Urum Kalu Eke, nominated from the South-East region of the country to be a member of the Central Bank of Nigeria (CBN) Board of Directors, has rejected the offer. Eke during the Thursday plenary when the Senate began the process for the confirmation of the nominees said that he was currently engaged in the World…
The Central Bank of Nigeria (CBN), on behalf of the Federal Government, has again increased the exchange rate for cargo clearance to N1,605 per Dollar. Truetells Nigeria understands that this adjustment follows recent fluctuations, with the rate initially rising to N1,515/$, then dropping to N1,472/$. Since January, there have been several adjustments in the exchange rate, starting…
A Senior Advocate of Nigeria, Femi Falana, has sued the Central Bank of Nigeria (CBN) over the ‘dollarisation of the Nigerian economy’. Falana in the suit marked FHC/L/CS/476/23, filed at the Federal High Court in Lagos, is asking the court to determine amongst others “whether by virtue of Section 16 of the Central Bank Act,…
The Central Bank of Nigeria (CBN) has banned banks and financial technology companies (fintechs) from international money transfer services. The apex bank announced the new development in the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024. According to the document published on its website, Nigeria’s bankers bank excluded…
The Central Bank of Nigeria (CBN) on Wednesday, Jan. 31, imposed limits on how much banks can hold in foreign currencies. The apex bank expressed concern about the growth of forex exposures on their balance sheets following the naira’s tumble against the US dollar. The Senate, on Wednesday, through its Committee on Banking,…
The Centre for Social Justice, Equity, and Transparency (CESJET) on Friday claimed that the Governor of Central Bank of Nigeria, Olayemi Cardoso, is bereft of ideas and lacks the proficiency to drive the economic revolution that the nation craves. The group made this known in a statement signed by its Executive Secretary, Dr. Toyin Dawodu,…
The Central Bank of Nigeria (CBN) has appointed new executives for Union, Keystone and Polaris Banks following the dissolution of their boards on Wednesday, January 10. In a statement released, the apex bank said it dissolved the banks boards due to their non-compliance of the provisions of Section 12(c), (f), (g), (h) of Banks…
The Central Bank of Nigeria (CBN) has injected approximately US $61.64 million into the hands of foreign airlines operating in the country, a move intended to send the Naira soaring This targeted dollar releass aimed at clearing a portion of the backlog of matured foreign exchange obligations owed to the airlines, is a big step…
The Central Bank of Nigeria (CBN) has explained the reasons behind the scarcity of naira notes in the country. In a statement issued by the Corporate Communications Department of the CBN, the apex bank said the seeming currency scarcity was caused by large volume withdrawals of cash from various CBN branches by Deposit Money…
The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks. According to the CEO of NDIC, Bello Hassan, this followed the recent revocation of some MFBs and PMBs licences by the Central Bank of Nigeria (CBN), revealing that the payments of the…
