The Nigerian currency, the Naira, is expected to decline to a fair value of ₦1,804 per dollar in the official market by 2025. This forecast is outlined in a recent Afrinvest report, ‘Beyond The Rhetorics: Transforming Reforms to Tangibles’. The report indicates that this projection stems from the expectation that the Central Bank of Nigeria … Read more
China’s central bank, the People’s Bank of China (PBOC), announced on Friday the renewal of a bilateral currency swap agreement with the Central Bank of Nigeria (CBN). The agreement, valued at 15 billion yuan (approximately $2.09 billion or N3.28 trillion), aims to bolster trade and investment between the two nations. The currency swap agreement, originally … Read more
Speaker of the House of Representatives, Hon. Tajudeen Abbas, PhD, has requested the Central Bank of Nigeria (CBN) to provide explanations for the recent dismissal of approximately 1,000 members of staff and the subsequent payment of a N50 billion severance package. Speaker Abbas made the demands while declaring open an investigative hearing of the ad-hoc … Read more
Speaker of House of Representatives, Rep. Tajudeen Abbas, has urged all relevant stakeholders to collaborate with the house in its investigation on the alleged forceful retirement of no fewer than 1,000 staff members of Central Bank of Nigeria (CBN). Abbas made the call at the opening of the hearing, organised by the ad … Read more
The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to ₦100,000 per customer. The apex bank, in a circular titled Cash-out limits for agent banking transactions,’ announced the development to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents. According to the circular, the interventions … Read more
Justice Benedict Kanyip of National Industrial Court of Nigeria (NICN), Abuja, on Tuesday, withdrew from separate suits filed by 62 staff members of Central Bank of Nigeria (CBN), who were recently disengaged from the apex bank’s service. Justice Kanyip, who is also the President of NICN, recused himself from the cases following the announcement of … Read more
The Central Bank of Nigeria (CBN) has introduced a stringent penalty of ₦150 million on Deposit Money Banks (DMBs) found guilty of supplying mint naira notes to currency hawkers. Henzodaily reports that this move is part of the apex bank’s efforts to curb the illegal trade and ensure the effective distribution of cash to the … Read more
The Central Bank of Nigeria (CBN) has announced that all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline. Henzodaily reports that CBN, in a … Read more
The Central Bank of Nigeria (CBN) has again released an update and clarified on the use of old Naira notes in the country. TheNewsGuru.com (TNG) reports the apex bank to have made the clarification on Friday in a statement released by Hakama Sidi Ali (Mrs.), CBN’s Acting Director of Corporate Communications. The central bank in … Read more
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The Lagos State Special Offences Court located in Ikeja has scheduled a ruling for January 7, 2025, concerning the objection raised by former Central Bank of Nigeria Governor, Godwin Emefiele, pertaining to the fraud charges amounting to $4.5 billion and ₦2.8 billion filed against him by the Economic and Financial Crimes Commission (EFCC). Henzodaily reports … Read more