The Central Bank of Nigeria, CBN, has vowed to clamp down on currency hoarders and speculators whose activities affect the appreciation of naira against the US dollar. A source conversant with the CBN’s decision claimed that the speculators and hoarders are sabotaging the government’s efforts towards stabilising the local currency. NEWSEMBASSY recalls that following some…
Major operators in the Nigerian Maritime sector have argued back and forth over the decision of the new Governor of the Central Bank of Nigeria, ‘CBN’ Dr Yemi Cardoso, to remove the ban on forex for imports of 43 items into the country. While some are of the opinion that the decision won’t benefit the…
This is at the backdrop of a wait-and-see sentiment of investors towards the new leadership at the Central Bank of Nigeria, CBN, ahead of the third quarter 2023, Q3’23, earnings reporting season. Meanwhile, investors have gained N8.416 trillion return on Year-to-Date YtD (9 months) as market capitalisation closed on Friday at N36.331 trillion against N27.915…
CBN ,The Central Bank of Nigeria yesterday returned Bureaux De Change (BDCs) to the foreign exchange market, with new guidelines on their operations. In a circular to BDCs signed by CBN Director, Trade and Exchange Department, O.S Nnaji, titled: “Operational Mechanism for Bureau De Change Operations in Nigeria”, the apex bank said the guidelines were…
World Bank Country Director, Nigeria Office, Shubham Chaudhuri, has lauded President Bola Tinubu’s reform policies. Chaudhuri, who commended the policies at a symposium on Thursday in Ibadan, however, called for speedy rollout of palliatives to cushion their effects on Nigerians. The symposium was organised by the Department of Agricultural Economics, Faculty of Economics and Management…
A former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, and his wife, Maryanne, have been rescued from an elevator. The duo were stuck in an elevator for 30 minutes on Monday. Maryanne, who shared the incident on her Twitter page, thanked God for saving their lives. Biafra: IPOB begins distribution of…
Godwin Emefiele, The Federal Government has applied to withdraw the illegal possession of firearms charge it filed against suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele , at the Federal High Court in Lagos. The judge had on July 25, admitted Emefiele to a N20million bail on a two-count charge of illegal possession of…
Pastor Tunde Bakare, The Serving Overseer of the Citadel Global Community Church, Pastor Tunde Bakare, told his congregation on Sunday that he warned against the “Emilokan” kind of politics. Emilokan, a Yoruba saying, meaning ‘It’s my turn,’ became very popular when it was used by President Bola Tinubu during his 2023 pre-election campaign. Pastor Tunde…
The Central Bank of Nigeria CBN, has attributed the crash of the naira against the dollar and its inability to manage the foreign exchange market to the diversion of diaspora remittances to the unofficial markets like the parallel. This is as Nairametrics yesterday reported that the Naira plunged to a record low of N930/$1 at…
