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 …

The Nigeria Fintech and Financial Inclusion Roundtable 2024 is set for Friday, 26th April 2024 in Lagos under the theme: The Role of Fintech and Financial Inclusion in Citizen Empowerment and Economic Growth. In a statement, the convener of the Roundtable, Prince Cookey said the event would be a unique convergence of top executives and stakeholder groups from the banking, …

The Central Bank of Nigeria (CBN) has said that it has no plan to convert $30 billion domiciliary deposits into Naira. In a statement by its acting spokesperson, Sidi Ali, on Saturday, the financial regulator said that it was working hard to stabilise the foreign exchange market “as evidenced by its recent work and policy directions”. The CBN assured Nigerians that …

The First Bank of Nigeria (FBN) Holdings has appointed billionaire businessman Femi Otedola as the new chairman of its board of directors. He succeeds the outgoing Chairman of the board, Alhaji Ahmad Abdullahi. The financial institution disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development. This appointment, effective 31 January 2024, …

An additional $64.44 million out of the trapped funds belonging to airlines was paid yesterday by the Central Bank of Nigeria (CBN). The apex bank said the payment was the final settlement of the verified foreign exchange (forex) owed to all foreign airlines operating in the country. Yesterday’s payment brought the disbursements to the airlines to $136.73 million as verified …