CBN Disallows Foreign Currency as Collateral for Naira Loans The Central Bank of Nigeria (CBN) has directed all banks to stop the use of foreign currency-denominated collaterals for naira loans. Adetona Adedeji, acting director of the banking supervision department at CBN, disclosed this in a statement...

Alleged Money Laundering: Court Remands Binance Agent as EFCC Begins Trial  The Federal High Court sitting in Abuja, on Monday, has remanded Tigran Gambaryan, a representative of Binance Ltd at the Nigerian Correctional Service pending the determination of his bail application. The court also overruled the...

CBN Set to Sell $10,000 to BDCs at N1,101 per Dollar  The Central Bank of Nigeria has again announced the sales of dollars to Bureau De Change operators. It disclosed this in a circular uploaded to its website on Monday. The apex bank said it is set...

Petrol: Oil Marketers Propose N550/litre Price to Dangote AS the Nigerian National Petroleum Company, NNPC Limited, moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to...

External reserves drop by $1.02bn – CBN report Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira. On March 18, 2024, the FX reserves stood...

Crude Oil Price Hits $91 per Barrel  Brent Crude price has surpassed the $90 per barrel threshold and surged past the $91 per barrel mark as of Sunday. Global crude oil prices reported a second straight weekly gain and hit six-month high levels as markets watched...