The Central Bank of Nigeria (CBN) has cleared all $7 billion foreign exchange (forex) backlog inherited by Governor Yemi Cardoso. In a statement yesterday, the Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mrs Hakama Sidi Ali, confirmed the settlement of all valid forex backlog claims. She explained that the CBN had employed Deloitte Consulting, an independent auditing …

At the LEADERSHIP Conference and Awards 2023 which held recently in Abuja, a former deputy governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu delivered an adrenalin-pumping keynote which ruffled not a few feathers, even as the appreciative audience applauded his brilliant and thought-provoking presentation. But what exactly should anyone expect from such a great mind, public intellectual …

No fewer than 17 out of the existing 24 Deposit Money Banks may be unable to meet the Central Bank of Nigeria’s (CBN) capital requirement if it is increased from its current N25 billion, according to a report by Ernst and Young. The new report, titled “Navigating the Horizon: Charting the Course for Banks amid Plans for Recapitalisation”, noted that …

The Central Bank of Nigeria (CBN), on Wednesday, handed over N100bn worth of fertilisers to the Federal Ministry of Agriculture and Food Security (FMAFS) to boost food production across the country. CBN Governor, Dr. Olayemi Cardoso handed over the 2.15 million bags of fertilisers to the Minister of Agriculture and Food Security, Abubakar Kyari, at the headquarters of the FMAFS …

The Central Bank of Nigeria (CBN) has raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.9 per cent following further depreciation in the value of the Naira to the dollar. The Customs exchange duty rate was raised from N1, 593.888/$ to N1, 624.732/$ on Tuesday, information obtained from the official trade portal of the Nigeria …

A witness of the Economic and Financial Crimes Commission (EFCC), Agboro Omowera, on Monday, told a Federal Capital Territory High Court in Maitama that 10 officials of the Central Bank of Nigeria (CBN), including the former CBN Governor, Godwin Emefiele, minuted on the documents for the award of multi-million contracts to April 1616 and Architekon Nigeria Limited. The EFCC accused …

Foreign investors have committed $822.6 million to the economy through the Nigerian Autonomous Foreign Exchange Market (NAFEM) window. The NAFEM is the market trading segment for investors, exporters and end-users that allows for forex trades to be made at exchange rates determined based on prevailing market circumstances, thus ensuring efficient and effective price discovery in the forex market. The NAFEM …

Respite appears on the horizon for Nigerians as prices of imported goods and raw materials are expected to nosedive as the Central Bank of Nigeria (CBN), on Monday, reviewed downward the Foreign Exchange on clearance of cargoes at the nation’s seaports from N1,630.159/$ to N1,544.081/$. The slash, which represents 5.3 per cent following the stability of the Naira against the …

The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 Bureaux de Change Operators over their failure to meet regulatory guidelines. In a statement on Friday, the acting Director, Corporate Communications, Sidi Hakama said the licence withdrawal is in exercise of the powers conferred on the apex bank under the Bank and Other Financial Institutions Act 2020, Act …

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that foreign exchange backlogs have been cleared in all the banks except for five of them. Cardoso said this on Thursday during an investor call facilitated by the Nigerian Exchange Group, during which he said that the remainder of the banks’ FX backlogs would be cleared in …