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Nigeria Nigeria's $36B Foreign Reserves Face Pressure: CBN Sounds Alarm
Nigeria's central bank warns of risks to foreign reserves due to petrol subsidy removal and lower oil earnings. Despite $36.08 billion in reserves, increased debt servicing and potential capital outflows pose challenges. The CBN remains optimistic, citing favorable trade terms and rising oil...- Nigeria News
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- cbn cbn governor nigerias external reserve yemi cardoso
- Category: Business
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Nigeria CBN Approves Dollar Sale to BDCs at N1,580/$ to Support Economic Stability
The Central Bank of Nigeria (CBN) has approved the sale of dollars to Bureau de Change (BDC) operators at N1,580 per dollar, providing each BDC with $20,000 to enhance market liquidity. This move aims to address the demand for invisible transactions amidst ongoing economic challenges. The...- Nigeria News
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- 2 min read
- bureau de change cbn dollar sale foreign exchange
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Nigeria CBN Overhauls NIRSAL Leadership: All Executive Directors Sacked
The Central Bank of Nigeria (CBN) has sacked all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) as part of a major restructuring effort. Concerns grow over the impact on agricultural financing, with questions arising about NIRSAL’s future...- Nigeria News
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- cbn executive directors nirsal yemi cardoso
- Category: Business
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![Today's Naira Rate[24-08-2024]: Naira Strengthens to N1570.14/$ Amid Dollar's Decline Against British Pound](/data/attachments/207/207580-655662235f6446531fbadf1468b4d487.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[24-08-2024]: Naira Strengthens to N1570.14/$ Amid Dollar's Decline Against British Pound
The Naira strengthened against the US dollar, rising to N1570.14/$, while weakening against the British pound, which hit a two-year high. The Central Bank of Nigeria’s efforts contributed to the Naira’s stability, but businesses still anticipate further depreciation before potential recovery...- Nigeria News
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- british pound cbn central bank of nigeria currency market n1570.14/$ two-year low
- Category: Business
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Nigeria CBN Greenlights Merger of Unity Bank and Providus Bank
The Central Bank of Nigeria (CBN) has approved the merger of Unity Bank Plc and Providus Bank Limited, providing financial support to ensure stability. This strategic move aims to bolster Nigeria's financial system, address Unity Bank's obligations, and promote confidence in the banking sector...- Nigeria News
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- cbn nigeria bank merger unity bank providus bank merger
- Category: Business
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Nigeria Economic Pressures Lead to Major Reduction in Nigeria’s Foreign Education Forex Spending
Nigerians spent $38.17 million on foreign education in Q1 2024, an 83% drop from 2023, per CBN data. Factors include economic challenges and new forex regulations. Despite this, Q1 2024 saw a 54% increase from Q4 2023. Stringent measures on forex purchases for education and medical expenses are...- Nigeria News
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- cbn central bank of nigeria foreign education expenses nigeria forex utilization
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Nigeria CBN to Invest Unclaimed Funds in Treasury Bills and Government Securities
The Central Bank of Nigeria (CBN) will invest unclaimed balances in Treasury Bills and government securities. The newly released guidelines mandate timely refunds to beneficiaries and define eligible accounts. The CBN will maintain a dedicated trust fund and publish lists of unclaimed balances...- Nigeria News
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- cbn yemi cardoso
- Category: Metro
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Nigeria Business Titan Dangote Challenges CBN Policy, Warns of Economic Stagnation
Aliko Dangote criticizes CBN's 26.25% interest rate hike at MAN summit, arguing it hinders business growth and job creation. He calls for government support of manufacturers to address economic challenges. MAN reports significant sector exits, highlighting the need for policy reforms to boost...- Nigeria News
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- aliko dangote cbn
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![Today's Naira Rate[11-06-2014]: Naira Clings Below N1,500/$ Amidst U.S. Interest Rate Speculations](/data/attachments/204/204946-147ab142f8cf48479284e57b3d23fc38.jpg?hash=FHqxQvjPSE)
Nigeria Today's Naira Rate[11-06-2014]: Naira Clings Below N1,500/$ Amidst U.S. Interest Rate Speculations
The naira stands firm below N1,500/$ amidst U.S. interest rate decision anticipation. Stay informed with updates on Nigerian currency trends and global market insights. The Nigerian naira demonstrated resilience against the U.S. dollar, with the dollar index moderating as investors awaited...- Nigeria News
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- cbn foreign exchange naira u.s. inflation u.s. interest rate
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Nigeria Ex-CBN Director Testifies: Emefiele Printed Different Naira Design Without Approval
Former CBN governor Godwin Emefiele allegedly printed a different design of the new naira note without approval, as testified by ex-CBN director Ahmed Umar. Discrepancies include missing features like QR codes and portrait placement differences. Former CBN governor Godwin Emefiele allegedly...- Nigeria News
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- ahmed umar cbn currency printing godwin emefiele naira design
- Category: Metro
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Nigeria CBN Dispels Rumors, Affirms No License Revocations for Four Major Banks
The Central Bank of Nigeria has confirmed there are no plans to revoke the licenses of Fidelity, Wema, Polaris, and Unity Banks. The CBN reassures the public of the banking system's resilience and safety of deposits, despite recent rumors and the revocation of Heritage Bank's license. The...- Nigeria News
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- banking license cbn central bank of nigeria fidelity bank nigerian banking industry polaris bank unity bank wema bank
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Nigeria "My N100m Is There" - BBNaija Star Mercy Eke Cries Out as Massive Savings Stuck in Troubled Heritage Bank
Mercy Eke, Big Brother Naija star, reveals having over N100m in Heritage Bank, sparking concerns after CBN revokes bank's license. Reactions range from empathy to skepticism amid debates on banking stability. Reality TV star Mercy Eke has sparked concerns among her fans after revealing that she...- Nigeria News
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- bbnaija star cbn heritage bank mercy eke
- Category: Entertainment
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![Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar](/data/attachments/204/204640-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar
The Nigerian Naira struggles, nearing N2,000 per British Pound and 1,500 per US Dollar, amid speculation and economic challenges. Despite $575 million in CBN dollar sales, the Naira remains weak. Global market movements and local economic policies continue to pressure Nigeria's currency...- Nigeria News
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- cbn central bank of nigeria forex market naira rate nigerian economy todays exchange rate
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Nigeria First Bank Fights to Salvage N400bn Loan Amid Heritage Bank's Collapse
Heritage Bank's collapse leaves First Bank facing a potential N400 billion loan loss. With 90% of Heritage Bank's loans classified as lost or doubtful, the CBN revoked its license. Depositors face uncertainty as First Bank scrambles to recover the loan, sending shockwaves through the Nigerian...- Nigeria News
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- cbn central bank of nigeria first bank loan recovery heritage bank collapse nigerian banking sector non-performing loans
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Nigeria CBN Governor Cardoso's Shock Move: 25 Directors Fired in Controversial Overhaul
CBN Governor Cardoso fires 25 of 29 directors in major shakeup, sparking debates on reform and allegations of tribalism. In a shocking move, the newly appointed Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has fired 25 out of the 29 directors he inherited upon assuming...- Nigeria News
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- cbn cbn governor directors fired olayemi cardoso
- Category: Business
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![Today's Naira Rate [03-06-2024]: Nigerian Naira Finds Stability Against US Dollar at ₦1,481](/data/attachments/204/204592-3a29b4a29d5e5b1673114554a0c523ee.jpg?hash=Oim0op1eWx)
Nigeria Today's Naira Rate [03-06-2024]: Nigerian Naira Finds Stability Against US Dollar at ₦1,481
Stay updated on the latest shift in Nigeria's Naira-Dollar dynamics. June 3rd, 2024, marks a potential game-changer with the Naira stabilizing against the US Dollar at ₦1,481 in the black market. The Nigerian Naira and the US Dollar's relationship has often been tumultuous, but June brings a...- Nigeria News
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- british pound cbn exchange rate naira to dollar rate today nigerian naira todays exchange rate us dollar
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Nigeria Apprehension as CBN Revokes Heritage Bank License Amid Financial Struggles
Heritage Bank's license was revoked by CBN following NDIC visit, citing financial regulation breaches. Exclusive report reveals bank's struggles and impending takeover. Concerns over Nigeria's banking sector stability grow. In a decisive move, the Central Bank of Nigeria (CBN) has revoked the...- Nigeria News
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- banking license cbn central bank of nigeria heritage bank ndic
- Category: Business
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Nigeria Aviation Industry Gets Boost as Nigeria Resolves $850M FX Backlog
Nigeria resolves 98% of $850 million FX backlog owed to international airlines, signaling progress amid FX market instability. Nigeria has made significant progress in addressing its foreign exchange (FX) backlog owed to international airline operators, settling 98% of the $850 million owed...- Nigeria News
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- cbn foreign exchange backlog iata international airlines nigeria
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Nigeria Businesses Brace for Impact as Tax Panel Recommends N800/$ Import Rate
Nigerian tax reform committee proposes a fixed N800 per dollar rate for customs import duties, sparking concerns over potential economic disruptions and higher costs for businesses and consumers. The presidential committee on fiscal policy and tax reforms has sent shockwaves through Nigeria's...- Nigeria News
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- cbn central bank of nigeria import duty rates taiwo oyedele
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Business Full List: CBN Sacks Top Directors, Over 300 Staff, Gives Reasons - Legit.ng
https://www.legit.ng/business-economy/money/1594168-cbn-releases-names-top-sack-directors-positions-clean-continues/- Kayode Israel
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