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In a surprising turn of events, the Central Bank of Nigeria (CBN) has readjusted the exchange rate on the Customs platform from the previously increased N1,356.883/$1 to a new rate of N1,413.62/$1. This revision, coming less than 24 hours after the initial adjustment, follows vehement opposition from stakeholders and experts within the maritime industry. The…
The Central Bank of Nigeria (CBN) has implemented a staggering 1,900% increase in the application fee for international money transfer operators (IMTO), according to revised guidelines released on January 31, 2024. The application fee for an IMTO license has skyrocketed from N500,000 to N10 million. This significant adjustment, covering a 10-year period, has raised eyebrows…
In a surprising move, the Central Bank of Nigeria (CBN) has approved a substantial 43% increase in the import duty rate, sending shockwaves through the business and trading communities. The exchange rate for duty collection, typically determined by the CBN, has witnessed a significant surge. As of December 2024, the exchange rate stood at N951.842…
In a bid to tackle the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has injected an additional $500 million into the market. This move follows a recent injection of approximately $2 billion aimed at settling outstanding commitments in key sectors. The Acting Director of the Corporate Communications Department…
The Central Bank of Nigeria (CBN) has rolled out stringent measures affecting cash withdrawals from accounts primarily used for virtual and digital assets transactions, a move that has sent ripples across the financial landscape. In a newly introduced ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers,’ the apex bank has mandated that…
The Central Bank of Nigeria (CBN) has raised a red flag concerning the availability of cash due to reported irregularities between certain Deposit Money Banks and Point-Of-Sale (PoS) operators. The apex bank issued a stern warning to these entities, cautioning them against actions that disrupt the smooth circulation of the Nigerian Naira. In an official…
The Central Bank of Nigeria (CBN) has issued a directive to its branches and deposit money banks (DMBs), mandating the continued acceptance and issuance of all denominations of Nigerian banknotes, including both old and re-designed versions. This move follows a recent Supreme Court order granting the prayer of the Minister of Justice and Attorney-General of…
Executives from top banks in Nigeria have initiated discussions surrounding potential mergers and acquisitions. Larger banks are eyeing weaker institutions for possible acquisitions, while middle-strength and weaker banks are exploring alliances that could lead to mergers. This strategic move comes against the backdrop of directives from the Central Bank of Nigeria (CBN) urging Deposit Money…
The Central Bank of Nigeria (CBN) has witnessed a significant shakeup, with eight directors being redeployed to the Financial Sector Surveillance (FSS) Department in Maitama, sparking concerns among employees about potential further redeployments and job cuts. The decision to shift these directors to the FSS Department, traditionally perceived as less prestigious within the CBN, has…
The Central Bank of Nigeria (CBN) has confirmed that both old and redesigned naira banknotes are legal tender in the country and should not be rejected by anyone. The CBN’s Director of Corporate Communications, Isa AbdulMumin, issued this statement in response to reports of cash shortages in major cities, despite previous assurances of sufficient cash…