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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 […]

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 […]

Forex turnover at the official foreign exchange market has increased to $11.43bn within over two months of trading following fresh reforms by the Central Bank of Nigeria. An analysis of reports and data of daily forex transactions recorded on the website of FMDQ Securities, a platform that publishes official foreign exchange trading in the country, […]

It listed the timeline for the closure, asking users to take needed action. “Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into crypto prior to the discontinuation of these NGN services,” Binance said in a statement. “From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be […]

The Nigerian naira has plunged to a record low of N1348.63 per dollar, marking a staggering 51.21% depreciation since last Friday and raising alarm bells across the nation. This historic low defies ongoing efforts by the Central Bank of Nigeria (CBN) and the federal government to stabilize the currency, leaving many wondering what lies ahead […]

Nigeria’s currency, the Naira, may be in for brighter days, according to optimistic predictions from Minister of Budget and Economic Planning, Atiku Bagudu. His statements come against the backdrop of ongoing exchange rate reforms championed by President Bola Tinubu and the Central Bank. Citing the positive experiences of other countries with liberalized foreign exchange markets, […]

Point of Sale (PoS) operators are feeling the pinch of a nationwide cash shortage, forced to buy cash at inflated rates from traders due to limited withdrawals from banks. This scramble for cash is shrinking their businesses, raising concerns about the broader impact on the Nigerian economy. Banks across the country have been grappling with […]

Nigeria’s crude oil production fell last month after two consecutive months of increase, putting a damper on the government’s drive to ramp up its foreign exchange earnings and stabilise the naira. Crude oil production declined to 1.56 million barrels per day in October, indicating a 0.65 per cent drop from the preceding month, a new […]