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Nigerian currency, the Naira has plummeted to a record low, depreciating by N72.58 in value against the US dollar in July 2024. According to the FMDQ financial market report, the average exchange rate stood at 1,560.32 Naira per dollar, a 4.88% increase from the previous month. The foreign exchange market turnover also surged to $7.39 […]
Continue ReadingMonies unremitted by Revenue Generating Agencies (RGA) to the coffers of the Federal Government increased to N4.1tn as of June 2024, the Federation Accounts Allocations Committee (FAAC) has said. FAAC stated that this was despite the agencies’ reconciliation and payment of outstanding debts of N94.96bn in May 2024. According to Punch, the unresolved amount is […]
Continue ReadingIn an interview published by the Financial Times on Friday, Nigerian businessman, Tony Elumelu, has said the government and security agents in Nigeria should be able to tell Nigerians who steal the country’s crude oil, especially using vessels that move through the territorial waters. He said he discovered first-hand why international oil companies were partly […]
Continue ReadingThe Nigerian currency, the Naira has appreciated at the official market. According to new Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, NAFEM, the Naira gained N9.93, representing a 0.61 per cent gain when compared to the previous trading date on Aug. 2 […]
Continue ReadingNigeria’s Naira further depreciated at both the official and parallel markets on Monday. At the official, Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira dropped to 1,523.85 per dollar, depreciation from the previous close of 1,509.67 to the American dollar. NAFEM is the market trading segment for Investors, Exporters, and End-users that allows for forex […]
Continue ReadingIn a statement by the Central Bank of Nigeria’s (CBN) Acting Director of Corporate Communication Department, Sidi Ali, the CBN has revoked the banking operations licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. According to the […]
Continue ReadingThe value of Nigeria’s naira has again weakened further against the United States dollar at both the official and parallel foreign exchange markets. So, officers of the Economic Financial Crimes Commission (EFCC), on Tuesday, expanded its clampdown on Bureau De Change operators, arresting traders in Abuja, Lagos, Kano and Port Harcourt. Activities of currency speculators […]
Continue ReadingPresident Bola Tinubu has asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and ordered a review of the law and policy necessitating it. This is coming after the decision of Nigeria’s House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all […]
Continue ReadingIn a circular signed by the Director, Payments System Management Department (PSMD), Chibuzo Efobi; and the Director, Financial Policy and Regulation Department (FPRD), Haruna Mustafa; the Central Bank of Nigeria (CBN) on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country. Implementation of the […]
Continue ReadingIn a circular on Monday, the Central Bank of Nigeria (CBN), directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions, and implementation of which would start in two weeks. The circular reads in part: “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant […]
Continue ReadingIn spite of the on-the-spot raid of Bureau De Change (BDC) operators by Economic and Financial Crimes Commission (EFCC) on Monday, the naira began the week on a negative note against the United States dollar closing at N1419.11/$ on Monday indicating signs of a turbulent week. At the official market on Monday, the naira traded […]
Continue ReadingNigeria’s naira has demonstrated signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday. This came as the Senate through its Committee […]
Continue ReadingNigeria’s Naira depreciated on Tuesday, April 23, in the Nigerian Foreign Exchange Market (NAFEM), to N1,300.15 per dollar, exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, […]
Continue ReadingNigeria’s Naira strengthened against major world currencies on Monday, April 15. Reports say, the local currency exchanged at below N1,000 at some segments of the parallel market as of late Sunday. Bashir Ahmad, former aide on digital communications to ex-president, Muhammadu Buhari, took to X to celebrate this, and wrote: “I can authoritatively confirm that […]
Continue ReadingThe exchange rate of Nigeria’s currency, the Naira has continued to appreciate to the dollar in response to the fiscal and monetary policies of President Bola Tinubu’s administration. According to data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Friday revealed that […]
Continue ReadingGovernor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has sacked a fresh batch of 40 staff mostly from the Development Finance Department (DFD), in furtherance of its ongoing restructuring. The Daily Trust reports that deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from the […]
Continue ReadingIn a circular signed by Dr. W.J. Kanya for Director, Trade & Exchange Department which was uploaded to its website on Monday, April 8, 2024, the Central Bank of Nigeria (CBN) has again announced the sales of dollars to eligible Bureau De Change (BDC) operators. The apex bank said it is set to sell $10,000 […]
Continue ReadingOnce upon a time, the Nigerian Naira was a king over the United States Dollars. This was the case in 1975, when a brand new Peugeot 504 car would be purchased from the showroom with only N1,500, an amount that cannot buy a loaf of bread this year 2024. A loaf of bread is sold […]
Continue ReadingAccess Holdings Plc announced growth in its profits before tax on Thursday, posting N729bn in 2023, representing a 335 per cent year-on-year increase from 2022. The group, in its consolidated and separate financial statements for the year ended December 31, 2023, also reported 87 per cent increase in gross earnings to N2.59tn, up from N1.38tn […]
Continue ReadingIn order to further crash the FX rate, Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators in Nigeria, informing them that $10,000 have been made available to each qualified BDC at a rate of N1,251 per US dollar. The apex bank also reportedly instructed each BDC to sell […]
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