The Naira, yesterday, appreciated to N1,080 per dollar in the parallel market, from N1,230 per dollar last weekend. Similarly, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,136.04 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,136.04 per dollar from N1,143.38 per dollar last week Friday, indicating N7.34 appreciation for the naira. …

Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has been released after meeting the bail conditions granted him by the court. Emefiele, who arrived at the Lagos High Court, Ikeja in custody of operatives of the Economic and Financial Crimes Commission (EFCC) on Friday, left for his home after the court proceedings. Justice Rahman Oshodi, who …

The Association of Bureaux de Change Operators of Nigeria (ABCON) has expressed support for the Central Bank of Nigeria’s directive to banks to stop the use of domiciliary accounts as collateral for naira loans. President of ABCON, Aminu Gwadabe, revealed the association’s stance in a statement on Thursday, pointing out that the directive would not only boost liquidity in the …

Tensions are escalating between the Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS) over the determination of foreign exchange (FX) rates used in calculating import duties. The CBN has doubled down on its position, underlining that the FX rate at the close of business on the date an importer submits Form M, a crucial document for importation, …

The Central Bank of Nigeria (CBN) has directed all banks in the country to stop the use of foreign currency-denominated collaterals for Naira loans. In a circular to the banks on Monday, CBN’s acting Director of the Banking Supervision department, Mr. Adetona Adedeji said that the regulatory observed the use of foreign currency by bank customers as collateral for Naira …

The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the  Central Bank of Nigeria (CBN) to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members. ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department, obtained by The PUNCH. The appeal comes when …

The Chartered Institute of Bankers of Nigeria (CIBN) has elected Prof. Pius Olanrewaju as the new President of the institute, along with other elected officers for the 2024-2026 tenure. The election, announced by the Chairperson of the CIBN Election Committee, Mrs Caroline Anyanwu, was conducted through electronic voting at Bankers House yesterday in Lagos. The new president-elect was the immediate …

The Economic and Financial Crimes Commission (EFCC) has filed a fresh 26-count charge bordering on abuse of office and corruption against former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele. He will be arraigned before Justice Rahman Oshodi of the Lagos High Court, Ikeja on Monday on counts bordering on accepting gratification, accepting gifts through agents, corruption, …

President Bola Tinubu has thanked former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Mr. Jim Obazee for his services as the Special Investigator of the Central Bank of Nigeria (CBN) and other related entities, upon his task. Obazee was appointed last 28th July to probe CBN. The President commended Obazee for the dedication and professionalism he …

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has unveiled a Quick Response solution http://qrdispute.ubagroup.com:8088, called the ‘Scan to Resolve Complaint’ Portal aimed at enhancing satisfaction and swiftly addressing customers’ disputes. The innovative platform marks another significant step by the bank to revolutionise customer service and streamline complaint resolution processes. The ‘Scan to Resolve complaint’ portal is a QR-code …