yemi cardoso
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Nigeria Major Banking Overhaul: CBN Sets ₦500 Billion Minimum Capital Base for Banks
Central Bank of Nigeria (CBN) has announced sweeping changes to minimum capital requirements for banks. The circular, signed by Haruna Mustafa, Director of the Financial Policy and Regulation Department, mandates commercial banks with international authorization to maintain a staggering...- Nigeria News
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- 1 min read
- cbn minimum capital requirements yemi cardoso
- Category: Business
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Nigeria CBN Shocks Markets: Raises MPR to Record 24.75%, Businesses and Consumers to Face Higher Loan Costs
After its 294th meeting, the Central Bank of Nigeria (CBN) has made a bold move by increasing the Monetary Policy Rate (MPR) by 200 basis points to an unprecedented 24.75%. Led by CBN Governor Yemi Cardoso, this decision underscores the bank's unwavering commitment to combating inflationary...- Nigeria News
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- cbns new mpr rate central bank of nigeria exchange rate inflation monetary policy rate mpc meeting new interest rate yemi cardoso
- Category: Business
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Nigeria Nigeria's Central Bank Initiates Dollar Sales to BDCs to Boost Forex Liquidity
Amidst Nigeria's evolving economic landscape, the Central Bank of Nigeria (CBN) has taken significant steps to bolster liquidity in the foreign exchange market, signaling a potential shift in the nation's currency dynamics. In a recent circular addressed to Bureau De Change operators (BDCs)...- Nigeria News
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- bureau de change (bdc) central bank of nigeria forex market monetary policy rate (mpr) nigerian economy yemi cardoso
- Category: Business
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Nigeria CBN Exposes Financial Strain: 31 States Default on N339.9bn Loans
The Central Bank of Nigeria (CBN) has revealed that as of September 2023, thirty-one state governments collectively owe a staggering sum of N339.9 billion. This debt stems from funds acquired to cover workers' salaries between 2015 and 2023, facilitated through the Salary Bailout Facility...- Nigeria News
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- cbn salary bailout funds state governments yemi cardoso
- Category: Business
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Nigeria Naira Strengthens Significantly, Hits N1,382/$ Amid Forex Stability Efforts
The Central Bank of Nigeria's recent interventions have spurred a remarkable recovery for the Naira, with the currency appreciating to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM). This surge marks a significant gain from its previous rate of N1,536.83/$, showcasing...- Nigeria News
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- central bank of nigeria foreign exchange settlement forex backlog forex market naira appreciation yemi cardoso
- Category: Business
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Nigeria Tensions Rise as Foreign Airlines Challenge CBN's Assertion on Cleared Forex Obligations
Amidst assertions by the Central Bank of Nigeria (CBN) of successfully settling all outstanding foreign exchange (FX) obligations, foreign airlines have challenged the claim, asserting that the situation remains unchanged. Kingsley Nwokeoma, President of the Association of Foreign Airlines and...- Nigeria News
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- 1 min read
- aviation sector cbn central bank of nigeria currency market foreign airlines forex backlog yemi cardoso
- Category: Business
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Nigeria Forex Policy Shake-Up: Nigerians Skeptical as CBN Lifts Restrictions on Dairy Imports
The Central Bank of Nigeria (CBN) has announced a significant policy shift regarding foreign exchange (forex) restrictions on milk and dairy imports to address economic concerns and alleviate consumer burdens. This decision, revealed through a CBN circular dated March 12 with reference number...- Nigeria News
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- 2 min read
- cbn governor central bank of nigeria dairy products forex restrictions milk imports yemi cardoso
- Category: Business
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Nigeria Tension Mounts at CBN: Directors Linked to Emefiele's Era Set for Early Retirement
Amidst speculation and internal turmoil at the Central Bank of Nigeria (CBN), reports indicate that at least eight directors are facing early retirement. These directors, previously redeployed to FSS 2020, are now being asked to exit the CBN, sparking concerns and confusion among staff. While...- Nigeria News
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- 1 min read
- cbn cbn governor central bank of nigeria directors godwin emefiele yemi cardoso
- Category: Business
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Nigeria CBN Crackdown: Licenses Revoked for Over 4,000 BDC Operators
The Central Bank of Nigeria (CBN) has taken decisive action by revoking the licenses of 4,173 bureau de change (BDC) operators, citing their failure to comply with regulatory provisions. Sidi Ali, CBN's acting director of corporate communications, highlighted that the operators neglected crucial...- Nigeria News
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- bdc license cbn regulatory actions central bank of nigeria yemi cardoso
- Category: Business
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Nigeria Currency Traders Celebrate as Naira Makes Impressive Jump to N1,500/$
The Nigerian Naira continues its upward trend in the parallel foreign exchange (FX) market, reaching N1,500/$ on Wednesday. This remarkable 9.09% gain from the N1,650/$ recorded just two days earlier has caught the attention of currency traders, with bureau de change (BDC) operators quoting...- Nigeria News
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- cbn governor foreign exchange market naira exchange rate parallel market surge yemi cardoso
- Category: Business
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Nigeria Naira Crisis: Nigerian Government Continues 'Stick and Carrot' Approach as CBN Releases $20,000 to Each BDC to Stabilize Currency
The Central Bank of Nigeria (CBN) is taking proactive measures to rectify distortions in the country's foreign exchange market, particularly in the retail segment. In a recent circular by Dr. Hassan Mahmud, the Director of the Trade & Exchange Department, the CBN announced its decision to...- Nigeria News
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- bureau de change (bdc) cbn central bank of nigeria naira stabilization nigeria foreign exchange yemi cardoso
- Category: Business
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Nigeria Nigerians Demand Action as CBN Governor Rejects Responsibility for Economic Woes
In the midst of Nigeria's economic challenges, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), addressed concerns during the first Monetary Policy Committee (MPC) meeting since assuming office in September 2023. Denying responsibility for the current economic situation, Cardoso...- Nigeria News
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- cbn cbn governor godwin emefiele mpc meeting yemi cardoso
- Category: Business
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Nigeria CBN Implements Drastic Measures: Interest Rates Skyrocket to 22.75% in Bid to Tackle Inflation Surge
In response to the persistent challenge of soaring inflation, the Central Bank of Nigeria (CBN) has announced a significant hike in the monetary policy rate, raising it by 400 basis points from 18.5% to 22.75%. CBN Governor Olayemi Cardoso revealed this decision during the 293rd Meeting of the...- Nigeria News
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- cash reserve ratio cbn governor central bank of nigeria inflation crisis monetary policy rate mpc meeting yemi cardoso
- Category: Business
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Nigeria Travel, Medicals, and School Fees: CBN Sets New Limits on Forex Transactions
The Central Bank of Nigeria (CBN) has instituted new regulations governing the foreign exchange (FX) sales by Bureau De Change (BDC) operators, as outlined in the 'Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,' released on February 23, 2024. These...- Nigeria News
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- bureau de change limits cbn forex regulations forex transactions medical bills in foreign currency school fees travel allowance guidelines yemi cardoso
- Category: Business
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Nigeria Nigeria's Poverty Trap: Only About 5% Of Nigerians Have Over N500,000 In Their Bank Accounts — Wale Edun
Finance Minister and Coordinating Minister of the Economy, Wale Edun, disclosed in a recent interview with Channels TV that approximately only 5% of Nigerians have more than N500,000 in their bank accounts. Edun emphasized that the ongoing federal government reforms aim to address economic...- Nigeria News
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- cbn nigerias economy wale edun yemi cardoso
- Category: Business
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Nigeria Naira Crisis: CBN Set to limit Cash FX Transaction to $500
The Central Bank of Nigeria (CBN) is contemplating significant regulatory changes for Bureau De Change (BDC) operators, including a potential ban on street trading and restricting cash payments for foreign exchange (FX) sales to a maximum of $500. The proposed guidelines also require sellers...- Nigeria News
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- bureau de change cbn forex market naira crisis yemi cardoso
- Category: Business
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Nigeria Naira Crisis: CBN target BDCs With N2 billion Licence Fee
Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators. In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...- Nigeria News
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- bdc operators bureau de change cbn cbn governor central bank of nigeria efcc forex crisis forex market naira crisis yemi cardoso
- Category: Business
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Nigeria CBN's Currency Policy Update Sparks Controversy: Nigerians React to Shift from Dollar to Naira in International Transfers
Nigerians are experiencing a financial paradigm shift as banks roll out the full implementation of the Central Bank of Nigeria's (CBN) revised guidelines on international money transfers. The new guidelines, issued on January 31, 2024, bring an end to the era of receiving dollars from family...- Nigeria News
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- cbn governor exchange rate today monetray policy yemi cardoso
- Category: Business
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Nigeria CBN Mandates Nigerian Banks to Pay Diaspora Transfers in Naira
In response to the Central Bank of Nigeria's recent directive limiting International Money Transfer Operators (IMTOs) to inbound transfers only, IMTOs have ceased dollar transfers to Nigerians, now opting to pay in naira. The CBN's move, aimed at liberalizing the foreign exchange market and...- Nigeria News
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- cbn sendwave usd transfers world remit yemi cardoso
- Category: Business
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Nigeria Nigeria's $40 Billion Drain: CBN Governor Links Naira Woes to Surge in Foreign Education and Healthcare Expenses
Nigeria's economic landscape faces a significant challenge as Central Bank of Nigeria (CBN) Governor Oluyemi Cardoso revealed that Nigerians spent over $40 billion on foreign education and healthcare services between 2010 and 2020. The revelation came during a session with the House of...- Nigeria News
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- cbn governor exchange rate today naira depreciation yemi cardoso
- Category: Politics
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