CBN Offers Dollars to BDCs at N1,580/$ to Increase Market Liquidity
The Central Bank of Nigeria (CBN) has introduced a new policy to increase the availability of foreign exchange in the market. As part of this effort, the CBN is selling dollars to Bureau De Change (BDC) operators at the rate of N1,580 per dollar. This was announced in a circular signed by W.J. Kanya, acting […]
CBN Faces Legal Challenges Over Recent Staff Layoffs
The Central Bank of Nigeria (CBN) is in hot water, facing over 100 lawsuits from employees who were recently laid off. On May 24, 2024, the bank dismissed over 200 staff as part of a reorganization plan put into effect by the current administration under President Bola Tinubu. The affected employees are not taking the […]
CBN Sells $876.26 Million at N1,495 per Dollar in Latest Retail Dutch Auction
In a significant move to manage the rising demand for dollars and stabilize the naira, the Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction on Wednesday. During this auction, the CBN sold a total of $876.26 million at a cut-off rate of N1495 per dollar. This auction was held under the Retail Dutch […]
How Next-of-Kin Can Claim Funds in Dormant Accounts: New CBN Guidelines
The Central Bank of Nigeria (CBN) has introduced new rules that make it easier for next-of-kin, legal representatives, and beneficial owners to claim funds from dormant accounts. According to the recent update, these individuals can now submit applications to banks to recover unclaimed money. To claim these funds, you’ll need to provide legal proof of […]
Nigeria’s Foreign Reserves Rise to $35.77 Billion – CBN
Nigeria’s external reserves have increased to $35.77 billion, up from $33.09 billion at the end of 2023. This information comes from the Central Bank of Nigeria’s (CBN) latest data on the country’s reserve movements. On July 8, Nigeria’s foreign reserves crossed the $35.05 billion mark and continued to rise, reaching $35.77 billion by Thursday. However, […]
Court Denies Godwin Emefiele’s Request to Travel to UK for Medical Treatment
In a recent development at the Federal Capital Territory (FCT) High Court in Abuja, the request of former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to travel to the United Kingdom for medical treatment was turned down. The decision, handed down by Judge Hamza Mu’azu, followed objections from the Economic and Financial Crimes Commission […]
The Central Bank of Nigeria sold $122.671 million to 46 authorized dealers to stabilize the foreign exchange market.
The Central Bank of Nigeria (CBN) has executed a sale of $122.671 million to 46 authorized dealers aimed at enhancing stability and reducing volatility in the foreign exchange market. Dr. Omolara Duke, Director of Financial Markets at the CBN, reported that $67.5 million was allocated to 27 dealers, with an additional $55.171 million disbursed to […]
NDIC Pursues N700 Billion in Loans from Heritage Bank Debtors
The Nigeria Deposit Insurance Corporation (NDIC) has announced its intention to pursue debtors of Heritage Bank. The NDIC also stated it would compensate depositors of the now-closed Heritage Bank who have N5 million or less in their accounts. Appointed by the Central Bank of Nigeria as the bank’s liquidator, the NDIC plans to complete these […]
BREAKING: CBN Cancels Heritage Bank’s License
The Central Bank of Nigeria (CBN) has cancelled the operating license of Heritage Bank, a well-known commercial bank in Nigeria. This announcement was made in a statement released on Monday, June 3, by the Acting Director of Corporate Communications at CBN, Hakama Sidi Ali. Ali stated that the CBN, using its power under Section 12 […]