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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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![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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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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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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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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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
- Category: Politics
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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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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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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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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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![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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![Today's Naira Rate [23-04-2024]: Naira Appreciates to N1,250/$ Following CBN's Strategic Dollar Injection](/data/attachments/203/203190-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate [23-04-2024]: Naira Appreciates to N1,250/$ Following CBN's Strategic Dollar Injection
The Naira experienced a notable uptick on Tuesday morning, fueled by the Central Bank of Nigeria's (CBN) strategic move to sell dollars to Bureau de Change (BDC) operators at a discounted rate. This intervention aimed to alleviate the mounting pressure observed in the black market. According to...- Nigeria News
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![Today's Naira Rate [21-04-2024]: Fluctuating Naira Sparks Worries Among Nigerians as Exchange Rate Hits ₦1,200/$](/data/attachments/203/203123-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate [21-04-2024]: Fluctuating Naira Sparks Worries Among Nigerians as Exchange Rate Hits ₦1,200/$
The Nigerian currency, the Naira, appears to be facing another depreciation period, as observed by some social media users. Concerns about the stability of the currency are expressed, with one user noting a decrease and another lamenting the continual rise. One user highlights a sense of...- Nigeria News
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- cbn exchange rate forex market naira depreciation todays exchange rate
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Nigeria CBN Governor Yemi Cardoso Touts Naira as Best-Performing Currency Globally
Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), highlighted the success of the apex bank's foreign exchange (FX) reforms, asserting that they have propelled the naira to become the best-performing currency worldwide. Speaking during a briefing at the World Bank/IMF Spring...- Nigeria News
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- cbn foreign exchange fx market world bank/imf meetings yemi cardoso
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![Today's Naira Rate [15-04-2024]: Nigerians Await Economic Relief as Naira Nears 1,000/$](/data/attachments/202/202858-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate [15-04-2024]: Nigerians Await Economic Relief as Naira Nears 1,000/$
Nigeria's currency, the Naira, is poised on the brink of a significant milestone, edging closer to the 1,000 Naira to 1 US dollar mark on the black market, as it surged to N1,115 on Monday, with some traders quoting rates as high as N1,118 and N1,120. This surge follows a four-month high of...- Nigeria News
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- black market exchange rate cbn central bank of nigeria dollar-naira exchange rate economic stability foreign exchange reforms monetary policy rate (mpr) naira appreciation
- Category: Business
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Nigeria Nigerian Naira Shows Resilience, Rises to N1,120 Against Dollar in Par
The Nigerian Naira exhibited a remarkable appreciation against the United States Dollar on Monday, with significant gains observed in both the parallel market and the official foreign exchange (FX) window. This currency shift has drawn attention from investors, economists, and policymakers...- Nigeria News
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- cbn dollar exchange rate foreign exchange market forex market naira appreciation parallel market yemi cardoso
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Nigeria CBN Implements Ban on Foreign Currency Collaterals for Naira Loans: Economic Policy Shift Sparks Industry Response
The Central Bank of Nigeria (CBN) has enacted a ban on the utilization of foreign currency as collateral for naira-denominated loans. This directive, articulated in a circular dated April 8, 2024, and disseminated to all banks, aims to address prevailing economic challenges and reshape the...- Nigeria News
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- cbn central bank of nigeria yemi cardoso
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Nigeria CBN Initiates Forex Sales to BDCs at N1,101/$1, Aims to Stabilize Currency Market
The Central Bank of Nigeria (CBN) has taken a significant step towards stabilizing the foreign exchange (FX) market by announcing the sale of dollars to bureau de change (BDC) operators at the rate of N1,101 for every $1. This move, revealed in a recent circular titled ‘Sales of FX to Meet...- Nigeria News
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- bureau de change (bdc) cbn central bank of nigeria foreign exchange (fx) forex market stabilization nigerian economy
- Category: Business
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