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  1. Naira Freefall: Nigerians Alarmed As Dollar Rate Hits 1,900

    Nigeria Naira Freefall: Nigerians Alarmed As Dollar Rate Hits 1,900

    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...
  2. Nigeria's Economic Woes: Senate President Godswill Akpabio Claims Former CBN Governor Responsible for Hardship

    Nigeria Nigeria's Economic Woes: Senate President Godswill Akpabio Claims Former CBN Governor Responsible for Hardship

    Nigeria's Senate President, Godswill Akpabio, pointed fingers at the former Central Bank Governor, Godwin Emefiele, attributing the country's current hardship to certain monetary policies and actions implemented during Emefiele's tenure. Speaking at a function in Abuja on Sunday, Akpabio...
  3. Naira Nosedive: Closes Week at N1,537, Defying Central Bank Measures

    Nigeria Naira Nosedive: Closes Week at N1,537, Defying Central Bank Measures

    In a tumultuous week for Nigeria's economy, the national currency, the Naira, experienced unprecedented depreciation, closing at N1,537.96 at the official market on Friday. This marks a significant milestone, as the currency surpassed the N1,500 threshold, showcasing the severity of its recent...
  4. CBN Cracks Down on Forex Malpractices: Ends Cash Payments for Travel Allowances

    Nigeria CBN Cracks Down on Forex Malpractices: Ends Cash Payments for Travel Allowances

    The Central Bank of Nigeria (CBN) has introduced a pivotal policy shift, instructing authorized dealer banks to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. This directive, signed by Dr Hassan Mahmud, the Director of the Trade and...
  5. Rate for Cargo Clearance in Nigeria Now N1515 to $1 - CBN

    Nigeria Rate for Cargo Clearance in Nigeria Now N1515 to $1 - CBN

    The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for the clearance of goods, increasing it from N1444.56/$ to N1515.09 against the USD. This marks a noteworthy rise of N70.53 compared to the previous rate, reflecting the CBN's continued efforts to align official...
  6. NUPRC Joins FAAN and CBN, Plans to Relocate Departments from Abuja to Lagos for Streamlined Operations

    Nigeria NUPRC Joins FAAN and CBN, Plans to Relocate Departments from Abuja to Lagos for Streamlined Operations

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant shift in its operational base, planning to relocate certain units from Abuja to Lagos. This decision mirrors recent moves by the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria...
  7. Nigeria Relooted: CBN Has no Record of Recovered Money by EFCC Between 2016 - 2019 - Abati

    Nigeria Nigeria Relooted: CBN Has no Record of Recovered Money by EFCC Between 2016 - 2019 - Abati

    The Office of the Auditor General for the Federation (OAuGF) has uncovered a significant lapse in the Central Bank of Nigeria's (CBN) record-keeping, specifically regarding money recovered by the Economic and Financial Crimes Commission (EFCC) between 2016 and 2019. The 2020 Audited report of...
  8. CBN Scandal Deepens: FG Launches Manhunt for CBN Staff Involved in $6.2 Million Buhari Signature Forgery

    Nigeria CBN Scandal Deepens: FG Launches Manhunt for CBN Staff Involved in $6.2 Million Buhari Signature Forgery

    The Federal Government has declared Odoh Ocheme, a Central Bank of Nigeria (CBN) staff, alongside Adamu Abubakar and Imam Abubakar, wanted for their alleged involvement in forging former President Muhammadu Buhari's signature to steal $6.2 million from the CBN. A letter from the CBN special...
  9. Rufai Breaks Down Discrepancies in Boss Mustapha's Testimony Over $6.2 Million Emefiele CBN Scandal

    Nigeria Rufai Breaks Down Discrepancies in Boss Mustapha's Testimony Over $6.2 Million Emefiele CBN Scandal

    Arise TV presenter Rufai meticulously analyzes the contradictions that surfaced in Boss Mustapha's testimony during the ongoing $6.2 million fraud trial involving former CBN governor Godwin Emefiele. Rufai sheds light on the complex legal proceedings, providing a detailed breakdown of Deputy...
  10. Nigerians Shocked and Mock Emefiele Over Revelations In Boss Mustapha's Statement About Signature Forgery and $6.2 Million Election scandal

    Nigeria Nigerians Shocked and Mock Emefiele Over Revelations In Boss Mustapha's Statement About Signature Forgery and $6.2 Million Election scandal

    In a courtroom drama that has sent shockwaves through the nation, the ongoing fraud trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, took a startling turn as former Secretary of the Government of the Federation (SGF), Boss Mustapha, testified as the fourth prosecution...
  11. Ex-SGF Boss Mustapha Testifies in $6.2m Trial; Distances Himself and Accuses Emefiele of Forgery in Foreign Election Observers Controversy

    Nigeria Ex-SGF Boss Mustapha Testifies in $6.2m Trial; Distances Himself and Accuses Emefiele of Forgery in Foreign Election Observers Controversy

    Former Secretary of the Government of the Federation, Boss Mustapha, dropped a bombshell on Tuesday during his appearance as the fourth prosecution witness in the ongoing fraud trial of the former Central Bank of Nigeria Governor, Godwin Emefiele. Mustapha asserted that $6.2 million was...
  12. Naira Plummets to Record Low of N1,534/$1 Despite CBN Intervention Efforts

    Nigeria Naira Plummets to Record Low of N1,534/$1 Despite CBN Intervention Efforts

    In a dramatic turn of events, the official exchange rate between the naira and the dollar plummeted to an unprecedented low of N1,534 on the NAFEM market, marking the weakest point in the currency's history. The day's forex turnover, a mere $89 million, revealed a sharp 64.69% drop in comparison...
  13. Access Holdings PLC Appoints Bolaji Agbede as Acting CEO Following Tragic Loss of Former CEO, Dr. Herbert Wigwe

    Nigeria Access Holdings PLC Appoints Bolaji Agbede as Acting CEO Following Tragic Loss of Former CEO, Dr. Herbert Wigwe

    In a somber announcement on Monday, Access Holdings PLC revealed the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This decision comes in the wake of the tragic helicopter crash that claimed the lives of its former Group CEO, Dr. Herbert Wigwe, his wife, son, and...
  14. CBN Mandates Nigerian Banks to Pay Diaspora Transfers in Naira

    Nigeria CBN Mandates Nigerian Banks to Pay Diaspora Transfers in Naira

    In response to the Central Bank of Nigeria's recent directive limiting International Money Transfer Operators (IMTOs) to inbound transfers only, IMTOs have ceased dollar transfers to Nigerians, now opting to pay in naira. The CBN's move, aimed at liberalizing the foreign exchange market and...
  15. Nigerians Doubt EFCC's Arrest of Emefiele's Wife, Brand It a Potential Distraction From Economic Hardship

    Nigeria Nigerians Doubt EFCC's Arrest of Emefiele's Wife, Brand It a Potential Distraction From Economic Hardship

    In response to the EFCC's arrest of Emefiele's wife, Nigerians have taken to various platforms to voice their opinions, revealing a spectrum of reactions. Some citizens are skeptical about the outcome, expressing concerns that the situation will be 'swept under the carpet'. Users like...
  16. More Woes For Emefiele as EFCC Declares Wife Wanted For Money Laundering

    Nigeria More Woes For Emefiele as EFCC Declares Wife Wanted For Money Laundering

    The Economic and Financial Crimes Commission (EFCC) has issued a declaration naming Margaret Emefiele, wife of former Central Bank of Nigeria Governor Godwin Emefiele, along with Eric Odoh, Anita Omoile, and her husband Jonathan Omoile, as wanted for alleged involvement in money laundering. The...
  17. Economic Jitters as Naira Depreciates to N1,500: Parallel Market Struggles Against Dollar

    Nigeria Economic Jitters as Naira Depreciates to N1,500: Parallel Market Struggles Against Dollar

    The Nigerian naira witnessed a 3.45 percent depreciation on Wednesday, plummeting to N1,500 against the dollar in the parallel market. This marks a decline from the N1,450 recorded just two days prior, leaving currency traders, also known as Bureau De Change operators, with a narrow profit...
  18. Punch Newspaper Stands by Its Story on Government's Consideration to Convert $30 Billion of Nigerian Deposit Funds to Save Naira

    Nigeria Punch Newspaper Stands by Its Story on Government's Consideration to Convert $30 Billion of Nigerian Deposit Funds to Save Naira

    On February 3, 2024, Saturday PUNCH reported on the federal government's consideration of converting $30 billion domiciliary deposits to Naira as part of efforts to stabilize the currency. The story cited a senior government official in the presidency who spoke anonymously on the matter...
  19. More Woes for Nigerian Businesses as CBN Increases Import Duty by Another 4.4% in Just One Day

    Nigeria More Woes for Nigerian Businesses as CBN Increases Import Duty by Another 4.4% in Just One Day

    The Central Bank of Nigeria (CBN) has increased the Customs exchange rate for import duty once again, escalating from N1,356.883 per dollar to a staggering N1,413.62 within 24 hours. This swift move comes on the heels of a 43% increase in the Customs import duty rate announced the day before...
  20. Nigerians React With Disbelief to CBN Denial of $30 Billion Domiciliary Account Conversion Policy

    Nigeria Nigerians React With Disbelief to CBN Denial of $30 Billion Domiciliary Account Conversion Policy

    CBN denies conversion of $30B domiciliary deposits, but skepticism reigns among Nigerians due to government's credibility issues. Doubts persist despite official statements, reflecting widespread distrust in governmental communications
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