UPDATE: Naira Dips, Now Pegged At N495/$

Naira crashed yesterday to N495/$ at the parallel market, losing N14 to the dollar within within few days. It closed on Tuesday at N481/$. The sharp depreciation came a day after the Central Bank of Nigeria (CBN) devalued the naira at the official market to N410.25/$. The fall in the currency rate has been linked […]

Primate Ayodele Prophecy Doom For CBN, NNPC, Civil Servants If FG Continues It Atrocities

The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele on Saturday warned President Muhammadu Buhari on the state of Nigeria’s economy. Primate Ayodele claimed he foresees Nigeria’s economy shutting down if the Federal Government fails to do the right thing. He warned that the shutdown would affect the Central Bank of Nigeria, CBN, NNPC, […]

Soludo’s Attackers Arrested In Anambra State

Suspected attackers of former Central Bank of Nigeria (CBN) Governor, Prof Chukwuma Soludo, have been arrested in Anambra State. Governor Willie Obiano announced this at Prof Dora Akunyili Women’s Development Centre in Awka Soludo, the leading governorship aspirant of the All Progressives Grand Alliance (APGA), was attacked in Isuofia by some gunmen during a town […]

Accept Old, Lower Denominations Of Dollars —-CBN Orders Banks, Bureau DE Change

The Central Bank of Nigeria has ordered financial institutions and bureau de change operators to accept old and lower denomination U.S. dollars as legal tender. The apex bank gave the order in a circular signed by its Director of Currency Operations Department, Ahmed Umar. NAN reports that Umar said the CBN was inundated with complaints […]

Lending Rate Remains At 11.5%, CBN Announce

The Central Bank of Nigeria, CBN, has announced that it has retained the monetary policy rate at 11.5%. The Governor of CBN, Mr Godwin Emefiele made this known, after the Monetary Policy committee’s two-day meeting in Abuja on Tuesday. It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 […]

CBN Releases List Of Licensed International Money Transfer Operators

The Central Bank of Nigeria has released a list of licensed International Money Transfer Operators in the country. The list contains 47 operators. It was disclosed on its website in a document titled ‘List of approved International Money Transfer Operators as at February 28, 2021. Recall that the CBN recently introduced a rebate of N5 […]

CBN Begins “Send A Dollar, Get ₦5 Free” Forex Promo

The Central Bank of Nigeria, CBN, has introduced it’s Forex Promo known as”Send A Dollar, Get, N5 Free”. This is a bid to sustain the increase in inflows of diaspora remittances into the country. It is an incentive that pays naira to senders and recipients of international money transfers. The policy is aimed at boosting […]