President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria, CBN, for a term of five years at the first instance, pending his confirmation by the Nigerian Senate. This directive is in conformity with Section 8 (1) of the Central Bank…
The Central Bank of Nigeria (CBN) will, in a few weeks, inject $10 billion into the foreign exchange (FOREX) market to clear its backlog as scarcity persists. The acting Governor of the CBN, Folashodun Shonubi on Tuesday in Lagos, said the financial regulator will work with Nigerian deposit money banks (DMBs), which control 75 percent of FOREX transactions,…
The Central Bank of Nigeria has brought back the Bureau De Change, BDC, with new operational mechanism announced on Friday. The new mechanism mandates BDC segment of the market to trade foreign currencies at similar rates obtainable on the Investor & Exporter forex window, the directive that observers said is difficult to comply with as…
The Central Bank of Nigeria, CBN, has introduced a price verification system as prerequisite for all Form M requests by the importers to access foreign exchange. The CBN in a statement from its Trade and Exchange Department on Thursday, said a price verification report from the portal takes effect from August 31, 2023. “Following the…
Lawyers call for suspension of DG DSS Bichi
Central Bank of Nigeria, CBN, has increased the monetary policy rate, MPR, from 18.5 per cent to 18.75 per cent. The MPR which measures interest rate on concern of ballooning inflation rate which 22.79 per cent in June, according to data from the National Bireau of Statistics, NBS. Addressing journalists after the two-day Monetary Policy…
The Federal Government of Nigeria has filed a two-count charge of illegal possession of firearms and ammunition against suspended Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, before the Federal High Court in Lagos. The FG, in the charge sheet seen by Channels Television’s judiciary correspondent, accused Emefiele of possessing a single-barrel shotgun (JOJEFF MAGNUM…
The Central Bank of Nigeria (CBN) has limited the daily cumulative and single contactless payments, made through bank accounts or digital wallets to ₦50,000 and ₦15,000, respectively. The higher-value contactless payments are transactions that exceed the above-stated limits and will require appropriate verification and authorisation. The transaction limit for contactless payments took effect on Tuesday,…
Rising Consumer Price Index which measures inflation rate in Nigeria has defied major economic and monetary policies measures as it increased to 22.41 per cent in May, 2023. DAILY COMMERCE reported that the Central Bank of Nigeria, CBN, had increased the Monetary Policy Rate, from 11.5 per cent earlier last year to 18.5 per cent…
Nigerian banks may have to boost their capital as a result of the steep devaluation of the exchange rate, following a move by the Central Bank of Nigeria (CBN) to allow banks to trade Foreign Exchange (FX) freely on the Investors and Exporters FX Window. The removal of the previous cap set by the CBN has enabled the naira…
