A slowed rate of economic growth results from the growing number of unbanked people in certain areas, which in turn exacerbates the poverty headcount ratio. Large numbers of unbanked people who do not yet have access to financial services present a major obstacle to Africa’s financial inclusion efforts. According to the World Bank, nearly 1.6…
CBN has no intention of defending the naira with foreign reserves. — Cardoso The value of the naira has increased in relation to the dollar in recent weeks, rising by more than 40%, from roughly ₦1,900/$ to roughly ₦1,000/$1. Yemi Cardoso, the Nigerian Central Bank Governor According to Central Bank of Nigeria (CBN)…
Ex-CBN Gov, Emefiele Gets N300 Million Bail, Denies N684.5m Note Printing The former Governor of the Central Bank (CBN) of Nigeria, Godwin Emefiele, was granted bail of N300 million by a…
How KYC concerns prompted the CBN to recently prohibit Opay, Kuda, and two other fintechs The fintech companies include Palmpay, Kuda, Opay, and Moniepoint. Financial institutions in Nigeria have been rocked by the Central Bank of Nigeria’s recent directive to cease fintechs’ onboarding of new clients. The Central Bank of Nigeria (CBN) ordered four fintechs,…
Naira weakens somewhat versus the US dollar on the official market The naira fluctuated in value against the dollar at the Investors and Exporters (I&E) window, moving between ₦1,445.00 and ₦1,299.42. At the official market on Thursday, the value of the naira dropped slightly, closing at ₦1,402.67 to the US dollar. The naira dropped…
Import clearance costs increase by 23% due to exchange rate volatility The cost of clearing imports went from ₦1,150.16/$ on April 23, 2024, to ₦1,412.6/$ on May 8, 2024, a 23% rise in just 16 days. Due to currency changes, import clearance fees for Nigerian manufacturers and importers have increased by 23 percent. After…
Senate Moves To Investigate $18.5 Billion Abandoned Abuja Centenary City Project The Senate has established a seven-member ad hoc committee to investigate the reasons behind the delay in the $18.5 billion Abuja Centenary Economic City project, a decade after it began. The committee was formed after Senator Ashiru Yisa, the Deputy Senate Leader, put forward…
The SEC creates rules for providers of digital assets in order to prevent money laundering Amid the FG’s recent efforts to stop illicit cryptocurrency trading in the nation, new regulations to further regulate cryptocurrency trading have been introduced. New regulations have been released by the Securities and Exchange Commission (SEC) to oversee the licensing, registration,…
CBN strengthens regulations for BDCs and other foreign exchange participants The agreement forbade holding BDCs in numerous names as well as fraudulently collecting foreign exchange from sources that were either eligible or prohibited. Yemi Cardoso, the governor of the Central Bank of Nigeria, is working to resolve foreign exchange problems. A revised copy of the…
CBN Orders FX Sellers With $10,000 And Above To Declare Sources The Central Bank of Nigeria (CBN) has announced that individuals selling foreign exchange to Bureau De Change (BDC) in amounts equivalent to 10,000 dollars or more must disclose the sources of their forex. This directive is part of a revised regulatory framework aimed at…
