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Featured: Latest Nigerian News
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Nigeria First Bank Successfully Recovers N456 Billion Loan from Heritage Bank Before License Revocation
First Bank of Nigeria successfully recovered a N456 billion loan from Heritage Bank just before the Central Bank of Nigeria revoked Heritage Bank's license. This recovery averted significant financial impairment for First Bank and highlights strategic risk management within the Nigerian banking...- Nigeria News
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- central bank of nigeria first bank heritage bank license revocation loan recovery n456 billion
- Category: Business
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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 $575 million in CBN dollar sales, the Naira remains weak. Global market movements and local economic policies continue to pressure Nigeria's currency...- Nigeria News
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- cbn central bank of nigeria forex market naira rate nigerian economy todays exchange rate
- Category: Business
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Nigeria First Bank Fights to Salvage N400bn Loan Amid Heritage Bank's Collapse
Heritage Bank's collapse leaves First Bank facing a potential N400 billion loan loss. With 90% of Heritage Bank's loans classified as lost or doubtful, the CBN revoked its license. Depositors face uncertainty as First Bank scrambles to recover the loan, sending shockwaves through the Nigerian...- Nigeria News
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- cbn central bank of nigeria first bank loan recovery heritage bank collapse nigerian banking sector non-performing loans
- Category: Business
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Nigeria Apprehension as CBN Revokes Heritage Bank License Amid Financial Struggles
Heritage Bank's license was revoked by CBN following NDIC visit, citing financial regulation breaches. Exclusive report reveals bank's struggles and impending takeover. Concerns over Nigeria's banking sector stability grow. In a decisive move, the Central Bank of Nigeria (CBN) has revoked the...- Nigeria News
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- banking license cbn central bank of nigeria heritage bank ndic
- Category: Business
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Nigeria Businesses Brace for Impact as Tax Panel Recommends N800/$ 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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![Today's Naira Rate [29-05-2024]:Nigerian Naira Reverses Course, Dives to N1,329.65/$1 Despite Recent Surge](/data/attachments/204/204434-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate [29-05-2024]:Nigerian Naira Reverses Course, Dives to N1,329.65/$1 Despite Recent Surge
The Nigerian Naira faced a sharp decline, falling to N1,329.65 against the US Dollar despite recent gains and CBN interventions. The abrupt reversal raises concerns about currency stability and prompts questions about the effectiveness of central bank measures. Market observers remain vigilant...- Nigeria News
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- central bank of nigeria currency depreciation exchange rate foreign exchange market nigerian naira
- Category: Business
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![Today's Naira Rate [28-05-2024]:Naira Hits One-Month High at N1,173.88 as CBN Sells $300 Million to Banks](/data/attachments/204/204393-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate [28-05-2024]:Naira Hits One-Month High at N1,173.88 as CBN Sells $300 Million to Banks
The U.S. dollar experienced a significant decline, reaching N1,173.88 on Tuesday after the Central Bank of Nigeria sold over $300 million to commercial banks. This intervention led to a one-month high for the naira, reflecting dynamic market movements and economic factors influencing Nigeria's...- Nigeria News
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- cbn intervention central bank of nigeria commercial banks currency exchange dollar crash foreign exchange market naira surge
- Category: Business
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![Today's Naira Rate [27-05-2024]: Nigerian Naira Rises, Hits ₦1,339.33/$ Against US Dollar](/data/attachments/204/204365-bd899ca0c24b3b3c73ca8044710ce26b.jpg?hash=vYmcoMJLOz)
Nigeria Today's Naira Rate [27-05-2024]: Nigerian Naira Rises, Hits ₦1,339.33/$ Against US Dollar
The Nigerian Naira strengthens against the US dollar, surging by 9.68% to ₦1,339.33/$ in the official forex market. However, facing a slight dip in the parallel market, the Naira trades at ₦1,520 to the dollar. Central Bank attributes volatility to seasonal fluctuations, while forex turnover...- Nigeria News
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- central bank of nigeria exchange rate forex market nigerian naira official market us dollar
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![Today's Naira Rate [27-05-2024]: Naira Depreciates to N1,520 Amid Supply Shortage](/data/attachments/204/204327-bd899ca0c24b3b3c73ca8044710ce26b.jpg?hash=vYmcoMJLOz)
Nigeria Today's Naira Rate [27-05-2024]: Naira Depreciates to N1,520 Amid Supply Shortage
The naira depreciates by 1.32% against the dollar on the black market, opening at N1,520, attributed to increased demand and supply shortages. Meanwhile, the official exchange rate remains stable. Data shows slight fluctuations in the official market, with the naira appreciating by 0.19%, while...- Nigeria News
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- central bank of nigeria exchange rate forex market nigerian naira official market us dollar
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Nigeria CBN Lifts Ban: Nigerian Fintech Giants OPay, Moniepoint to Resume Customer Onboarding
CBN announces the resumption of customer onboarding for Nigerian fintech giants like OPay and Moniepoint. Governor Cardoso underscores the need for enhanced regulatory frameworks to combat money laundering. The Central Bank of Nigeria (CBN) has announced the forthcoming resumption of customer...- Nigeria News
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- cbn governor central bank of nigeria customer onboarding fintech regulation moniepoint olayemi cardoso opay
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Nigeria Monetary Policy Committee Considers 100 Basis Point Hike to Curb Soaring Inflation
Amidst soaring inflation, the Central Bank of Nigeria (CBN) considers raising interest rates by 100 basis points, as projected by analysts. In April 2024, headline inflation rose to 33.69 percent. With the MPC meeting imminent, stakeholders anticipate decisive measures to address inflationary...- Nigeria News
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- central bank of nigeria inflation interest rates monetary policy committee
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![Today's Naira Rate [17-05-2024]: Nigeria's Currency Crisis Deepens as Naira Slides to 1,533.99 Despite Central Bank Efforts](/data/attachments/204/204044-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate [17-05-2024]: Nigeria's Currency Crisis Deepens as Naira Slides to 1,533.99 Despite Central Bank Efforts
Despite intervention by the Central Bank of Nigeria, the Naira fell to a two-month low, reversing earlier gains. With significant market volatility and upcoming rate decisions, the Naira's decline raises concerns about Nigeria's economic stability and investor confidence. The Central Bank of...- Nigeria News
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- central bank of nigeria foreign exchange market naira devaluation nigerian economy
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Nigeria CBN Adjusts Import Duty FX Rate to N1,457/$ Amid Naira Depreciation
Amidst Naira's depreciation to N1,515/$, the Central Bank of Nigeria increases the import duty exchange rate to N1,457/$. This 3% hike poses challenges for importers, with the former Shippers Association president criticizing the instability. Analysts foresee continued Naira depreciation unless...- Nigeria News
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- central bank of nigeria economic policy foreign exchange rate import duty naira depreciation
- Category: Business
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![Today's Naira Rate [11-05-2024]: Naira's Downward Spiral: Hits Month-Low at N1470 Against Dollar](/data/attachments/203/203848-147ab142f8cf48479284e57b3d23fc38.jpg?hash=FHqxQvjPSE)
Nigeria Today's Naira Rate [11-05-2024]: Naira's Downward Spiral: Hits Month-Low at N1470 Against Dollar
Amid evolving market dynamics, Nigeria's currency breached the N1,500 mark against the US dollar on the black market, highlighting fragile FX conditions. With the naira's downward trend from March, concerns rise over its ability to sustain gains without fiscal policy intervention. Analysts...- Nigeria News
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- central bank of nigeria fx market dynamics n1500 against dollar naira exchange rate nigerian currency
- Category: Business
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![Today's Naira Rate [09-05-2024]: IMF Sounds Alarm as Naira Weakens, Exchange Rate Hits N1,459.73 Against Dollar](/data/attachments/203/203775-147ab142f8cf48479284e57b3d23fc38.jpg?hash=FHqxQvjPSE)
Nigeria Today's Naira Rate [09-05-2024]: IMF Sounds Alarm as Naira Weakens, Exchange Rate Hits N1,459.73 Against Dollar
Explore Nigeria's economic landscape as the naira depreciates against the dollar, reaching N1,459.73. IMF's call for stability amidst high demand and scarcity. Amidst a backdrop of economic turbulence, Nigeria's currency, the naira, continued its downward spiral against the US dollar...- Nigeria News
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- central bank of nigeria foreign exchange market imf recommendations naira depreciation nigeria currency
- Category: Business
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Nigeria Northern Groups Slam CBN's Cybersecurity Levy as Heartless Extortion
Northern Groups condemn CBN's proposed 0.5% cybersecurity levy as unjust extortion, highlighting existing financial burdens on Nigerians. The Coalition of Northern Groups calls for transparency in banking charges and urges the reversal of the policy to alleviate economic strains faced by...- Nigeria News
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- central bank of nigeria coalition of northern groups cybersecurity levy
- Category: Metro
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Nigeria Nigerians Dismayed as Reps Back Down on Motion to Suspend Cybersecurity Levy
The House of Representatives faced criticism as it withdrew a motion to suspend the controversial cybersecurity levy, eliciting dismay from Nigerians. The levy, mandated by the Central Bank of Nigeria, imposes a 0.5% charge on electronic transactions, sparking widespread discontent due to...- Nigeria News
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- abbas tajudeen central bank of nigeria cybersecurity levy house of representatives speaker
- Category: Politics
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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 CBN Extends Cash Deposit Fee Suspension Amidst Cybersecurity Levy Backlash
Explore the Central Bank of Nigeria's decision to extend the suspension of cash deposit fees amidst backlash over the cybersecurity levy. Learn how this impacts individuals and corporations, shaping financial strategies in Nigeria's evolving banking sector. The Central Bank of Nigeria (CBN) has...- Nigeria News
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- cash deposit fees central bank of nigeria cybersecurity levy suspension extension
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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
- Category: Metro
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