Naira Springs Back After CBN Directive on Shelling Excess Dollar Before the February 1, 2024 deadline given by the Central Bank of Nigeria (CBN) to commercial banks to sell all excess foreign exchange holdings, Deposit Money Banks on Thursday made frantic efforts to offload their...

CBN Fixes $1m Capital Requirements For International Money Transfer Operators   The Central Bank of Nigeria (CBN) has fixed $1m as the minimum share capital requirement for International Money Transfer Operators in the country. This was revealed in its revised guidelines for the operation of IMTOs, which...

Nigeria’s Container Traffic Falls 7% to 1.57m in 2023 – Report Container traffic in Nigeria has declined by 6.85 per cent to 1.57 million twenty-equivalent units, compared to 1.68 million TEUs handled in the previous year, a port performance report presented at the quarterly meeting...

Senate Summons Cardoso over Naira Free Fall The Senate has summoned the Governor of Central Bank of Nigeria, Olayemi Cardoso, to appear before it on Tuesday next week for questioning. The Committee on Banking, Insurance and Other Financial Institutions issued the order to answer questions on...

Sell Excess Dollars in 24 Hours - CBN to Banks The Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024, amid its fresh moves to stabilise the exchange rate. The CBN, which made the disclosure in...

1,500 Redeployed CBN Employees To Resume Work At Lagos Office Friday   Following their relocation from the Abuja headquarters, at least 1,500 Central Bank of Nigeria (CBN) employees will begin work at the Lagos branch on Friday, February 2. The departments penciled down for relocation by the...