and transparency in the market, reports The PUNCH. The Nigeria FX [&hel...
Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has vowed to tackle commoditisation ( buying and selling) of Naira notes, which has become widespread in the country. CBN Governor, Mr. Olayemi Cardoso made this vow in a keynote address at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations [&...
In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank was fined ₦150 million for non-compliance, in line with the CBN’s cash distribution...
Youths in the Northern part of Nigeria under the aegis of The Arewa Youth Assembly (AYA), have rejected the move by the Central Bank of Nigeria (CBN) to reduce its workforce by 1,000, AYA says the layoff will destabilise the economy and increase the poverty level in the country, reports Daily Trust. The Speaker of […]
•Tinubu A tough fiscal year 2025 appears to be underway following the tall order in currency valuation which may restrict the capacity of the federal government to fund the new budget. This reduction in real value is due to the significant devaluation of the Naira in the last one year and financial experts believe if […]
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