The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday. Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the...
Naira
Cryptocurrency exchange Binance has ended its naira services, the company said on Tuesday. It listed the timeline, asking users to take needed action. “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” Binance...
The Chief Executive of Binance Holding Limited, Richard Teng, has been called upon by the House of Representatives Committee on Financial Crimes regarding suspicions of involvement in terrorism financing and money laundering. At a panel discussion on Friday, Ginger Onwusibe, the Chairman of the Committee, issued a notice...
The Central Bank of Nigeria (CBN) has said the on-going reforms will check rising inflationary trend and address distortions in the foreign exchange market The CBN Governor, Yemi Cardoso said this on Tuesday in Abuja, while presenting the communique from the apex bank’s Monetary Policy Committee (MPC) meeting....
The Central Bank of Nigeria (CBN) on Tuesday approved allocation of 20,000 dollars to all eligible Bureau De Change (BDC) operators across the country as part of its on-going reforms. Dr Hassan Mahmud, Director, Trade and Exchange Department, CBN, in a circular, said the move was aimed at...
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso says the Naira is grossly undervalued. Cardoso said this on Tuesday in Abuja, while presenting a communiqué from the 293rd meeting of the apex bank’s Monetary Policy Committee (MPC). He said that the foreign...
The Central Bank of Nigeria (CBN has mandated foreign exchange sellers to Bureau De Change (BDC) of the equivalent of 10,000 dollars and above to declare their forex sources. Director, Financial Policy and Regulation Department of the CBN, Haruna Mustapha, said this in a revised regulatory framework to...
The Lagos Chapter of the Building Collapse Prevention Guild (BCPG) has urged the Federal Government to address the depreciating naira, saying it is acting like an “accelerant’’ in building collapse. The National President, BCPG, Mr Sulaimon Yusuf, gave the advice at a news briefing on Thursday in Lagos,...
A financial expert, Dr Chijioke Ekechukwu, has said the continued depreciation of the Naira has become worrisome and embarrassing. Ekechukwu, an economist and a past president of the Abuja Chamber of Commerce and Industry (ACCI), said this in an interview with the News Agency of Nigeria (NAN) on...
A few days ago, Ndigbo came under fire from Professor Usman Yusuf, the former Executive Secretary of the National Health Insurance Scheme (NHIS), for their perceived lack of interest in the ongoing nationally spreading hunger protests and strikes. He said: “I honestly don’t know why the South East...
The Federal Government has expressed determination to raise at least 10 billion dollars to increase foreign exchange (forex) liquidity to stabilise the Naira and grow the economy. President Bola Tinubu made this known at the inauguration of the Public Wealth Management Conference organised by the Ministry of Finance Incorporated...
By CALLISTUS OFFOR, Abuja – The Economic and Financial Crimes Commission (EFCC), has raised a Special Task Force in all its Zonal Commands for the enforcement of extant laws against currency mutilation and dollarization of the economy. The Commission disclosed this in a statement issued on Wednesday via...
The Registrar, Chattered Institute of Treasury Management (CITM), Mr Olumide Adedoyin, has urged the Federal Government to phase out higher denomination notes, such as the N1000 and N500 Naira notes, to strengthen the Naira. He said N1000 and N500 notes were more susceptible to counterfeiting, and illicit financial...
The Independent Media and Policy Initiative (IMPI), says the new policies introduced by the Central Bank of Nigeria (CBN) will help stabilise the Naira in the foreign exchange market. Mr Niyi Akinsiju, the Chairman of the Non Governmental Organisation (NGO), said this in a statement on Sunday in...
An economist, Prof. Uche Uwaleke has urged the National Assembly to allow the Central Bank of Nigeria (CBN) to determine the most suitable exchange rate management strategy for Nigeria. Uwaleke, who is the President, Capital Market Academics of Nigeria, gave the advice in an interview with the News...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point of Sale (PoS) operators to stop disrupting the seamless distribution of Naira notes. The Acting CBN Director, Corporate Communications, Mrs Hakama Sidi-Ali, who gave the warning in a...
In-spite of cash scarcity and rationing by banks, some traders in Lagos said they are still rejecting electronic transfer of fund due to network issues. The traders, especially those engaging in petty trading, said bank network delays and failures had significantly impacted negatively on their businesses. They were...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of both old and redesigned Naira notes to and from Deposit Money Banks (DMBs). The Acting Director of the bank, Corporate Communications, Mrs...
1. Introduction. There has been clamor by the Bureau De Change (BDC) operators for their readmission into the Investors and Exporters (I&E) window, now known, as the Nigerian Autonomous Foreign Exchange Market (NAFEM). With the re-listing by the new CBN Governor Mr. Cardoso of the 43 items...
The Managing Director, 313 Bureau de Change, Alhaji Murtala Bashir, has emphasised the need for collective efforts to ensure the stability of the naira at the Foreign Exchange Market in Nigeria. Bashir made the call in a statement made available to the News Agency of Nigeria (NAN) on...