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Nigeria’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 […]
Continue ReadingIn spite of recent moves by the Central Bank of Nigeria (CBN) to strengthen the foreign exchange market, the Naira closed trading on the Investor & Exporter forex window on Thursday at N996.75 to $1. This is a 13.95 per cent decline from the N874.71 to $1 it closed trading on Wednesday. So far, the […]
Continue ReadingExchange rate between the naira and dollar opened the week at N1,200 per $1 on P2P platforms on Monday, Oct. 23, 2023. Effect of this is that the naira is 3.41 percent weaker than on Friday, Oct. 20, when it closed at N1,170 on the same market. This week, on the black market where the […]
Continue ReadingBusiness and Property Court in London on Monday halted the enforcement of the $11bn arbitration award in favour of P&ID against Nigeria in a case marked CL-2019-000752, according to Punch. In a judgment delivered by Justice Robert Knowles, it was held that the process through which P&ID secured a 2010 contract to build a gas […]
Continue ReadingAs CBN on Thursday lifted the ban on importers of 43 items restricted from accessing foreign exchange on its official platform, Investor & Exporter (I&E) forex window in Nigeria recorded a turnover of $53.02m on Friday, following the Central Bank of Nigeria’s forex ban lift on 43 items. It disclosed this in a statement titled, […]
Continue ReadingCentral Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of it’s commitment to boost liquidity in the foreign exchange market. Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, said: “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 […]
Continue ReadingNigerian Naira is among the worst-performing currencies in Africa, the World Bank has said. It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation. The global bank explained in its report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume […]
Continue ReadingThe Central Bank of Nigeria (CBN) is set to recover loans granted to some Nigerians to ameliorate harsh socio-economic realities. The loan initiative involved is the Targeted Credit Facilities (TCF), granted to them in 2020 to cushion the economic effect of COVID-19. Some facility beneficiaries, however, expressed concern about the manner of recovery. A beneficiary, […]
Continue ReadingThe naira on Tuesday appreciated against the dollar as it exchanged at N742.10 at the Investors and Exporters window. The local currency gained by 4.06 per cent compared to the N773.50 it exchanged for against the dollar on Monday. The open indicative rate closed at N761.24 to the dollar on Tuesday. A spot exchange rate […]
Continue ReadingTech giant, Apple, is set to unveil its latest iPhone product, the iPhone 15 on Tuesday, September 12. This model will be unveiled at the company’s “Wonderlust” event in Cupertino, California, United States Of America, and is expected to come in four variants: iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro […]
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