The International Air Transport Association (IATA) has confirmed that the Central Bank of Nigeria (CBN) has successfully cleared $831 million of foreign airlines’ trapped funds from June last year to date. This significant development has reduced the global total of such trapped funds to approximately $1.8 billion. At its peak in June 2023, Nigeria had … Read more
The Naira is projected to strengthen in the upcoming months after the Central Bank of Nigeria (CBN) settled over $1.3 billion in foreign exchange (forex) forwards contracts last week, according to analysts. Experts at Rand Merchant Bank in Lagos noted that following this settlement, the outstanding unpaid forex forwards contracts from now until December amount … Read more
In response to circulating online reports, the Central Bank of Nigeria (CBN) has firmly denied any plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank. The CBN labeled these reports as false, clarifying on its social media channels, “The content is fake and not from the CBN.” This clarification follows recent … Read more
The naira depreciated to N1,510 per dollar in the parallel section of the foreign exchange (FX) market on Monday, marking a 1.34 percent decline from the N1,490/$ rate observed on May 31. Currency traders, commonly known as bureau de change (BDC) operators, reported buying the dollar at N1,490 and selling it at N1,510, resulting in … Read more
Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank Plc’s banking license, the Nigeria Deposit Insurance Corporation (NDIC) has initiated the bank’s liquidation. The NDIC announced on Monday that it has started the immediate verification and payment of insured deposits to the bank’s depositors. In compliance with Section 12(2) of the Banks and … Read more
In a move to uphold Nigeria’s financial integrity, the Central Bank of Nigeria (CBN) has taken decisive action by revoking the license of Heritage Bank Plc under the powers vested in it by the Banks and Other Financial Act (BOFIA) 2020. This measure, effective immediately, comes as a response to the bank’s failure to comply … Read more
On Wednesday, the Nigerian naira saw a notable appreciation to N1,490 against the US dollar in the parallel section of the foreign exchange market. This marks a 2 percent increase compared to the rate of N1,520 reported on May 27. Currency traders, commonly known as bureau de change operators, quoted the buying price of the … Read more
The Central Bank of Nigeria (CBN) has mandated all existing Bureau De Change (BDC) operators to reapply for new licenses in their preferred category. This directive was issued on Wednesday in a circular signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department. According to the circular, BDC operators must meet the … Read more
The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint, will be able to resume the enrolment of new customers in the coming months. This announcement was made by CBN Governor Olayemi Cardoso during the 295th Monetary Policy Committee (MPC) meeting, where … Read more
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 150 basis points, from 24.75% to 26.25%. This decision is part of ongoing efforts to achieve price stability and curb inflation. The committee also maintained the asymmetric corridor at +100 and -300 basis points, with the … Read more