Central Bank of Nigeria (CBN) Revokes Licenses of 4,173 BDCs: Regulatory Update. In a significant regulatory move, the Central Bank of Nigeria (CBN) has announced the revocation of operational licenses for over 4,000 Bureau De Change (BDC) operators under…
Boosting the Naira: MAN Urges FG Support for Local Producers. The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to bolster the country’s economy and enhance the international value of the naira by backing local producers. This…
Addressing Forex Concerns: Insights on Binance Nigeria’s $26 Billion Transactions, Cardoso Reveals. Nigeria’s forex landscape has been under scrutiny, with Central Bank Governor, Olayemi Cardoso shedding light on the staggering $26 billion flowing through Binance Nigeria within a year.…
Understanding Naira’s Undervaluation: Insights from Olayemi Cardoso. In a recent statement at the Monetary Policy Committee Meeting on February 27, 2024, Olayemi Cardoso, the Central Bank Governor, shed light on the undervaluation of the Nigerian Naira, attributing it to…
Nigerian Stock Exchange Witnesses N773 Billion Decline in Equities: Market Update. The Nigerian Stock Exchange (NSE) recently experienced a slight downturn in its key performance indicators, amidst prevailing bearish sentiment, resulting in a dip of 1412.64 points in the…
CBN Governor, Olayemi Cardoso, Dismisses Blame for Nigeria’s Economic Struggles. In a recent statement, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), refuted claims that he and his team are accountable for the nation’s ongoing economic…
CBN Auctions N1.58 Trillion in Treasury Bills, Sets Interest Rate at 19% for 364-Day Bill. In its latest Treasury Bills auction, the Central Bank of Nigeria (CBN) successfully sold N1.58 trillion, underscoring its commitment to managing liquidity in the…
Jeff Bezos, Nvidia, and OpenAI Back Figure AI’s Humanoid Robot Venture with $675M Funding. In the realm of AI exploration, a notable shift is underway as tech titans like Jeff Bezos and Nvidia pivot towards humanoid robotics. This movement…
CBN Proposes Increase in BDC Minimum Share Capital to N2 Billion for Tier 1 License. The Central Bank of Nigeria (CBN) is considering a substantial increase in the minimum share capital requirements for Bureau De Change (BDC) operators, aiming…
CBN Directs Customs: Use Form M Exchange Rate for Import Duty Calculation. In a recent directive, the Central Bank of Nigeria (CBN) has instructed the Nigerian Customs Service (NCS) to adopt the foreign exchange (FX) closing rate on the…
Gombe State Unearths 523 Ghost Workers Using Biometric Register for Civil Servants. The Gombe State government has made a significant breakthrough by uncovering 523 ghost workers through the implementation of a biometric verification register for civil servants across the…
World Food Program Temporarily Halts Local Food Purchases in Nigeria Awaiting Price Stabilization. The United Nations World Food Program (WFP) has announced a strategic pause in its procurement of local food supplies in Nigeria, citing the need for market…