Economy
CBN issues stricter guidelines for BDCs, other FX stakeholders
The Central Bank of Nigeria (CBN) has issued a draft of revised Regulatory and Supervisory Guidelines for all Bureau de Change (BDC) Operators and stakeholders in the financial services industry. The guidelines which seek to enhance the regulatory framework for BDC operations as part of ongoing reforms of the Nigerian foreign exchange market, were contained […]
CBN: Foreign oil firms prohibited from 100% repatriation of FX revenue
The Central Bank of Nigeria (CBN) has prohibited International Oil Companies (IOCs) from repatriating all their foreign exchange earnings to their parent companies abroad. Commencing immediately, the policy restricts foreign oil firms from repatriating 50 percent of their proceeds in the first instance and the other half after 90 days. IOCs must have easy access […]
eNaira adoption surges as value in circulation rises 302% to N10bn
The value of eNaira in circulation rose by 302 per cent in nine months to N10.26 billion at the end of September reflecting increased adoption of Africa’s Central Bank Digital currency. It was also gathered that the increased adoption was driven by transactions via USSD channels. Introduced by the Central Bank of Nigeria, CBN in […]
Nigeria Fails To Meet Oil Production Targets In 10yrs
Despite having crude oil in abundance, Nigeria has consistently failed to meet oil production targets as stipulated in national budgets over the last 10 years, according to Daily Trust. The country has, over time, maintained a mono-economy with crude oil sales constituting about 90 percent of its foreign exchange earnings. However, experts have projected that non-oil […]
Again, CBN Adjusts Exchange Rate to N1,413.62/$1
Amid stakeholders’ rejection of the N1,356.883 exchange rate, the Central Bank of Nigeria (CBN) on Saturday readjusted the exchange rate on the Customs platform to N1,413.62/$1. This review of the exchange rate came less than 24 hours after the CBN increased the exchange rate from N951.941/$1 in December to N1,356.883/$1 on Friday, February 2nd, 2023. […]
BREAKING: Naira falls to record low of N1,515 /$1 at the black market
Naira has fallen to a record low of N1,515 per dollar following strong demand on the parallel market, also known as the black market. This represents 1.32% or N20.00 weaker than N1,495 it traded in the morning today according to Nairametrics tracker. This despite analysts’ optimism that the new FX rules by the apex bank […]
Femi Otedola appointed as new chairman of FBN Holdings
FBN Holdings Plc, a leading financial institution in Nigeria, has announced the appointment of Mr. Olufemi Peter Otedola, CON, as its new Chairman of the Board of Directors. This appointment, effective January 31, 2024, follows a recent meeting of the board where Mr. Otedola succeeds Alhaji Ahmad Abdullahi. Mr. Otedola, a renowned business mogul with […]
CBN Issues Fresh Requirements to Mitigate Foreign Currency Risks
The Central Bank of Nigeria (CBN) Wednesday expressed concern over the growth in foreign currency exposures of banks through their Net Open Position (NOP). The central bank disclosed this in a circular to all banks dated January 31, 2024 and signed jointly by Director, Trade and Exchange, Dr. Hassan Mahmud and Mrs. Rita Ijeoma Sike, […]
CBN Injects Fresh $500m Into Forex Market
The Central Bank of Nigeria (CBN) has committed $500 million into the forex market. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday. Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.” She also assured Nigerians that […]
Dangote refinery registers 75% of oil marketers for product distribution
Dangote Refinery has officially registered three major oil marketers accounting for approximately 75% of the overall market, to handle the distribution of its refined products. The Dangote Group, in a statement on Tuesday, disclosed the marketers include the Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Major Oil Marketers Association (MOMAN) Nigeria, and the Independent […]