The Nigerian currency, Naira, on Thursday saw a slight depreciation against the United States dollar in the official market, trading at N1,476.24 per dollar. According to data from the FMDQ Exchange, this marks a loss of N2.58 for the Naira, a 0.17% decline from its previous rate of N1,473.66 on Tuesday. READ ALSO :EFCC arrests … Read more
Over the weekend, the value of the naira experienced a decline, with the currency trading at N1,510 to a dollar on the parallel market and 1,466.31 at the official market. This recent depreciation marks a reversal in the trend, as the naira had previously shown signs of stability against the dollar, trading below N1,000, following … Read more
The Nigerian currency, Naira, breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria’s fragile FX market, defying efforts by the Federal Government to shore up its value. Market fundamentals affirm that the naira lost its support at N1450, setting up a new wave of free decline, continuing … Read more
Following a mandate from the Central Bank of Nigeria, Kuda Bank, Moniepoint, OPay, and Palmpay have suspended account opening for new customers. The instruction was issued two days after the EFCC closed 1,146 bank accounts implicated in illicit forex operations. “We’ve temporarily paused new signups on our platform. This means that you’ll be unable to … Read more
The Nigerian Electricity Regulatory Commission, NERC, has approved 481 Band A areas for the purpose of implementing the new tariff. Documents obtained from the regulator indicated that the Abuja Electricity Distribution Company, AEDC, emerged the highest with 107. Yola Electricity Distribution Company, YEDC, has 15, apparently the least. A breakdown indicated that the Ikeja Electricity … Read more
Nigerian traders on the Binance platform may soon become guests of the Economic and Financial Crimes Commission, EFCC. On Monday, the Federal High Court in Abuja ordered Binance Holdings Limited to supply the EFCC with precise information about all Nigerian traders on its platform. The action followed a motion filed by the anti-corruption agency requesting … Read more
The Central Bank of Nigeria (CBN) has announced plans to offer foreign exchange worth $20,000 to any eligible Bureau De Change operator across the country. This comes more than two years after suspended former CBN governor Godwin Emefiele prohibited the sale of foreign exchange to BDC operators in that area of the FX market. The … Read more
The Central Bank of Nigeria (CBN) has released an Exposure Draft of the Risk-based Cyber Cyber-security Framework and Guidelines for Deposit Money Banks (DMBs) and Payment Service Banks (PSBs) in an effort to manage technology platforms and infrastructure used in the operation of banks and other financial institutions. The CBN’s Acting Director of Banking Supervision, … Read more