CBN
CBN sells dollars to BDCs at N1,251/$1
The Central Bank of Nigeria on Monday disclosed that it sold $10,000 to each Bureau De Change operators at a rate of N1,251 per U.S. dollar. The bank disclosed this in a circular addressed to the President of the Association of Bureau De Change operators of Nigeria. In the circular, signed by Hassan Mahmud, the […]
Disquiet In CBN As Cardoso Retires ‘Emefiele’s Directors’
Barring any last minute changes, at least eight directors at the Central Bank of Nigeria (CBN) would be served early retirement letters from the apex bank this week. These directors, some of whom were initially redeployed to an arm of the bank, FSS 2020 under the Governor’s Directorate, whose office is located in the Maitama […]
How Buhari, ex-SGF’s signatures forged to move $6.2m from CBN
A forensic document examiner seconded to the Economic and Financial Crimes Commission, Bamaiyi Haruna on Thursday said the analysis conducted on the documents used to release $6.2m from the Central Bank of Nigeria in February 2023 showed that they were forged. The EFCC had alleged that on February 8, 2023, a former CBN governor, Godwin […]
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 eligible invisible transactions, was contained in a statement signed by Hassan Mahmud, a director at […]
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, announced the committee’s decisions on Tuesday after the meeting. Mr Cardoso said the asymmetric corridor […]
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 […]
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. The Economic and Financial Crime Commission is prosecuting Emefiele on amended 20 counts bordering on […]
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 compared to the previous system while customers can compare the prices offered by different banks, […]
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 CBN officials. Just days prior to this session, Cardoso had appeared before the House of […]