The Central Bank of Nigeria (CBN) has introduced a foreign exchange price verification system designed for importers to have access to forex. In a statement on Thursday night, the regulatory bank’s Trade and Exchange Department said that a price verification report from the portal is now mandatory for all Form M requests while it takes effect from 31st August 2023. …

The Central Bank of Nigeria (CBN) has said it is set to take new measures to stabilise the naira against the dollar. Acting CBN Governor, Mr. Folasodun Sonubi, made the disclosure to State House Correspondents after briefing President Bola Tinubu on what the bank was doing the halt the slide on Monday at the State House. He said President Tinubu …

The Central Bank of Nigeria (CBN) has released the Consolidated Financial Statements for the last seven years, making it the first time since 2015 that the apex bank will be making its book available for public scrutiny. The Consolidated Financial Statements are for 2016, 2017, 2018, 2019, 2020, 2021 and 2022 financial periods. The CBN declared a profit after tax …

The Central Bank of Nigeria (CBN) has warned members of the public not to spray, hawk, mutilate or counterfeit Naira currency. The apex bank assured members of the public that the organisation will strive to sustain its efforts in ensuring availability of the currency for transactions. This was disclosed in Lokoja on Thursday by the Director, Corporate Communications Department of …

The Senate on Tuesday said it would revisit the Central Bank of Nigeria (CBN) Act to address governance gaps in its structure. Senate President Godswill Akpabio gave the hint during the screening of former CBN Deputy Governor, Mr. Adebayo Adelabu, who was nominated as minister by President Bola Ahmed Tinubu. Adelabu had faulted the lack of comprehensive oversight of the …

President Bola Tinubu, on Friday, appointed the Chief Executive Officer of Financial Reporting Council of Nigeria, Mr. Jim Osayande Obazee as Special Investigator to investigate the Central Bank of Nigeria (CBN) and related entities. In the letter signed by the President, he said the appointment takes effect immediately, and the Special Investigator is to report directly to his office. He said …

The Central Bank of Nigeria (CBN) has said that Nigeria is still 60 years behind in terms of technology. It also said that the country is left behind in the issue of currency management, saying cash is no longer in vogue. During an e-Naira sensitisation exercise for the management, staff and students of Kaduna Polytechnic, CBN’s state Branch Controller, Muhammad …

The Central Bank of Nigeria (CBN) has directed banks to vacate a post-no-debit restriction placed on the bank accounts of 440 individuals and companies. A post-no-debit means that all debit transactions, including by Automated Teller Machines and cheques, on the accounts have been blocked but can receive inflows. The circular, signed by A.M. Barau on behalf of the CBN Director …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has moderately hiked monetary policy rates to 18.75 per cent, acting Governor, Mr. Folashodun Shonubi said on Tuesday at the press briefing at the end of the 292nd MPC meeting. In its last MPC meeting, CBN tightened the economy by raising the interest rate to 18.5 per cent. “The …

The Central Bank of Nigeria (CBN) has reduced the number of approved Bureau de Change (BDC) dealers to 2,991 from over 5,689, according to the list of approved BDCs published on Wednesday. The regulatory bank published a similar list in 2022, which approved 5,689 black market dealers. This is coming on the heels of the exponential growth of BDCs operators; the …