business

Naira Depreciates at Official Market as Banks Sell $584 Million

The value of foreign exchange transactions recorded on the official Nigeria Autonomous Foreign Exchange Market has risen to $584m, according to data posted on the FMDQ Exchange on Tuesday. This…

Feb 7, 2024

business

CBN, dollar, Naira

FCCPC fumes as loan apps violate payment Regulations

The Federal Competition and Consumer Protection Commission (FCCPC) has expressed worries over continuous violation of its Limited Interim Regulatory/Registration Framework and Guidelines by online lenders popularly known as loan apps.…

Feb 6, 2024

business

Loan apps

Naira weakens at parallel market, rises at official

The naira strengthened at the official window on Monday, after the Central Bank of Nigeria Governor, Olayemi Cardoso, reassured that the apex bank was making efforts to tackle the volatility…

Feb 6, 2024

business

CBN, dollars, Naira

Cardoso: We Inherited $7 Billion FX Backlog, Anticipates Clearing $2 Billion Balance Soon

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country will soon be free of its $7 billion foreign exchange (FX) backlog, as $2.3 billion has already…

Feb 5, 2024

business

backlogs, CBN, Fx

Shell, NNPC, and Partners Finalize Investment Decision for 10-Year Gas Supply to Dangote Fertilizer Plant

The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPCL), TotalEnergies EP Nigeria Limited, and Nigerian Agip Oil…

Feb 5, 2024

business

Dangote, Gas plant, NNPC

CBN Clarifies: No Intention to Convert Funds in Domiciliary Accounts to Naira

Nigeria’s central bank has said there was no plan to convert the funds in domiciliary accounts to naira. Media reports had claimed that the bank planned to convert about $30…

Feb 3, 2024

business

CBN, dollar, Naira

CBN Takes Action Against Banks for Withholding $5 Billion Amidst Naira Depreciation

The Central Bank of Nigeria (CBN) hit the nail on the head yesterday. It accused commercial banks of hoarding over $5 billion in foreign currencies against the threshold approved by…

Feb 2, 2024

business

CBN, Fx sanctions, sell fx

Miners Indebted to Federal Government, Owning Over N2 Trillion, Says Minister

The Minister of Solid Minerals Development, Dele Alake, has said that miners and operators in the sector owed the Federal Government more than N2 trillion. This is as the minister…

Feb 1, 2024

business

FG, Miners

Dollar Surge Forces Shutdown of Abuja, Kano, Lagos Bureaux de Change, Leaving Customers Stranded

Bureau de Change Operators, under the Association of Bureau de Change Operators of Nigeria, have shut down operations over the surge in the price of the dollar. Members under the…

Feb 1, 2024

business

Bureau De Change

CBN Directs Banks to Sell Excess Dollars Within 24 Hours

Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1,…

Feb 1, 2024

business

CBN, dollar, Fx

Naira Depreciates at Official Market as Banks Sell $584 Million

FCCPC fumes as loan apps violate payment Regulations

Naira weakens at parallel market, rises at official

Cardoso: We Inherited $7 Billion FX Backlog, Anticipates Clearing $2 Billion Balance Soon

Shell, NNPC, and Partners Finalize Investment Decision for 10-Year Gas Supply to Dangote Fertilizer Plant

CBN Clarifies: No Intention to Convert Funds in Domiciliary Accounts to Naira

CBN Takes Action Against Banks for Withholding $5 Billion Amidst Naira Depreciation

Miners Indebted to Federal Government, Owning Over N2 Trillion, Says Minister

Dollar Surge Forces Shutdown of Abuja, Kano, Lagos Bureaux de Change, Leaving Customers Stranded

CBN Directs Banks to Sell Excess Dollars Within 24 Hours

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