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Business
Hardship: CPPE wants CBN to peg customs duty at N1000/$
The Centre for the Promotion of Private Enterprise (CPPE), has urged the Central Bank of Nigeria (CBN) to peg the customs duty exchange rate at N1000 per dollar for the rest of the year. Its Founder, Dr Muda Yusuf, gave…
CBN pegs purchase of cash dollars to $500
…Mandates FX sellers of above $10,000 to declare sources The Central Bank of Nigeria (CBN) has pegged the payment of cash dollar purchase to a customer at $500 saying that the foreign currency (FX) exceeding this…
US judge approves $4.3 bn penalty for crypto giant Binance
Binance Holdings Ltd (BHL), the world’s biggest cryptocurrency exchange, is to pay $4.3 billion for violations of anti-money laundering and sanctions laws in a settlement approved by a US judge on Friday. US District…
Only about 5% of Nigerians have over N500,000 in their bank accounts — Wale Edun
The Finance Minister and Coordinating Minister of the Economy, Wale Edun, has stated that approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts. Edun, who made this disclosure in an…
Money laundered through cryptocurrency reached $22.2 billion in 2023 – Report
A report by blockchain research platform, Chainalysis, has revealed that a total of $22.2 billion was laundered globally through different cryptocurrency exchanges in 2023. The report, however, indicated that this was a…
Forex reforms: FG says naira already stabilizing, will go after saboteurs undermining the currency
The Federal Government has insisted that the ongoing reforms in the foreign exchange market is beginning to yield results, with the naira stabilizing and the forex market experiencing surge of inflows. The government…
CBN hikes BDC license to N2bn, issues new guidelines on FX transactions [FULL LIST]
The Central Bank of Nigeria has issued new guidelines on the sale of Foreign Exchange by Bureau de Change Operators in the Country. This development is part of massive reforms across the financial sector in Nigeria in order…
Customs to use exchange rate on date of ‘Form M’ for import duty assessment – CBN
The Central Bank of Nigeria has instructed the Nigerian Customs Service (NCS) to utilize the FX closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and import duty assessment.…
Be patient, CBN working to strengthen Naira – Cardoso begs Nigerians
Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, yesterday, begged Nigerians to be patient, as the management of the apex bank is doing everything possible to…
BREAKING: Naira strengthens by 7.43% to N1750 against dollar at the black market
The Naira witnessed a notable surge on Thursday, reaching a high of N1750 per dollar in the parallel market, commonly known as the black market. This surge represents a substantial 7.43% increase, with the currency…
CBN sells another N1.58 trillion in Treasury Bills, interest rate at 19% for 364-day bill
The Central Bank of Nigeria (CBN) has sold an impressive N1.58 trillion in its latest Treasury Bills auction as the apex bank continues its ongoing effort to manage liquidity in the financial system. The auction, held…
Naira steady at N1,900 per dollar after EFCC raid on BDC; Binance, Coinbase shutdown
Despite EFCC’s nationwide raid on bureau de change operators and the federal government’s ban on Binance and another cryptocurrency platform in Nigeria, the naira steadied at N1,900 per the U.S. dollar on Friday. The…
Three Teams Emerge Winners in HabariPay’s Take-on-Squad Hackathon 1.0 for University Undergraduates
After days of intense collaboration, innovation, and problem-solving, three teams - Team Within, Team X, and Team Storepoint - emerged winners in the…
Forex Crisis: Apprehension at CBN as FG, States, LGs meet to share FAAC allocations
There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is…
BREAKING: Tinubu’s govt stops export of cooking gas to reduce price in Nigeria
As part of measures to address the increasing scarcity and rising prices of cooking gas (Liquefied Petroleum Gas – LPG) in Nigeria, the federal government has taken decisive action. The Minister of State for Petroleum…
BREAKING: Naira hits record low of N1960 /EUR1 at the black market
The parallel market exchange rate has experienced a significant decline, plummeting to a record low of N1960 per Euro, driven by persistent demand pressures that continue to erode the currency’s value. This…
$1trn economy: Banks eye NGX for recapitalisation
In response to the directive from the Central Bank of Nigeria (CBN) to raise new capital and strengthen their positions in the market, Nigerian banks are anticipated to turn to…
Banks sell $172m as CBN, EFCC battle currency speculators
The naira gained marginally against the United States dollar at the Nigerian Autonomous Foreign Exchange Market on Tuesday, closing at N1,542.58/$ from N1,551/$…
Wild 24 hours: Naira Plunges to N1,900, rebounds to N1,354, then dips to N1,700 against USDT on…
It has been a tumultuous twenty-four hours on the renowned cryptocurrency platform, Binance, after the exchange rate between the naira and the popular stablecoin, Tether (USDT), plummeted to approximately N1900/USDT…
Naira may further depreciate by 35% in 2024 – IMF
The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 percent this year, adding that this could lead to inflation rate…
Analyzing CBN’s failed attempts to stem Naira Free Fall
The Nigerian Naira continues its tumultuous journey, facing steep declines against the US Dollar despite concerted efforts by the federal government and the Central Bank of Nigeria (CBN) to stem the free fall. The…
Confusion as naira crisis defies interventions, fuels inflation
• FG doesn’t know actual CBN overdraft, begins audit• CBN closes window until outstanding is cleared• Naira sustains slide, trades around N1,800/$• ‘Clampdown on BDC operators may escalate crisis’• Shettima attributes…
Currency Outside Banks Drops to N3.3tn, Now 89% of CIC
A report by the Central Bank of Nigeria (CBN) has revealed that currency outside banks as of January 2024 marginally declined to N3.28 trillion representing 89 per…
Low Rates Curb Appetite As Nigeria Raises Less Cash At Bond Auction
Nigeria’s Debt Management Office could only raise around half of its intended sale of N2.5 trillion in seven and 10-year bonds yesterday as the low-interest rates on…