The Nigeria Customs Service (NCS) has hiked the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent increase compared to the previous rate of N1,373.64/$ set on May 1. This adjustment was noted by customs officials last Friday on the federal government’s single window […]
CBN
The Nigerian naira witnessed a continued depreciation on Wednesday, trading at N1,308.52 against the dollar at the official market. Data sourced from the FMDQ Exchange, the regulatory body overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a significant drop of N8.37 in the value of the naira, representing a […]
The Economic and Financial Crimes Commission (EFCC) has intensified its legal battle against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele, by lodging a new charge at the High Court of the Federal Capital Territory. The latest accusation alleges that Emefiele authorized the printing of N684,590,000 […]
At the ongoing Spring Meetings of the International Monetary Fund (IMF)/World Bank in Washington DC, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, made a statement emphasizing the bank’s stance on defending the naira. In a departure from past practices, Cardoso clarified that it is not the […]
The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail in the sum of N50 million by a high court in Ikeja, Lagos. Facing a 26-count charge related to abuse of office, Emefiele had earlier pleaded not guilty to the allegations brought against him […]
The Federal Government, in conjunction with the National Identity Management Commission (NIMC), is set to introduce an enhanced national identity card embedded with payment capabilities, catering to a wide array of social and financial services. Crafted through a collaborative effort with the Central Bank of Nigeria (CBN) and the Nigeria […]
Glo-powered MoneyMaster Payment Service Bank (MMPSB), a leading payment service bank in Nigeria, has experienced substantial growth in its customer base following the introduction of new services. The surge in clientele underscores the bank’s commitment to innovation and customer satisfaction across the country. Licensed by the Central Bank of Nigeria […]
In a statement released on Sunday, the Presidency dismissed former Vice-President Atiku Abubakar’s attempt to criticize the government’s foreign exchange policy, asserting that it had failed to gain traction. The Presidency highlighted that the Central Bank of Nigeria (CBN) is actively implementing measures to stabilize the Naira. Atiku Abubakar recently […]
FBNQuest, the investment banking and asset management arm of FBN Holdings Plc, has released its latest Economic Outlook Report forecasting Nigeria’s Gross Domestic Product (GDP) to grow by 3.1% in 2024. The report, which offers insights into the macro economy, socio-political landscape and capital market trends, provides a comprehensive analysis […]
The Central Bank of Nigeria (CBN) under the leadership of Governor Yemi Cardoso is planning a significant restructuring that involves relocating major departments from the Abuja headquarters to the former headquarters in Lagos, southwest Nigeria. This decision, however, has stirred discontent among staff members, particularly married women, leading to internal […]