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Naira falls N777 against dollar after CBN announcement
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CBN revokes Heritage Bank’s license

The Central Bank of Nigeria has revoked the banking license of Heritage Bank. This comes following a report that officials from the Nigeria Deposit Insurance Corporation had visited the bank. “In accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks […]

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CBN clears $831m foreign airlines’ trapped funds – IATA

The International Air Transport Association has confirmed that the Central Bank of Nigeria has cleared foreign airlines trapped funds worth $831m from June last year to date. This was disclosed by the Director-General of IATA, Willie Walsh, in a statement on Sunday, according to The Punch. International airlines now have over $1.8 billion in funds […]

News

International oil firms get CBN’s permission to sell 50% of proceeds

The Central Bank of Nigeria has said that international oil companies can sell their retained 50 per cent earnings of repatriated export proceeds in the Nigerian Foreign Exchange Market. This decision was made in response to the CBN’s February 14 restriction on IOCs’ ability to transfer crude export earnings to offshore parent company accounts, according […]

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FX demand drops by $9bn I. 12 months – CBN

Data from the Central Bank of Nigeria shows that demand for foreign exchange fell by 42 per cent year-on-year by individuals and companies engaged in importation and other forex-related activities. The analysis showed that in 2023, 19 sectors and services received 21.12 billion dollars of foreign exchange allocations from the total sector’s currency use. The […]

Nigeria's external reserves rise to $36.89bn — CBN gov
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CBN amends guidelines for BDC operators

The Central Bank of Nigeria has revised its regulatory guidelines for Bureau De Change operators after consulting with stakeholders. The changes include the removal of the mandatory caution deposit of N200 million for tier-1 BDC license holders and the waiver of the N50 million deposit for tier-2 license holders. Additionally, the non-refundable annual license renewal […]

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BREAKING: CBN raises interest rate to 26.25%

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent. This disclosure was made by the CBN Governor who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja on Tuesday. At the March meeting of the […]

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CBN pulls cybersecurity levy circular

Alex Pmenye The Central Bank of Nigeria has canceled its order for banks and payment service providers to collect and send a cybersecurity levy, which was part of the Cybercrime Prevention and Prohibition Amendment Act of 2024. The cancellation was announced in a new circular dated May 17, 2024, signed by Chibuzor Efobi, Director of […]

News

Nigeria recorded $282.61m diaspora remittance in Q1 2024

Nigeria recorded $282.61m in diaspora remittance in Q1 2024. Nigeria recorded a total direct foreign exchange remittance of $282.61 million in the first quarter of 2024. The figure shows a decline of $18.96 million or 6.28% when compared to $301.57 million diaspora remittances obtained in Q1 2023, according to the Central Bank of Nigeria data […]

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CBN unveils 11 Nigerian pre-shipment agents

The Central Bank of Nigeria has approved the appointment of 11 pre-shipment monitoring and evaluation agents for oil and gas exports in Nigeria. This was disclosed via a circular TED/FEM/PUB/FPC/OO1/014, by The CBN’s Director of the Trade and Exchange Department, Dr. Hassan Mahmud dated May 13, 2024, according to Nairametrics. The appointments include nine pre-shipment […]

Economy

Interest rates may stay high, says Cardoso

The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that the members of the Monetary Policy Committee would do whatever is necessary to tame the country’s high inflation. Cardoso told the Financial Times on Monday, indicating that interest rates would stay high for as long as necessary to tackle inflation, according […]

Banking

Banks halt collection of processing deposit fees

Some of the major banks have stopped the collection of processing fees on deposits in line with the Central Bank of Nigeria’s directive on the suspension. The CBN on Wednesday announced in a circular the suspension of the collection of processing fees on deposits to September 30, 2024. This followed the initial activation of the […]