The Senate on Tuesday proposed a six-year single term for the Governor and Deputy Governors of the Central Bank of Nigeria (CBN). The Red Chamber also sought to limit the amount the Federal Government can borrow from the apex bank under the Ways and Means Advances. For external Directors appointed on the board of the CBN, the Senate proposed that …

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 400 basis points to a record 22.75%. The CBN Governor, Olayemi Cardoso, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday in Abuja. Addressing journalists at the end of the two-day meeting in Abuja, Cardoso …

The Central Bank of Nigeria (CBN) has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change (BDC) operator across the country. This is coming more than two years after the former CBN governor, Mr. Godwin Emefiele stopped the sales of foreign exchange to BDC operators in that segment of the foreign exchange market. The …

The Central Bank of Nigeria (CBN) is evaluating a new set of guidelines to protect the financial system in a follow-up to the recent ban on certain cryptocurrencies in Nigeria, according to The Nation. The apex bank may authorise Bureaux De Change Operators (BDCs) to resume forex transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market …

The Central Bank of Nigeria (CBN) has introduced a fresh set of guidelines to keep Bureau De Change (BDCs) in check. Under the new guidelines BDCs in the Tier 1 category must have a capital requirement of N2 billion, while Tier 2 BDCs must have a capital requirement of N500 million. Tier 1 BDCs formally were expected to cough out …

President Bola Tinubu has said that his administration is strongly committed to providing excellent healthcare facilities for all Nigerians and will continue to prioritize domestic and foreign direct investments in the sector. At a meeting with the President of African Export-Import Bank (Afreximbank), Prof. Benedict Oramah; accompanied by a delegation from King’s College Hospital, London, the President welcomed the partnership …

Wema Bank Plc has announced the appointment of two seasoned industry professionals, Segun Opeke and Yusuf Kazaure, to the Bank’s board of Directors, following the approval of the Central Bank of Nigeria (CBN). Credited for powering transformative outcomes and making immense contributions in areas ranging from Business Development, Corporate Finance/Restructuring and Digital Transformation to ICT, in their previous employments, Segun …

The naira fell to a new all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market on Monday. This indicates a loss of 3.93 per cent fall or N58 from the N1,476.13/$ the national currency closed last week Friday, according to FMDQ Exchange, a platform that publishes official foreign exchange trading in the country. Monday’s official rate became …

Access Holdings Plc on Monday announced the appointment of Ms Bolaji Agbede as the Acting Group Chief Executive Officer (CEO). This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe. Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo on Friday A statement made by the …

Following the recent directive by the Central Bank of Nigeria (CBN), restricting the operations of International Money Transfer Operators (IMTO) to only inbound transfers, the operators have decided to halt dollar transfers to Nigerians. The IMTOs said they would now only pay in Naira. In the recently published document addressed to IMTOs, on 31st January, the CBN ordered the operators …