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The exchange rate between the naira and the dollar has strengthened for the third consecutive day, reaching a new high of N1,534.9/$1 on the official market. This achievement represents the strongest level the naira has attained in the past seven days, signaling a positive trend in the currency market. The official NAFEX rate, serving as […]
Urgent instructions have been issued by the Central Bank of Nigeria (CBN) mandating all bank customers to link their National Identification Number (NIN) and Bank Verification Number (BVN) to their respective accounts. This directive, outlined in a circular dated December 1st, 2023, underscores the importance of enhancing Know Your Customer (KYC) procedures to bolster financial […]
The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau de Change (BDC) operators across the country. The announcement was made in a statement released on Friday by Sidi Ali Hakama, the acting director of corporate communications at CBN. The decision comes as a result of the operators’ failure to comply […]
Abia State Governor, Alex Otti, expressed concern over the plummeting value of the naira, attributing it to excessive printing of money by the Federal Government. In an exclusive interview on Channels Television’s Politics Today, Governor Otti highlighted the dire consequences of financial indiscipline, citing an alarming increase in the money supply, estimated to be nearing […]
The Central Bank of Nigeria (CBN), Nigerian banks have issued urgent notifications to their customers, emphasizing the need to update their bank account information with their Bank Verification Number (BVN) and National Identification Number (NIN) before the impending deadline of Friday, March 1, 2024. Failure to comply with this directive may result in customers being […]
The Central Bank of Nigeria (CBN) under the leadership of Governor Olayemi Cardoso has successfully mopped up a staggering sum of N1.51 trillion through Open Market Operation (OMO) bills within the span of four months, a comprehensive analysis by BusinessDay reveals. The auctions, predominantly featuring long-tenured bills ranging from 180 to 365 days maturity, aimed […]
