The Federal High Court in Abuja has summoned the Governor of the Central Bank of Nigeria (CBN) and the Head of the Legal Services Department to appear before it on Monday, September 2, with specific documents related to the money laundering case against Binance Holdings Limited and its executives. The court has requested the CBN…
The Association of the Bureau De Change Operators of Nigeria (ABCON) says the Nigerian currency Naira has appreciated faster than expected against the United States’ Dollar. The President of the Association, Aminu Gwadabe, said this on a television programme on Tuesday. Gwadabe said as of Tuesday afternoon, the BDC operators buy the dollar at N980/$1…
Former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, through his legal team, has threatened to sue President of the Nigerian Senate, Godswill Akpabio over alleged defamation. Emefiele would demand N25 billion in damages from the Senate President if he fails to apologise, according to his solicitors. This was contained in a letter…
The Central Bank of Nigeria has debunked reports that it is considering a policy to convert foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency. Acting Director of Communications at the CBN, Sidi Ali Makama made the disclaimer in a press statement released today, 3rd of February, 2024. Recall that…
Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024. The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit. According…
The Central Bank of Nigeria has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated December 22, 2023, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The circular is titled ‘Circular…
The Central Bank of Nigeria (CBN) has disclosed reason for naira scarcity across the nation, saying that, some individuals are hoarding the currency. Speaking to The Cable on Wednesday, the apex bank’s acting director, corporate communications, Sidi Ali said the situation was being addressed. She said the CBN had released sufficient cash to its branches…
The Central Bank of Nigeria has alerted Nigerians of counterfeit naira notes in circulation amid reports of currency shortage in the country. In a statement released on Friday titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ the apex bank advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and…
The Central Bank of Nigeria, Transmission Company of Nigeria, and power distribution companies will in May next year complete a total of 53 power projects worth N122bn currently under construction across the country. During a tour of three of the projects located at Ojo, Isolo and Oworonshoki Transmission stations in Lagos on Wednesday, TCN’s Programme…
THE Central Bank of Nigeria (CBN) stress test has uncovered a concerning revelation on the Capital Adequacy Ratio (CAR) among prominent Deposit Money Banks (DMBs) holding international authorisation. The banks mentioned in the CBN’s quarterly economic report are: Access Bank Plc, Fidelity Bank Plc, First City Monument Bank Limited, First Bank of Nigeria Limited, Guaranty…
