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…
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…
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….
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…
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…
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…
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…
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…
1,500 redeployed CBN staff to resume Lagos office Friday
Following their relocation from the Abuja headquarters, at least 1,500 Central Bank of Nigeria (CBN) employees will begin work at the Lagos branch on Friday, February 2. A source within the apex bank informed PUNCH that despite facing criticism, the…
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…