Business

The Governor. Central Bank of Nigeria (CBN), Olayemi Cardoso on Tuesday said $26 billion passed through Binance Nigeria from unidentified sources in one year. Cardoso disclosed this to journalists after the committee’s meeting at the CBN headquarters in Abuja. In June 2023, the Securities and Exchange Commission (SEC) had said the operation of Binance Nigeria Limited, a subsidiary of Binance,…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at its first meeting of 2024 voted to raise Monetary Policy Rate (MPR) by 400 basis points to 22.75per cent from 18.75 per cent. The members after the two-day meeting in Abuja increase the asymmetric corridor to +100 basis points /-700 basis points (Previously: +100 basis points /-300…

In a move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has revealed plans to allocate $20,000 to each eligible Bureau De Change (BDC) operator across the country. The Director of Trade & Exchange Department, CBN, Dr Hassan Mahmud in a circular on Tuesday. This initiative is…

The Honourable Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite has hinted that the WTO Investment Facilitation for Development (IFD) Agreement would complement Nigeria’s ongoing reforms and initiatives towards unlocking opportunities within its economy. Speaking at the 13th World Trade Organization (WTO) Ministerial Conference (MC 13), held in United Arab Emirates, the Minister in her speech said the Government…

The Central Bank of Nigeria (CBN) has instructed the to utilize the FX closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and import duty assessment. This measure aims to tackle the volatility and frequent updates on the customs website concerning the liberalization of the foreign exchange market. The CBN stated this…

The Central Bank of Nigeria (CBN) is mulling an increase in the share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1 and Tier 2 licenses. It was previously N35 million for a general license. This was contained in the draft REVISED REGULATORY AND SUPERVISORY GUIDELINES FOR BUREAU DE CHANGE OPERATIONS IN NIGERIA…

The National Bureau of Statistics (NBS) has revealed that active subscriptions for voice telecommunications services in Nigeria rose to 224.7 million in the fourth quarter of 2023. According to NBS, this shows an increase of 0.96per cent compared to the 222.5 million reported in the fourth quarter of 2022. This is contained in the NBS Telecoms Data: Active Voice and…

The Central Bank of Nigeria (CBN) has sold an impressive N1.58 trillion in its latest Treasury Bills auction as the apex bank continues its ongoing effort to manage liquidity in the financial system. The auction, held on the 21st of February, attracted substantial interest from investors, with the CBN setting stop rates as high as 19per cent. The auction was…

NGX Regulation Limited (NGX RegCo) and the Institute of Chartered Accountants of Nigeria (ICAN) have collaborated on a corporate governance workshop to boost the knowledge of capital market stakeholders on the role of the audit committee. At the workshop, which was held at the Exchange Group House in Lagos recently, investors and other stakeholders gathered to learn more about the…

In a momentous move to empower Nigerian youths and foster economic growth, Wema Bank Plc, has joined forces with the National Youth Service Corps (NYSC) to launch the NYSC-ALAT Accelerator Programme; a strategic partnership to enable smooth and profitable entry into the labour market for young Nigerians through the Corps. The NYSC-ALAT Accelerator Programme is an initiative targeted at equipping…