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CBN directs BDCs to buy forex at N1,301 per dollar, sell at 1% profit

The Central Bank of Nigeria has announced plans to sell forex to bureau de change operators at N1,301 per dollar. The decision, which aimed to enable the sale of foreign exchange to BDC operators to meet the retail demand for…

Economy

CBN raises interest rate by 400 basis points to 22.75% to tackle inflation

On Tuesday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent. CBN governor Yemi Cardoso, who chairs the MPC,…

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…

Economy

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…

Feature

How Emefiele-led CBN released $6.2m for foreign election observers – Director

The fraud trial of the immediate-past governor of the Central Bank of Nigeria, Godwin Emefiele, continued on Monday before the Federal Capital Territory High Court in Maitama, with a deputy director at the apex bank, Onyeka Ogbu, testifying against him….

News

Naira volatility: Banks to fix forex rates —CBN

FOLLOWING persistent fluctuations of the naira exchange rate, the Central Bank of Nigeria (CBN) has permitted banks to sell foreign exchange at rates determined by them. With the banks determining their own prices, customers may find better deals on FX…

News

Senate committee holds session with CBN Governor Olayemi Cardoso

The Senate Committee on Banking, Insurance, and Financial Institutions has convened a session with Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. The meeting, held at the Red Chambers on Friday morning, February 09, 2024, saw Cardoso accompanied by other…

News

JUST IN: CBN, NNPC set limits for management of oil firm’s revenue

The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have set limits for the management of the oil firm’s revenue. In a statement on Thursday, Olufemi Soneye, NNPC chief corporate communications officer, said the limit…

News

Senate panel summons CBN Governor over state of economy

The Senate Committee on Banking, Insurance and other Financial Institutions, on Wednesday, summoned the Governor of the Central Bank of Nigeria, Yemi Cardoso, over the state of the nation’s economy. Chairman of the Committee, Adetokunbo Abiru (APC, Lagos East) directed…

Economy

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…