Category: Money
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BREAKING: CBN raises interest rate
The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent. This was disclosed by the Governor of the CBN who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja. At the March MPC meeting, the…
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Naira Depreciates at Official Market, Trades at N1,416.57 to Dollar
On Tuesday, the naira experienced a decline at the official market, with the exchange rate standing at N1,416.57 to the dollar. According to data from the official trading platform of the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market, the naira depreciated by N62.36. This marks a 4.60% decrease compared to the previous…
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CBN Suspends Charges On Cash Deposits
The Central Bank of Nigeria has decided to stop charging fees on cash deposits until September 30, 2024. The central bank shared this information in a memo dated May 6, 2024, signed by Adetona Adedeji, who is the director of banking supervision at CBN. CBN said,“Please refer to our letter dated December 11, 2023,…
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CBN orders implementation of Cybersecurity Levy by banks
The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions. This was contained in a circular dated May 6, 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service…
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CBN sells additional $10,000 to BDCs at $1,021 per dollar
The Central Bank of Nigeria, CBN, has approved the sale of an additional 10,000 dollars to 1,583 eligible Bureaux De Change, BDC, operators in the country to meet market demands. The CBN’s Director, Trade and Exchange Department, Dr Hassan Mahmud, made this known in a letter addressed to the President, Association of Bureau De…
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Naira slightly depreciates against dollar in official market
On Monday, the naira experienced a slight depreciation in the official market, trading at N1,234.49 to the dollar, according to data from the FMDQ Exchange, the platform overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM). As reported by News Agency of Nigeria, the naira lost N64.50, representing a 5.51% decrease compared to the previous…
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Naira gains 7.2% against dollar
The naira on Friday experienced huge appreciation at the official market, trading at N1, 142.38 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market revealed that the naira gained N88.23. This represents a 7.16 per cent gain compared to the…
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BREAKING: CBN begins sale of dollars to BDCs at N1,101
The Central Bank of Nigeria, CBN, has begun another tranche of dollar sales to Bureau De Change, BDC, operators to further boost the appreciation of the Naira in the foreign exchange market. The National President of the Association of Bureau De Change Operators, Aminu Gwadabe exclusively confirmed this to newsmen on Monday. Accordingly to Gwadade,…
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Naira Shows 2.4% Appreciation in Official Market
The naira gained at the official market, trading at N1, 278.58 to a dollar on Tuesday. Data from the official trading platform of the FMDQ revealed that the naira gained N30.81 or 2.35 per cent, compared to the previous trading date on Thursday, March, 28, 2024 just before the Easter holiday at the rate…
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NLC Chairman Lands In Prison For Diverting Palliative Funds
By Our Correspondent Comrade Muktar Tarbutu, the Chairman of the Nigeria Labour Congress (NLC) in Yobe State, has been remanded in prison following accusations of diverting palliatives intended for union members. Tarbutu faced arraignment before Magistrate II Damaturu on Wednesday, responding to allegations of misappropriating palliatives provided by the North East Development Commission (NEDC).…