The Central Bank of Nigeria (CBN) has now announced the unification of all segments of the forex exchange (FX) market. In a circular on Wednesday, the apex bank said all FX windows are now collapsed into the Investors & Exporters (I&E) window. The CBN said the move is part of a series of immediate changes to operations in the Nigerian …

The Department of State Services (DSS) has said that the suspended Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele is now in its custody. A statement via the agency’s Twitter handle on Saturday read: “The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria is now in its …

President of the World Bank Group, David Malpass has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. In a blog post published on Wednesday on the bank’s website, Malpass said that about 24 emerging and developing economies, including Nigeria, have an active parallel currency market. He explained: …

The Central Bank of Nigeria (CBN) on Tuesday revoked the operating licences of 132 Microfinance Banks (MfBs), three finance companies and four Primary Mortgage Banks (PMBs). The affected MfBs include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Mainsail Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, Premium Microfinance Bank and Statesman Microfinance Bank. Others include Manny Microfinance Bank, …

A Federal High Court sitting in Abuja has ordered the Central Bank of Nigeria (CBN) to provide the Human and Environmental Development Agenda (HEDA) Resource Centre access to information relating to the country’s exchange rate subsidy. HEDA obtained the ruling when the court decided on a suit it instituted in 2020 against the apex bank after denying it access to …

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emiefele has read the riot act to shipping companies exporting undocumented cargoes from the shores of the country. Emiefele sent out this note of warning at the RT200 Non-Oil Export Summit 2023 on Tuesday in Abuja. While speaking on the theme “Challenges and Prospects to Success”, he detailed the …

The Central Bank of Nigeria has said that it would sanction banks assisting the operations of unlicensed foreign firms. In its ‘Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria’, signed by its Director of Financial Policy and Regulation, Muhammad Musa and released on Monday, the regulatory bank stated: “Any CBN regulated entity found to be assisting, …

The House of Representatives on Thursday approved an additional N1 trillion in Ways and Means advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the Nation Assembly. The Ways and Means provision allows the government to take loans from the Central Bank of Nigeria (CBN). This followed the consideration of the report of the House Committees …

The Central Bank of Nigeria (CBN) has said that there are no plans to phase out the redesigned Naira notes from circulation, according to a statement on Sunday by its Acting Director of Corporate Communications, Isa AbdulMumin. The statement was a reaction to a viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned …

Amid the growing debt burden, the Central Bank of Nigeria’s Net Domestic Credit rose to N70.6 trillion in March from N70.2 in February. The figure represented 0.56 per cent on a monthly comparison. Data from the Central Bank of Nigeria’s Money and Credit statistics released on Friday showed that the credit to the government and private sector resulted in a …