The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP). This was disclosed in Abuja on Wednesday by the Bank’s Acting Director…
Naira’s woes continue for the second week as legitimate operators of Bureau De Change, BDC, await the Central Bank of Nigeria’s intervention. FMDQ data showed that the naira dipped to N1520.40 per dollar on Tuesday from N1478.11. This represents N42.29…
The Central Bank of Nigeria (CBN) plans a major restructuring in its operations, aiming to transfer about N5.5 trillion in development finance activities to a combination of private banks and Development Finance Institutions (DFIs). According to a new report on…
Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso has expressed concerns on how the continued hike of interest rates may make the country unattractive for investments. The Governor was expressing his concerns while commenting on the Apex’s…
Nigeria has spent about $1.12 billion on foreign debt service payments in the first quarter of 2024, highlighting the growing burden of external debt on the nation’s finances. Data from the Central Bank of Nigeria (CBN) reveal that debt service…
The House of Representatives has urged the Central Bank of Nigeria (CBN) to halt the proposed implementation of the cyber security levy. The resolution followed a motion of urgent public importance by Rep. Kingsley Chinda (PDP-Rivers), the minority leader of…
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on deposits within some thresholds. This is according to a statement by Adetona Adedeji, acting Director, Banking Supervision Department on Wednesday in Abuja. Adedeji said that the…
The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country. The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.…
Nigerian banks’ loans to private sector declined by 11.93 per cent in March amid rising interest rates. Data from the Central Bank of Nigeria, CBN, showed that loans to the private sector dropped to N71.21 trillion at the end of…
…As CBN exempts 16 transactions …SERAP alleges levy violates constitution, human rights regulations Global financial advisory and tax firm, Andersen in Nigeria, has described the introduction of the National Cybersecurity levy as ill-timed. The global firm noted that the new…
