Francis Abel 
Bureau De Change (BDC) operators have announced shut down of operation in Abuja as a result of unavailability of dollars. Chairman of the Association, Mallam Abdulahi Dauran, announced this in the nation’s capital, on Wednesday. He attributed the development to online business transaction and cryptocurrency. Daurau said the closure of business would take effect from … Read more
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more
The First Bank of Nigeria (FBN) Holdings has appointed billionaire businessman Femi Otedola as the new chairman of its board of directors. He succeeds the outgoing Chairman of the board, Alhaji Ahmad Abdullahi. The financial institution disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development. READ … Read more
The Central Bank of Nigeria, CBN, on Wednesday raised concerns over the increase in foreign currency exposures among Nigerian banks. In a bid to manage risks and prevent potential losses with systemic implications, the CBN issued stringent lending requirements for commercial banks. The requirements are contained in a circular addressed to all banks and signed … Read more
On Tuesday, the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official window, saw a further depreciation of the naira to N1,482.57 versus the US dollar. The naira continued to fall at the end of trading, down 9.93 percent from the N1,348.63/$ posted on Monday. Before closing at N1,482.57, the dollar saw trading as … Read more
In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Ltd -a key indigenous player in the oil and gas industry- recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier. Named ‘Alfred Temile 10’, the vessel was … Read more
The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 down from a 3.1 percent projected in October 2023. This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024. The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open … Read more
The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned foreign aviation firms. Hakama Sidi-Ali, CBN acting director of corporate communications disclosure this on Tuesday. Sidi-Ali said the latest amount paid to the airlines brought the total verified sum … Read more
After being redeployed from the headquarters, at least 1,500 employees of the Central Bank of Nigeria, CBN, will return to work at its Lagos branch on Friday. Despite strong criticism, the plan remained in place, according to an apex bank source who spoke with our correspondent. Affected employees would be returning to work on Friday. … Read more
On Monday, the naira hit an all-time low of N1348.63 per dollar on the Nigerian Autonomous Foreign Exchange Market. According to data from the FMDQ Securities Exchange, this represents a 51.21 percent drop from the national currency’s official market closing rate of N891.90/$ last Friday. Monday’s official rate is the worst official exchange rate the … Read more