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![Today's Naira Rate[16-11-2024]: Nigerian Naira Faces Steep Decline, Parallel Market Hits N1,750/$](/data/attachments/210/210283-5e995ef978efd380c57591c54b3dddf2.jpg?hash=FHqxQvjPSE)
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Nigeria
CBN Implements Drastic Measures: Interest Rates Skyrocket to 22.75% in Bid to Tackle Inflation Surge
In response to the persistent challenge of soaring inflation, the Central Bank of Nigeria (CBN) has announced a significant hike in the monetary policy rate, raising it by 400 basis points from 18.5% to 22.75%. CBN Governor Olayemi Cardoso revealed this decision during the 293rd Meeting of the...
The Central Bank of Nigeria (CBN) has instituted new regulations governing the foreign exchange (FX) sales by Bureau De Change (BDC) operators, as outlined in the 'Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,' released on February 23, 2024.
These...
Nigeria
Nigeria's Poverty Trap: Only About 5% Of Nigerians Have Over N500,000 In Their Bank Accounts — Wale Edun
Finance Minister and Coordinating Minister of the Economy, Wale Edun, disclosed in a recent interview with Channels TV that approximately only 5% of Nigerians have more than N500,000 in their bank accounts. Edun emphasized that the ongoing federal government reforms aim to address economic...
The Central Bank of Nigeria (CBN) is contemplating significant regulatory changes for Bureau De Change (BDC) operators, including a potential ban on street trading and restricting cash payments for foreign exchange (FX) sales to a maximum of $500.
The proposed guidelines also require sellers...
Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators.
In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...
President Bola Tinubu has removed Ahmed Kuru from his position as the Managing Director and Chief Executive Officer (CEO) of Asset Management Corporation of Nigeria (AMCON).
Gbenga Alade has been appointed as Kuru's successor, with the president also approving the selection of a new management...
Nigeria
Binance Responds to Government Blocking of Services in Nigeria: Website Blocked but App Still Accessible
Binance, the world's largest cryptocurrency trading platform, has confirmed the official blockade of its website for Nigerian users.
Users in Nigeria have expressed frustration over the inability to access the platform, prompting Binance to issue a statement acknowledging the issue but...
The Nigerian Naira has reached an unprecedented low, hitting N1960 per Euro in the black market, marking a significant decline of 5.36% from the previous day. This historic depreciation comes amidst persistent demand pressures and soaring inflation, which rose to 29.90%, as reported by the...
Nigerian government has taken measures to block online platforms, including Binance, OctaFX, Coinbase, and others.
The decision aims to curb what the government perceives as continuous manipulation of the forex market and illicit movement of funds. Reports suggest that the Nigerian...
The Nigerian naira is facing a severe crisis, dropping to N1,900 against the US Dollar in some cities, despite the government's crackdown on forex speculators. The Federal Government raided Bureau De Change (BDC) hubs in Abuja, Lagos, and Kano, leading to arrests of operators.
National Security...
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