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Central Bank of Nigeria (CBN) has sold over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The naira appreciated against the dollar to 1,582/$ at the close of trading activities at the official market on Monday. According to data obtained from FMDQ securities, the […]
Continue ReadingNigeria’s Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts. Mr. Edun, who disclosed this on Friday in an interview on Channels Television, said Nigerian Government plans to rectify the economic imbalances that disproportionately favour a small […]
Continue ReadingThere is heavy manipulation going on at the Binance P2P. And from my deductions, most of the big Binance P2P merchants are united in carrying out this manipulation. Some of them even have over $2 million worth of USDT in their wallet which begs the question of whether these people are truly Nigerians or probably […]
Continue ReadingForeign capital inflow into Nigeria dipped by 26.4% to $3.9 billion in 2023, plunging to a 17-year low since 2007 when capital importation stood at $5.3 billion. Latest data released by the National Bureau of Statistics (NBS) showed that foreign portfolio investment (FPI) in 2023 was $1.15 billion, indicating 29.5 percent of the $3.91 billion […]
Continue ReadingAs Nigerian economy continues to go bad, severely hurting the Nigerian people, the country’s currency, the Naira dipped to N1,600 against the dollar on Thursday. According to one platform for currency monitoring, the Naira plunged to N1,600 per $1 despite efforts by the Central Bank of Nigeria (CBN) to salvage the free fall of the […]
Continue ReadingIn a statement on Tuesday, the board of Directors of Access Holdings Plc has announced Bolaji Agbede as the Acting Group Chief Executive Officer (GCEO) following the unfortunate death of former GCEO, Herbert Wigwe. “Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc (‘the Company’) has today announced […]
Continue ReadingConsequent upon the recent directive by the Central Bank of Nigeria (CBN), restricting the operations of International Money Transfer Operators (IMTOs) to only inbound transfers, IMTOs have decided to halt dollar transfers to Nigerians, meaning, they will now only pay recipients in naira. In the published document addressed to IMTOs on January 31, CBN ordered […]
Continue ReadingThe Federal High Court sitting in Lagos, presided over by Justice Chukwujekwu Aneke on Thursday, February 1, 2024, convicted and sentenced one Oluwadarasimi Omoseyin, an actress, to six months imprisonment for spraying and stepping on the new Naira notes at a social event in Lagos. She was first arraigned on February 13, 2023, by the […]
Continue ReadingNigeria’s Naira is currently trading above N1,300 to $1 on the Peer-to-Peer cryptocurrency window on Tuesday. This is as many traders on the parallel market confirmed that the national currency is trading close to N1,300 in that segment of the market. On the Binance platform, the Naira is currently quoted above N1,300 to $1. Some […]
Continue ReadingNigeria’s Naira, on Friday, depreciated to N1,260 per dollar in the parallel market, down from N1,240 per dollar on Thursday. In the same vein, the Naira depreciated to N890.54 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from Financial Markets Dealers Quotation (FMDQ) showed that the indicative exchange rate for NAFEM rose to […]
Continue ReadingCentral Bank of Nigeria (CBN) has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone Banks. CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja. The source, who spoke on condition of anonymity, hinted that an […]
Continue ReadingNigerian business magnate, Aliko Dangote has reclaimed his position as the richest person in Africa, according to Forbes Real-Time Billionaires report. Last week, South African business tycoon, Johann Ruper, took over the position from Dangote. According to the ranking as of January 8, Dangote’s net worth improved by $10 million to $10.1 billion while Rupert’s […]
Continue ReadingThe net worth of the 10 wealthiest individuals on earth has increased by $30 billion in just one month, reaching a total of almost $1.47 trillion as of January 1, Forbes reports. Mark Zuckerberg made a significant jump in the rankings, moving up to the No. 5 spot from his previous position on December 1 […]
Continue ReadingCentral Bank of Nigeria (CBN) has lifted the ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system. The CBN announced the reversal of the policy in a circular by Haruna Mustapha, its Director of Financial Policy and Regulation. Mustapha said that the apex bank would now provide regulations for financial […]
Continue ReadingImmediate past governor of Nigeria’s Central Bank, Mr. Godwin Emefiele allegedly used proxies to acquire an old generation bank, the Special Investigator on the Central Bank of Nigeria (CBN), Mr Jim Obaze has said. In his report, submitted to President Bola Tinubu on December 20, Obaze detailed how a second generation bank was acquired in […]
Continue ReadingChairman of the Board of Trustees (BOT) of the Centre for Transparency Advocacy, Dr Chima Amadi yesterday said economic remedies from the International Monetary Fund (IMF) and the World Bank cannot revive the Nigerian economy. He also said the policies of the two international financial institutions may not be able to raise 200 million Nigerians […]
Continue ReadingFrustration was growing over the continued depreciation of the naira against the dollar at the weekend, with the local currency weakening to N1, 099 against the greenback at the official window and N1, 200 at the spot market. Bola Tinubu had severely criticised former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, […]
Continue ReadingCentral Bank of Nigeria (CBN) says beginning from April 2024, it will freeze all bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN). The circular released by the apex bank on Friday, December 1, instructed banks to place a “Post no Debit” restriction which prevents customers from making withdrawals, transfers, or […]
Continue ReadingNigeria’s Naira, on Friday, depreciated marginally to N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window. The rate represents a fall by 11.40 percent from the N832.32 recorded on Thursday. According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the […]
Continue ReadingNigerian naira appreciated against the United States American dollar, closing at N791.75/$1 at the official market. According to data from the FMDQ Securities Exchange, the naira rose by 5.87 per cent or N49.39 compared to the previous day’s rate of N841.14/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM). The naira’s gain was, however, expected […]
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