What CBN’s new policy on diaspora remittances means for naira to dollar exchange — Gwadabe
The Central Bank of Nigeria has introduced new rules on diaspora remittances, aimed at improving the foreign exchange system. According to Aminu Gwadabe, the policy will help make the market more transparent and efficient. The new directive requires International Money Transfer Operators to route funds through naira settlement accounts. It also mandates the use of […]
Naira records highest single-day depreciation against US dollar
The Nigerian Naira fell sharply against the US dollar on Monday, marking its largest single-day depreciation this year. At the official exchange rate, the currency dropped to N1,378.03 per dollar, down from N1,363.39 on Friday. In the black market, the Naira also weakened, closing at N1,380 per dollar, down N5 from last week, narrowing the […]
Recapitalization: What will happen to bank consumers after March 31 deadline – Ogunbunka
The president of the Bank Customers’ Association of Nigeria, Uju Ogunbunka, has reassured Nigerians that bank customers have nothing to fear as the recapitalization deadline set by the Central Bank of Nigeria approaches. Speaking during an interview, he said depositors’ funds remain safe even if some banks fail to meet the new capital requirements. Ogunbunka […]
Naira continues to appreciate against US dollar as CBN directs FX sales to BDCs
The Nigerian naira has continued to gain value against the United States dollar following a new directive from the Central Bank of Nigeria (CBN). The apex bank instructed authorised dealers to sell foreign exchange to Bureau De Change (BDC) operators in a move aimed at improving dollar supply in the retail market. Financial analysts say […]
Naira closes week at N1,366.19 per dollar as Nigeria’s external reserves hit $46.91bn
The Nigerian naira closed the week at ₦1,366.19 per dollar at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN). This came as Nigeria’s external reserves rose to $46.91 billion, reflecting improved foreign currency inflows into the country. CBN figures showed that the naira weakened slightly on Friday, slipping […]
Nigerian Naira depreciates against US dollar at official market
The Nigerian naira recorded a slight depreciation against the United States dollar at the official foreign exchange market on Monday, starting the new trading week on a negative note. Data from the Central Bank of Nigeria (CBN) showed that the local currency closed at N1,390.36 per dollar. This represents a drop from the N1,386.55 per […]
CBN issues fresh directive to Nigerian banks on NAFDAC licenses for import
The Central Bank of Nigeria (CBN) has issued a new directive allowing Nigerian banks to temporarily accept National Agency for Food and Drug Administration and Control (NAFDAC) licences that expired on December 31, 2025, for import-related transactions. The directive is aimed at ensuring smooth processing of Forms M and access to foreign exchange for affected […]
Nigerian naira continues depreciation against US dollar
The Nigerian naira continued its downward movement against the United States dollar at the official foreign exchange market on Thursday, reflecting ongoing pressure on the local currency. Data from the Central Bank of Nigeria (CBN) showed that the naira weakened slightly compared to the previous trading day. According to the CBN figures, the naira exchanged […]
Tax laws: Nigerians grumble over double stamp duty charges by banks
Nigerians have begun raising concerns over what they describe as double stamp duty charges by banks, just days after the new tax laws took effect. The policy introduced a uniform ₦50 stamp duty charge on electronic transfers of ₦10,000 and above, and banks notified customers about the new deductions through emails and alerts. However, many […]
CBN didn’t place N500,000 limit on ATM payments in Nigeria – FG
The Federal Government has denied reports claiming that the Central Bank of Nigeria has placed a N500,000 limit on card payments made through ATMs in the country. According to the government, Nigerians are free to make card payments above that amount where necessary, and no policy exists restricting total card spending. The clarification was made […]