CBN
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The naira recorded a significant drop against the dollar weekly, from March 28 to April 4, 2025 amid United States of America President Donald Trump’s administration tariffs announcement. The Central Bank of Nigeria’s exchange data in the period under review showed that the naira weakened by N30 per dollar week-on-week. Daily Nigerian Foreign Exchange at…
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Following a motion of urgent public importance, the House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria. The motion moved by a member, Marcus Onobun, drew the attention of…
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The Senate Ad-hoc Committee Investigating Ways and Means has slammed the Central Bank of Nigeria, CBN, for frustrating its investigation into the N30 trillion facility provided to the last administration from 2015 to 2023. The chairman of the ad-hoc committee, Senator Jibrin Isah Echoch, made the accusation after receiving an interim report from consultants commissioned…
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Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians. This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November. The report showed that the country’s headline or all-items inflation increased by 0.72 percent on…
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A member of the House of Representatives for Yagba Federal Constituency, Hon Leke Abejide, on Wednesday described President Bola Tinubu as the messiah Nigeria needs. Abejide, who was a guest on Channels Television’s Politics Today, expressed confidence in Tinubu’s administration to turn around the nation’s fortunes. “By the time we get to 2026, they will see…
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There are indications that the Central Bank of Nigeria (CBN) may retire about 1,000 of its employees by December 31, 2024. This is according to a recent report by Daily Trust, which states that the exercise will cost the apex bank N50 billion. The CBN, led by Olayemi Cardoso, described the move as a strategic…
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The Governor, Central Bank of Nigeria, CBN, Mr Olayemi Cardoso, has said that the apex bank under him took the bold step of floating the Naira in the foreign exchange market in order to bring the official exchange rate closer to market reality. About three CBN Governors before Cardoso had toyed with the floatation option when…
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The Central Bank of Nigeria, CBN, has sold the sum of USD122,671,000.00 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market. A statement signed by the Bank’s Director in charge of Financial Markets, Dr Omolara Duke, disclosed that USD 67,500,000.00, sixty-seven million, five hundred thousand…
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The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions. The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the…
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Nigerians are holding onto cash at an unprecedented rate with a staggering 94 percent of the currency outside the banking system. This Central Bank of Nigeria (CBN) stated this in its March 2024 Money and Statistics data. The figures paint a concerning picture of declining trust in the banking system and potential risks to the…
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The Federal High Court in Abuja has authorised the issuance of notices of contempt proceeding against the Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso and the Director of Legal Services Department, Salam-Alada Kofo over their alleged failure to obey an order of the court. They were said to have failed to comply with…
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The Central Bank of Nigeria (CBN) has announced the sales of dollars to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible transactions. A statement by the apex bank on Monday said it will sell $10, 000 to each of the BDCs at the rate of N1,101/$1, adding that the…
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The Central Bank of Nigeria, CBN, has given assurance of stability in the naira-dollar exchange rate. CBN Governor Olayemi Cardoso said this at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday. “In terms of the volatility of the exchange rate, we are using various tools to ensure the…
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Governor of the Central Bank of Nigeria, Olayemi Cardoso has disclosed factors responsible for hunger in the nation, saying there was supply shock of food items preluding yuletide and the distribution challenges due to insecurity. Cardoso spoke at an interactive session with the Senate Joint Committee on Finance, Banking and Other Financial Institutions and National…
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The Centre for the Promotion of Private Enterprise, CPPE, has urged the Central of Nigeria and the Customs Service to reverse a 42.5 per cent hike in the exchange rate import duty, saying it will impoverish more Nigerians. The Director of CPPE, Dr Muda Yusuf, disclosed this on Friday in his statement while reacting to…
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The Central Bank of Nigeria, CBN, has denied plans to convert $30 billion deposits in domiciliary accounts to naira. CBN was reacting to a report that it was considering a policy that will convert the foreign currencies of Nigerians in domiciliary accounts to naira. The report claimed that the move would stabilise and increase liquidity…
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