CBN Issues Fresh Directives On Foreign Currency Payment Of Diaspora Remittance
The Central Bank of Nigeria CBN) has issued fresh directives to International Money Transfer Operators (IMTOs) on foreign currency payment…
Category: Local
Nigeria’s Biggest Bank In Talks To Buy Atlas Mara Assets
Nigeria’s biggest bank is in talks about a potential acquisition of assets belonging to Bob Diamond’s Atlas Mara Ltd. to…
CBN Introduces Special Bills To Deepen Financial Market
The Central Bank of Nigeria (CBN) will make N250 billion available for infrastructure funding in a bid to expand gas…
Naira Depreciates At I&E On 379.6% Jump In FX Demand
The Naira slid by 0.96 per cent or N3.75 against the US Dollar at the Investors and Exporters (I&E) window…
FX Inflows: CBN Enables Cash Withdrawal In Foreign Currencies
In order to bridge the wide exchange rate between the legalised foreign exchange (forex) markets and the parallel market, the…
CBN Releases Banks’ Excess CRR To Spur Economic Recovery
As part of efforts to support economic recovery and propel the quest to return to the growth path, the Central…
Customs Explains Multiple Import Counter-Check System
COORDINATOR of the Comptroller General of Customs Strike Force Zone ‘A’, Ahmadu Bello Shuaibu, has said the Service’s four layer…
AfCFTA – Nigeria Can Ban 10% Of Sensitive Goods, Others At Borders
Lagos and Abuja — In spite of the African Continental Free Trade Area (AfCFTA) starting in January, Nigeria has the…
Nigeria’s Oil Rig Count Dips By 30% In One Month
Nigeria’s active rig count has dropped significantly by 30 per cent to seven in October 2020 as against 10 recorded…
Crash In Money Market Instruments Triggers N2.3tr Gain
Investors on the Nigerian Stock Exchange (NSE) gained N2.3 trillion in November, as the market recorded its best monthly appreciation…
Buhari Asks Nigerians To ‘Embrace Gas As Alternative To Fuel’
The President made this call on Tuesday during the unveiling of the National Gas Expansion Programme and National Autogas Roll-out…
Nigeria To Push CNG As Alternative Transport Fuel, Reduce Reliance On Gasoline
London — Nigeria has started the roll out of compressed natural gas (CNG) as a key transport fuel as part…
FG, Egyptian Firm Sign Pact To Invest In Gold Mining
The Federal Government and Messrs La Mancha Incorporated, a leading Luxembourg Incorporated Private Gold Development and Mining Company in Cairo,…
2016 REPOST: Nigeria’s Case Study On How Not To Float Your Currency
Rumors of rate fixing. Scarcity of foreign exchange. A widening gap between the official rate and the runaway blackmarket. Nearly…
FG Lost N1.3trn To Import Duty, VAT Waivers –Minister
The minister of finance, budget and national planning Hajiya Zainab Ahamed Shamsuna has said that the federal government lost N1.3…
Nigeria Eases Rules On Diaspora Remittances To Boost FX Liquidity
Nigeria hopes to attract more remittances from its diaspora to boost foreign currency liquidity after the central bank issued a…
CBN Issues New Guidelines On Foreign Remittances
The Central Bank of Nigeria has said beneficiaries of diaspora remittances can now receive monies sent from abroad in foreign…
CBN Okays Dollar Collection For Diaspora Remittances
The Central Bank of Nigeria (CBN) has stopped naira payment to recipients of diaspora remittances (dollar inflows) from International Money…
CBN Issues Subtle Warning Explaining How Domiciliary Accounts Should Be Used
The Central Bank of Nigeria (CBN) issued a circular on Monday clarifying how domiciliary accounts will be operated in the…
Oil Falls After OPEC+ Talks Delay Sets Off Supply Alarm
Oil prices fell on Tuesday as concerns over mounting supply returned to the fore after leading producers delayed talks on…
Don’t Reverse Ban On Rice Importation, Ortom Begs Buhari
Governor Samuel Ortom of Benue State, on Monday, appealed to the President, Major General Muhammadu Buhari (retd.), to sustain the…
FG Warns Against Christmas Carol, Tells Nigerians Abroad To Stay Away
The Presidential Task Force on COVID-19 has urged Nigerians to be weary of festivities such as Christmas carols as the…
Frantic CBN Allows Diaspora Remittances To Be Withdrawn In Dollars And Sold Anywhere Including Black Market
To save the naira, CBN now allows diaspora remittances to be withdrawn dollar cash. The Central Bank of Nigeria (CBN)…
CBN Removes Restriction On FX Receipt Through Domiciliary Accounts
Beneficiaries of Diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in the foreign currency (US…
Govt, CBN Point To Results In Economy Recovery Plan
At the backdrop of the slide into the second recession in five years, fiscal and monetary authorities are indicating that…
Electricity Grid Collapses In Nigeria, Africa’s Largest Economy
Nigeria’s national electricity grid collapsed on Sunday, the Transmission Company of Nigeria (TCN) said in a statement. Power outages in…
Nigeria’s Defense Of A Spiraling Naira And Its Multiple Exchange Rates Isn’t Working
At any point in the last few years, Nigeria’s naira has always had multiple exchange rates. As of Friday (Nov.…
Naira Hits Four-Year Low As Nigeria Central Bank Adjusts Rate
Nigeria’s central bank weakened the naira for the third time this year as the regulator struggles to stem demand for…
Expanding Financial Services Access With Cryptocurrencies
The Cryptocurrency space is fast expanding, with more people, including those at the grassroots embracing the digital investment plan. Even…
Nigerian Naira Weakens In NDF Markets After Spot And Futures Market Ease
Nigeria’s naira slipped across the curve against the dollar in non-deliverable forward markets on Monday, with the six-month contracts falling…