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Barely 24 hours after it increased the Customs exchange rate to N1, 356.883 per dollar on Friday, the Central Bank of Nigeria, CBN, has Saturday morning once again jerked up the rate to N1, 413.62. The new rate has since been reflected on the Customs trade portal. The increase was vehemently opposed by importers and Customs
The Central Bank of Nigeria (CBN) has announced an end to the daily Cash Reserve Ratio debits for commercial banks in the country. The apex bank says it will adopting an updated Cash Reserve Requirement mechanism for Nigerian banks. This was contained in a circular titled ‘Cash Reserve Requirement Framework Implementation Guidelines’ signed by its Acting
The Central Bank of Nigeria (CBN) has issued a new circular that removes the previous cap on exchange rates quoted by International Money Transfer Operators (IMTOs). This follows a circular issued by the central bank addressing suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks. The circular titled Removal of Allowable Limit of Exchange
Amidst lingering controversies over the securitization of outstanding Ways & Ways, economists and financial analysts have indicated that the measure poses a huge threat to price stability with sustained inflationary pressures. They also hinted that the situation has now burdened the Central Bank of Nigeria, CBN, with a battle to control excess money in circulation
The Central Bank of Nigeria (CBN) has sacked the board of directors of three banks, Keystone Bank, Polaris Bank, and Union Bank, in a meeting at Abuja, the nation’s capital. A high-ranking CBN official confirmed the development to TechCabal. Per the CBN, the affected banks committed infractions ranging from “regulatory non-compliance to corporate governance failure.” The apex
The Central Bank of Nigeria (CBN) has instructed banks to dismiss the initial ban on cryptocurrency that was imposed two years ago. Haruna Mustapha, the Director of Financial Policy and Regulation at CBN, revealed this information through a circular issued on Friday. The apex bank emphasized its commitment to aligning with global trends by providing
Information available to Techeconomy shows that importers will pay more import duty for the clearance of their cargoes at the nation’s seaports. Our correspondent gathered that the Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$. This became the fourth time the exchange rate
The Governor of Anambra State Chukwu Charles Soludo, says the administration of Bola Ahmed Tinubu inherited a dead economy. Soludo spoke on Thursday during an interview on Channels Television. The Anambra governor said Nigerians witnessed how the Central Bank of Nigeria (CBN) was printing money “brazenly and illegally” under the previous administration. Soludo said certain
The Central Bank of Nigeria (CBN) has instructed its branches nationwide to continue issuing both old and redesigned naira notes in ample quantities to deposit money banks. This directive comes on the heels of reports of cash scarcity in major cities despite earlier assurances from the CBN about sufficient cash availability. The CBN, in a
Nigerians are becoming more aware and increasingly interested in what’s happening in the central government. The current FOREX magic you’re seeing is a calculated strategy by the government to provide temporary relief. Read what a popular Bitcoin dealer known as @BitcoinChief wrote few days ago about what’s currently happening in Nigeria… Nigerian Politicians heavily