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Featured: Latest Nigerian News
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Nigeria Cybersecurity Levy: Statisense Report Reveals Current Costs of Electronic Transfers in Nigeria
Explore Statisense's insightful analysis uncovering the impact of Nigeria's post-cybersecurity levy electronic transaction costs. This comprehensive report delves into the financial implications for individuals and businesses, shedding light on regulatory changes by the Central Bank of Nigeria...- Nigeria News
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- central bank of nigeria cybersecurity levy electronic transactions financial analysis statisense report
- Category: Business
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![Today's Naira Rate [05-05-2024]: Naira Plummets, Exchange Rate Hits N1420 Against Dollar in 24-Hour Crisis](/data/attachments/203/203634-147ab142f8cf48479284e57b3d23fc38.jpg?hash=FHqxQvjPSE)
Nigeria Today's Naira Rate [05-05-2024]: Naira Plummets, Exchange Rate Hits N1420 Against Dollar in 24-Hour Crisis
In a swift currency crisis, Nigeria's Naira nosedives, plummeted by N130 against the US Dollar, reaching an alarming exchange rate of N1420 within 24 hours. Economic concerns surge as high demand drives the depreciation despite Central Bank interventions. The Naira faced a significant...- Nigeria News
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- 1 min read
- central bank of nigeria economic instability foreign exchange market naira depreciation us dollar
- Category: Business
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Nigeria Businesses Brace for Impact as Nigerian Customs Raises Import Duty Exchange Rate to N1,441/$
Nigerian Customs recently upped the import duty exchange rate to N1,441/$1, marking a significant hike from the previous rate. This shift has sent shockwaves through businesses, prompting concerns about increased costs and potential economic repercussions. The Nigerian Customs Service has...- Nigeria News
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- central bank of nigeria exchange rate import duties inflation nigerian customs
- Category: Business
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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
- Category: Business
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Nigeria Naira Plummets 23% in Four Days: Currency Dealers and Analysts Weigh In
In the past week, the Naira experienced a drastic 23% depreciation against the dollar, attributed to a surge in demand for dollars in the parallel market driven by both banks and end-users, combined with slow forex disbursement to BDCs by the Central Bank of Nigeria (CBN). This decline marks...- Nigeria News
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- central bank of nigeria forex market naira depreciation
- Category: Business
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Nigeria Conflicting Narratives: FG's Borrowing Practices Under Scrutiny Amid Financial Uncertainty
The Federal Government of Nigeria has reportedly accumulated an additional N3.8 trillion through Ways and Means Borrowing within the last six months of 2023, as revealed by the latest Statistics bulletin released by the Central Bank of Nigeria (CBN). Despite previous statements by the Minister...- Nigeria News
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- central bank of nigeria debt profile ways and means
- Category: Politics
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![Today's Naira Rate [25-04-2024]: Nigerians Express Concern as Naira Weakens to N1,400/$](/data/attachments/203/203287-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate [25-04-2024]: Nigerians Express Concern as Naira Weakens to N1,400/$
The Nigerian Naira faced significant depreciation, falling to N1,400 against the US dollar on the black market, fueled by intensified demand pressure in the foreign exchange (FX) market. This represents a 19.64 percent loss in just two weeks compared to the rate of N1,125 per dollar recorded...- Nigeria News
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- central bank of nigeria currency depreciation foreign exchange market nigerian naira todays exchange rate
- Category: Business
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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
- Category: Business
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Nigeria EFCC Files Fresh Charges Against Ex-CBN Governor Emefiele for Alleged Currency Printing Scandal
The Economic and Financial Crimes Commission (EFCC) has intensified its pursuit of accountability in Nigeria's financial sector, filing a fresh charge against Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN). The four-count charge accuses Emefiele of authorizing the printing...- Nigeria News
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- central bank of nigeria corruption allegations currency printing scandal efcc emefiele
- Category: Metro
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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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Nigeria ATM Crisis: Nigerians Accuse Banks of Conspiracy with PoS Operators
The frustration among Nigerian bank customers is palpable as the specter of "temporarily unable to dispense cash" haunts Automated Teller Machines (ATMs) across the nation. With an increasing number of empty ATMs, a wave of allegations has emerged, accusing Deposit Money Banks (DMBs) of...- Nigeria News
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- banking crisis central bank of nigeria empty atms nigerian banking sector point of sale operators pos operators
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Nigeria ABCON President Confirms Naira's Rise: BDCs Purchase Dollars at N980 Amidst Market Calm
The Association of Bureau De Change Operators of Nigeria (ABCON) has revealed that BDC operators are now purchasing dollars at the rate of N980 to a dollar, marking a significant appreciation of the naira. This revelation was disclosed by the President of ABCON, Aminu Gwadebe, during a recent...- Nigeria News
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- abcon president bdc operators central bank of nigeria exchange rate stability forex market naira appreciation nigeria currency market
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Nigeria CBN Governor Olayemi Cardoso Addresses Concerns Over Depleting Foreign Reserves
In a bid to address growing concerns over Nigeria's foreign reserves and the performance of the Naira, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), offered insights during the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank. Cardoso...- Nigeria News
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- central bank of nigeria foreign reserves depletion imf-world bank spring meetings monetary policy naira performance olayemi cardoso
- Category: Business
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Nigeria Naira Rate: Bloomberg Africa Report On Nigeria's Depleting FX Reserves Points to Tougher Ride Ahead
Nigeria's foreign exchange reserves are dwindling at a rapid pace, sparking concerns over the Central Bank's strategy to prop up the naira amidst promises of a more flexible exchange rate. In a span of just under a month, from March 18 to April 12, liquid reserves plummeted by 5.6%, plummeting...- Nigeria News
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- bloomberg report central bank of nigeria covid-19 currency depreciation naira stability nigeria forex reserves
- Category: Business
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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 Distress at CBN: Employees Express Fear and Anxiety Over Job Security as CBN Sacks 50 More Staff
The Central Bank of Nigeria (CBN) continues its wave of dismissals as 50 more staff members are terminated from their positions under the leadership of CBN governor Mr. Olayemi Cardoso. The recent round of layoffs spans across 29 departments, bringing the total number of casualties to 117 in the...- Nigeria News
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- cbn layoffs cbn shake-up central bank of nigeria economic turmoil nigeria's financial sector staff dismissals yemi cardoso
- Category: Business
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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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- Category: Business
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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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Nigeria Mixed Reactions as EFCC Pursues Emefiele with 26 Fresh Charges
The Economic and Financial Crimes Commission (EFCC) has initiated a fresh legal action against Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), unleashing a 26-count charge against him. This indictment encompasses allegations of abuse of office and corruption, drawing...- Nigeria News
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- Category: Metro
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Nigeria Central Bank Measures Could Hinder Economic Growth, Says KPMG Nigeria
KPMG Nigeria has cautioned that the Central Bank of Nigeria's (CBN) recent monetary tightening measures could hinder banks from extending credit, potentially impacting economic growth. The firm highlighted the potential consequences of the elevated interest rates, including increased...- Nigeria News
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- cbn central bank of nigeria kpmg nigeria monetary tightening
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