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Members of the House of Representatives on Thursday asked the Central Bank of Nigeria, CBN to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent Cybersecurity levy , describing it as “ambiguous”. The development was in response to a motion on the urgent need to halt and modify the implementation
The Central Bank of Nigeria, CBN Bans Moniepoint, Opay, Kuda, Others From Taking New Customers Over Cryptocurrency. The ban is over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value. The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting
Nigeria’s foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $1.84 billion in 26 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the Naira. Current figures from the Central Bank of Nigeria, CBN, as of April 12, 2024, reveal that the FX reserves are now positioned at $32.61
Against claims by the Central Bank of Nigeria (CBN) that it has successfully settled all outstanding foreign exchange (FX) obligations, foreign airlines says the status quo remains the same. Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, nothing has changed as regards clearing foreign
His Excellency, Peter Obi, the presidential candidate for the Labour Party in the last general election, has expressed concern that raising the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) to 22.75% and 45% respectively will adversely affect the economy. In a statement on Thursday, the former governor of Anambra State, said the sharp
The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau de Change (BDC) operators in the country. This was disclosed in a memo issued on Tuesday and signed by Hassan Mahmud, the director of Trade and Exchange Department at the apex bank. This move marks a pivotal shift from the
The Central Bank of Nigeria has over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo made available to its members, a copy of which was obtained by The PUNCH. The
The Central Bank of Nigeria, CBN seems to have heeded to the advice of His Excellency, Peter Obi concerning his disgust over FG’s inconsistency in Duty charges. This is a government of trial and error…. However, it’s only a step in good direction if they can Consolidate on that to fix the crisis. I wish to urgently
This time last year the dollar rate was stable @ 730 to $1. It was the same at Binance P2P USDT was stable and pegged at 730 to $1. So what changed between last year and this year that caused a 60% Naira depreciation? There are two answers. 1. PresidentTinubu’s miscalculation. 2. Greedy Speculators Lets
Presidential Villa owes N923million to NEPA. Police owes N1.4billion. Office of the CBN Governor owes N1.6billion. Altogether, the federal government and its agencies owe NEPA the sum of N47billion. Meanwhile, citizens are expected to be up to date with payments. See list of several government agencies owing NEPA… Presidential villa dey owe NEPA bill pic.twitter.com/gCqDBPx9BV