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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
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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Heritage Bank's license was revoked by CBN following NDIC visit, citing financial regulation breaches.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
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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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Nigeria CBN Implements Stricter Regulations: BDC Operators Must Reapply for Licences
The Central Bank of Nigeria (CBN) mandates existing Bureau de Change operators to reapply for operational licenses, setting minimum capital requirements. Tier 1 BDCs need N2 billion, Tier 2 N500 million. Non-refundable fees apply. Effective from June 3, 2024, the guidelines aim to streamline...- Nigeria News
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- bdc operators bureau de change capital requirements cbn foreign exchange market
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![Today's Naira Rate [21-05-2024]: Naira Holds Steady at N1,465.68/$ Despite CBN Interest Rate Surge](/data/attachments/204/204165-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate [21-05-2024]: Naira Holds Steady at N1,465.68/$ Despite CBN Interest Rate Surge
Naira holds steady against the dollar despite CBN's interest rate hike to 26.25%. At NAFEM, the currency appreciates marginally by 0.23%. Market turnover increases by 66.14% to $268.17 million. CBN Governor Olayemi Cardoso expresses confidence in Nigeria's FX market, citing efforts to clear...- Nigeria News
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- cbn nigerian naira yemi cardoso
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Nigeria CBN Raises Monetary Policy Rate to 26.25% to Combat Surging Food Prices
The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) from 24.75% to 26.25% to combat rising inflation, now at 33.69% due to increasing food prices. This is the third consecutive rate hike this year, impacting borrowing costs and economic growth in Nigeria. The monetary...- Nigeria News
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- cbn inflation control interest rates monetary policy rate nigerian economy
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Business CBN withdraws Cybersecurity Levy circular after FG suspension - Linda Ikeji’s Blog
https://www.lindaikejisblog.com/2024/5/cbn-withdraws-cybersecurity-levy-circular-after-fg-suspension-2.html- Kayode Israel
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Nigeria Former CBN Governor Emefiele Granted N300 Million Bail Amid Allegations of Illegal Naira Printing
Former CBN Governor, Godwin Emefiele, granted N300 million bail by a Federal Capital Territory High Court amid charges of illegal naira printing by the EFCC. Emefiele pleaded not guilty to four counts. The court ruled for bail, requiring two sureties and travel document deposition. Trial set for...- Nigeria News
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- cbn cbn governor efcc godwin emefiele naira printing
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Nigeria Central Bank of Nigeria Releases List of Licensed Banks: What You Need to Know
The Central Bank of Nigeria (CBN) has recently unveiled a detailed roster of licensed Deposit Money Banks (DMBs) in Nigeria, providing valuable insights into the nation's banking sector. The list, organized by the types of licenses each institution holds, offers a comprehensive overview of...- Nigeria News
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- cbn central bank of nigeria deposit money banks licensed banks nigeria banking sector taj bank nigeria
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Nigeria Nigerian Labour Congress Slams CBN's Cybersecurity Levy as Unjust Burden on Citizens
In response to the CBN's cybersecurity levy, the Nigerian Labour Congress (NLC) vehemently opposes the directive, citing increased financial strain on citizens. NLC President Joe Ajaero calls for policy reversal, urging sustainable cybersecurity measures. The levy is criticized as another burden...- Nigeria News
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- cbn central bank of nigeria cybersecurity levy financial burden joe ajaero nigerian labour congress nlc
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Nigeria Peter Obi Slams Tinubu's Government for Burdening Nigerians with Cybersecurity Levy
Former presidential candidate Peter Obi criticizes the Tinubu-led government's imposition of the Cybersecurity Levy, denouncing it as burdensome on Nigerians already grappling with economic hardships. Obi highlights the contradiction between this move and the government's pledge to streamline...- Nigeria News
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- cbn cybersecurity levy nigerian economy peter obi tinubus government
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Nigeria Nigerians Angered by CBN's Directive on 0.5% Cybersecurity Levy Amid Economic Strain
CBN's new 0.5% cybersecurity levy directive stirs mixed reactions in Nigeria. Concerns arise over financial burdens and government allocation amid socio-economic challenges. The Central Bank of Nigeria (CBN) has issued a directive requiring deposit money banks to impose a 0.5% cybersecurity...- Nigeria News
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- cbn cbn governor cybersecurity levy financial burdens
- Category: Metro
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Nigeria Former CBN Official Testifies: Emefiele Allegedly Collected Bribes for Contracts
In a recent court hearing at the Lagos High Court Sitting in Ikeja, John Ayoh, a former Director of Information Technology at the Central Bank of Nigeria (CBN), testified against former CBN Governor Godwin Emefiele. Ayoh alleged that Emefiele had a practice of accepting bribes before awarding...- Nigeria News
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- cbn former cbn governor godwin emefiele nigerian court trial
- Category: Metro
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Nigeria CBN Imposes Ban on Moniepoint, Opay, Kuda, and Others Over Cryptocurrency Links
The Central Bank of Nigeria (CBN) has taken a decisive step to curb alleged cryptocurrency-related activities by imposing a ban on several microfinance banks, including Moniepoint, Opay, and Kuda, preventing them from opening new accounts and accepting new customers. Sources familiar with the...- Nigeria News
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- cbn central bank of nigeria cryptocurrency fintech kuda bank moniepoint opay
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Nigeria Naira's Downward Spiral: Despite CBN Intervention, Dollar Reigns Supreme in Forex Market
Despite recent efforts by the Central Bank of Nigeria (CBN) to bolster the Naira's value through additional forex injections, the currency continues to struggle against the US Dollar. FMDQ data reveals a further depreciation of the Naira to N1308.52 per Dollar on Wednesday, down from N1,300.15...- Nigeria News
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- bdc bureau de change cbn central bank of nigeria currency depreciation forex market us dollar
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![Today's Naira Rate [24-04-2024]: Naira in Freefall, Hits ₦1,308 Against USD in Worst Drop Yet](/data/attachments/203/203255-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate [24-04-2024]: Naira in Freefall, Hits ₦1,308 Against USD in Worst Drop Yet
The Nigerian naira is in trouble, heading for its most significant four-day decline since January's devaluation. It plummeted 5.3% against the dollar on Tuesday, wiping out earlier gains. Despite being the top-performing currency by Bloomberg's standards, it's facing a liquidity crisis...- Nigeria News
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- cbn central bankof nigeria currency devaluation financial markets nigeria naira
- Category: Business
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