Central Bank of Nigeria
The Central Bank of Nigeria has announced its decision to allocate $10,000 to each Bureau de Change operator at a rate of N1,251/$. In a circular issued by the bank’s Director of Trade and Exchange Department, Dr. Hassan Mahmud, and made available to journalists on Monday, the CBN clarified the terms of this allocation. According […]
In response to the prevailing economic challenges faced by Nigerians, the Bank of Industry (BOI) has introduced a palliative food programme aimed at providing relief to the populace. Recently inaugurated by the Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, at the BOI headquarters in Lagos, this initiative underscores the government’s commitment to supporting […]
The Senate Ad-hoc Committee, investigating the acquisition and expenditure of the N30 trillion Ways and Means loans from the Central Bank of Nigeria during the administration of former President Muhammadu Buhari, has disclosed the discovery of certain irregularities in the loan procurement process. As a result, the committee has announced its intention to summon the […]
Zenith Bank Plc has announced the appointment of as its Group Managing Director/Chief Executive Officer (CEO), effective June 1, 2024, pending approval by the Central Bank of Nigeria (CBN). The appointment was disclosed in a statement released to the Nigerian Exchange Limited (NGX) and signed by Michael Osilama Otu, the Company Secretary of Zenith Bank […]
Nigeria’s inflation rate climbed to 29.90 per cent in January 2024 from 28.92 per cent recorded in the previous month. The 0.98 per cent increase shows that the inflation rate in the country is yet to slow down. The National Bureau of Statistics revealed this in its ‘Consumer Price Index published on Thursday. The development […]
Pressure on Nigeria’s foreign exchange market eased significantly on Wednesday as commercial banks responded to the Central Bank of Nigeria’s (CBN) 24-hour ultimatum to sell excess dollars. Banks offloaded dollars into the official market, leading to an 85.36% increase in dollar transactions compared to the previous day. This surge in activity pushed the daily foreign […]
Bureau de Change (BDC) operators in Abuja have pulled down their shutters, citing a critical shortage of US dollars. This announcement, made by association chairman Abdulahi Dauran, comes as the Nigerian Naira continues to depreciate against the greenback. The Naira hit an all-time low of N1,482 per dollar on the official market on Tuesday. Meanwhile, […]
In a swift move to stabilize three struggling banks, the Central Bank of Nigeria (CBN) has dissolved their boards and appointed new executive directors to lead them forward. Announced in a statement this morning, the appointments are effective immediately. Union Bank: Yetunde Oni, previously the first female CEO of Standard Chartered Bank in Sierra Leone, steps in […]
Just 21 days remain until the Central Bank of Nigeria’s (CBN) deadline for all bank customers to obtain a Bank Verification Number (BVN). Encouragingly, data from the Nigerian Interbank Settlement System (NIBSS) shows a surge in registrations, bringing the total number of BVN holders to over 60.2 million. This marks a significant jump of 2.6% […]
Despite billions of naira pumped into boosting Nigerian rice production, the cost of local rice has skyrocketed, with a kilogramme jumping a staggering 73.2% in just one year. This spike comes as a bitter pill for Nigerians who rely on it as a staple food, and throws into question the effectiveness of government efforts to […]
