Banking and Finance

Respite appears on the horizon for Nigerians as prices of imported goods and raw materials are expected to nosedive as the Central Bank of Nigeria (CBN), on Monday, reviewed downward the Foreign Exchange on clearance of cargoes at the nation’s seaports from…

Central Bank of Nigeria (CBN) governor, Olayemi Cardoso has warned Nigeria and other developing countries to be wary of debt risks saying if left unchecked, they will hinder economic growth and prosperity. The apex bank governor, however, said that Nigeria’s situation is stable…

Banks in Nigeria have begun implementing the Central Bank of Nigeria’s (CBN) directive to restrict access to Tier 1 bank accounts not linked to the National Identity Number (NIN) or Bank Verification Number (BVN). The CBN issued the directive in a circular on…

The Central Bank of Nigeria (CBN) has released a list of eligible Bureau De Change (BDCs) operators. The CBN said all eligible BDCs must adhere to strict guidelines regarding the sale of foreign exchange to end-users. Currently, the number of BDCs stands at…

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that Savannah Bank, one of the Nigerians’ oldest banks, has not been liquidated. It, however, said though its license was withdrawn, it has been re-licensed and has the mandate to operate fully. The bank has been…

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales…

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says himself and his team are not responsible for the current economic woes in the country. He stated this on Tuesday in Abuja at the Monetary Policy Committee (MPC) meeting of the…

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 amount will be made through a transfer to their Naira bank account. If the customer purchasing…

In a bold move to restore sanity in the foreign exchange market, the Central Bank of Nigeria (CBN) has unveiled a new increase in the share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1…

The Central Bank of Nigeria (CBN) has asked the Nigerian Customs Service (NCS) to adopt the same forex rate from the importation of goods to its clearance in the country. The directive was contained in a circular on Friday by the apex bank’s…