The Federal Government and the Government of the United Arab Emirates (UAE) have agreed to recognise the United States dollar and other freely convertible currencies as legal tender for airfares between Nigeria and the UAE. This development was revealed in the updated Bilateral Air Services Agreement between both nations, according to The PUNCH. This agreement paved the way for Emirates …

The Nigeria Customs Service (NCS) has intercepted undeclared foreign currency totalling $1,154,900 and SR135,900 (Saudi Riyals) at the Mallam Aminu Kano International Airport. In a statement, NCS’ National Public Relations Officer, Assistant Comptroller Abdullahi Maiwada said that a lone female suspect, Hauwa Ibrahim Abdullahi, who accompanied the seizure has similarly been convicted by the courts. According to him, the impoundment …

Chairman of the Senate Committee on Reparations and Repatriation, Senator Ned Nwoko, PDP, Delta North, has reiterated his call for a ban on the use of the United States Dollar and other foreign currencies as means of exchange and payment for goods and services in Nigeria. According to Nwoko, the use of foreign currencies in Nigeria, their prevalence, and dominance …

The Central Bank of Nigeria (CBN) has directed all banks in the country to stop the use of foreign currency-denominated collaterals for Naira loans. In a circular to the banks on Monday, CBN’s acting Director of the Banking Supervision department, Mr. Adetona Adedeji said that the regulatory observed the use of foreign currency by bank customers as collateral for Naira …