The naira has lost 26.36 per cent of its value against the dollar at the official Investor and Exporter window of the foreign exchange market since the Central Bank of Nigeria (CBN) announced it has cleared $2 billion as part of its backlog obligations. On Monday, the apex bank disclosed it paid $2 billion from the backlog of its forward …

The Central Bank of Nigeria (CBN), says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). According to a statement by its Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfillment of CBN’s commitment to eliminate the backlog of pending matured foreign exchange in DMBs. Sidi-Ali …

Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions, the Central Bank of Nigeria (CBN) has disclosed. Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, the apex bank explained. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers’. According …

A financial expert, Mr Okechukwu Unegbu has commended the Central Bank of Nigeria (CBN) for lifting the restrictions on cryptocurrency transactions. Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The CBN had announced the reversal of the policy banning …

In the last three days, we have seen a storm of allegations regarding the ownership of Titan Trust Bank Limited (TTB) and Union Bank of Nigeria Plc (“Union Bank”), and this has captured public attention. These claims, reportedly stemming from a report submitted to the President by a Special Investigator, Mr Jim Obaze, have initiated a critical discussion around transparency. …

Embattled former Governor of the Central Bank of Nigeria (CBN) has denied a report by Central Bank of Nigeria’s private investigator, Jim Obazee, that he lodged £543, 482,213 in fixed deposits in UK banks alone without authorisation among other allegations. Emefiele made this known Sunday night in a statement entitled, “Re: Emefiele, others stole billions, illegally kept Nigeria’s funds in …

A former Secretary to the Government of the Federation (SGF), Boss Mustapha, has denied involvement in the alleged withdrawal of over $6 million from the Central Bank of Nigeria (CBN). His denial is coming in response to the publication of the report of the Private Investigator into the affairs of the CBN, Mr. Jim Obazee. Reacting, in a statement, Mustapha …

The Central Bank of Nigeria (CBN) has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated 22 December 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The circular is titled ‘Circular …

The Central Bank of Nigeria (CBN) has directed banks to raise the quality of their products and services to attract more people into the financial system. CBN Governor, Olayemi Cardoso, disclosed this at the release of the 2023 EFInA Access to Finance (A2F) Survey results in Lagos. He said: “As an ecosystem, we must redouble our efforts to develop innovative …

The Central Bank of Nigeria (CBN) has warned the public to be wary of counterfeit Naira notes in circulation amid reports of currency shortage. In a statement titled ‘Beware of Counterfeit Naira Banknotes in Circulation’, the apex bank on Friday advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions. The …