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On Wednesday, the House of Representatives discovered that five banks were withholding $5 billion in forex. Worried about the country’s foreign exchange market instability, the House directed the joint Committees on Banking Regulations and Banking Institutions to hold an investigative hearing into banks and financial institutions’ failure to comply with CBN directives on Net Open … Read more
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says that for the first time in a long while, Nigeria’s volume of transactions in the exchange market rose to $800 million. He stated this while addressing members of the House of Representatives at the sectoral debate on the economy. “We are not a … Read more
The naira appreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official window, on Monday. Naira rose by 1.06 percent to close at N1,419.86 to a dollar — from N1,435/$ recorded at the close of trading last Friday. According to data on FMDQ Exchange, a platform that oversees official FX trading in Nigeria, … Read more
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has explained that the move to relocate departments and personnel in the bank’s headquarters in Abuja to other branches is due to “overpopulation”. Cardoso spoke on Monday during an interview on Arise Television. When asked if the CBN headquarters is over-populated, Cardoso said: “It is over-populated” adding … Read more
Central Bank of Nigeria (CBN) Governor Yemi Cardoso stated that the apex bank uncovered $2.4 billion in invalid foreign outstanding claims, which are squeezing the naira and causing anxiety in the currency market. Cardoso confirmed this in an interview with Arise Television on Monday. According to Cardoso, this was discovered during an audit by the … Read more
The naira, on Wednesday, crossed the N1,500 mark at the parallel section of the foreign exchange (FX) market. The value of the naira fell to N1,530 against the dollar an all-time low in the parallel market. This is a 4.08 percent decline compared to the N1,470/$ reported the previous trading day. Currency traders, also known … Read more
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