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President Bola Tinubu has asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and ordered a review of the law and policy necessitating it. This is coming after the decision of Nigeria’s House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all […]
Continue ReadingIn a circular signed by the Director, Payments System Management Department (PSMD), Chibuzo Efobi; and the Director, Financial Policy and Regulation Department (FPRD), Haruna Mustafa; the Central Bank of Nigeria (CBN) on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country. Implementation of the […]
Continue ReadingIn a circular on Monday, the Central Bank of Nigeria (CBN), directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions, and implementation of which would start in two weeks. The circular reads in part: “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant […]
Continue ReadingIn spite of the on-the-spot raid of Bureau De Change (BDC) operators by Economic and Financial Crimes Commission (EFCC) on Monday, the naira began the week on a negative note against the United States dollar closing at N1419.11/$ on Monday indicating signs of a turbulent week. At the official market on Monday, the naira traded […]
Continue ReadingNigeria’s naira has demonstrated signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday. This came as the Senate through its Committee […]
Continue ReadingNigeria’s Naira depreciated on Tuesday, April 23, in the Nigerian Foreign Exchange Market (NAFEM), to N1,300.15 per dollar, exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, […]
Continue ReadingNigeria’s Naira strengthened against major world currencies on Monday, April 15. Reports say, the local currency exchanged at below N1,000 at some segments of the parallel market as of late Sunday. Bashir Ahmad, former aide on digital communications to ex-president, Muhammadu Buhari, took to X to celebrate this, and wrote: “I can authoritatively confirm that […]
Continue ReadingThe exchange rate of Nigeria’s currency, the Naira has continued to appreciate to the dollar in response to the fiscal and monetary policies of President Bola Tinubu’s administration. According to data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Friday revealed that […]
Continue ReadingGovernor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has sacked a fresh batch of 40 staff mostly from the Development Finance Department (DFD), in furtherance of its ongoing restructuring. The Daily Trust reports that deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from the […]
Continue ReadingIn a circular signed by Dr. W.J. Kanya for Director, Trade & Exchange Department which was uploaded to its website on Monday, April 8, 2024, the Central Bank of Nigeria (CBN) has again announced the sales of dollars to eligible Bureau De Change (BDC) operators. The apex bank said it is set to sell $10,000 […]
Continue ReadingOnce upon a time, the Nigerian Naira was a king over the United States Dollars. This was the case in 1975, when a brand new Peugeot 504 car would be purchased from the showroom with only N1,500, an amount that cannot buy a loaf of bread this year 2024. A loaf of bread is sold […]
Continue ReadingAccess Holdings Plc announced growth in its profits before tax on Thursday, posting N729bn in 2023, representing a 335 per cent year-on-year increase from 2022. The group, in its consolidated and separate financial statements for the year ended December 31, 2023, also reported 87 per cent increase in gross earnings to N2.59tn, up from N1.38tn […]
Continue ReadingIn order to further crash the FX rate, Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators in Nigeria, informing them that $10,000 have been made available to each qualified BDC at a rate of N1,251 per US dollar. The apex bank also reportedly instructed each BDC to sell […]
Continue ReadingNigerian Naira rebounded against the United States Dollar on Wednesday both at the official and parallel markets, with the local currency recording a significant gain against the greenback at the black market. This came as the Central Bank of Nigeria (CBN) announced the final settlements of all valid foreign exchange backlogs, fulfilling a key pledge […]
Continue ReadingBitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates the year. The unit hit a peak of $71,432 in afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year. (AFP)
Continue ReadingGlobal company, Binance Holdings Ltd., branded Binance, a Cryptocurrency exchange concern, has announced plans to discontinue all services related to the Nigerian naira. The cryptocurrency exchange platform, Binance, was accused of exploiting the Nigerian currency, the Naira, leading to its free fall in value in recent time. The company is, in addition, facing allegations of terrorism […]
Continue ReadingBank of Ghana (BG) has suspended the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited. The suspension, which will take effect from March 18, 2024, for one month, was announced in a statement, on Monday, by the Ghanaian apex bank. That measure comes in response to […]
Continue ReadingAs he spoke against frivolous Naira printing during the Buhari administration, the Governor of Edo State, Mr. Godwin Obaseki, has again faulted the Central Bank of Nigeria for (CBN) raising the Monetary Policy Rate by 22.75 per cent. Obaseki contended that the decision is not the answer to the ongoing economic challenges in the country. […]
Continue ReadingCentral Bank of Nigeria (CBN) on Friday revoked the licenses of 4,173 Bureaux De Change (BDC) Operators, accusing the affected institutions of failing to observe regulatory provisions. The move is part of efforts to restore confidence in the nation’s foreign exchange market, according to the apex bank. See below the full list of the affected […]
Continue ReadingCentral Bank of Nigeria (CBN), on Friday, revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines. The apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama. This means there will now be 1,517 operational BDCs from the initial 5,690. In the CBN […]
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