CBN Urges Telcos to Manufacture SIM Cards Locally to Conserve Forex   The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged telecommunications companies to manufacture essential components locally, in a bid to reduce the industry's reliance on foreign exchange and promote economic growth. This...

N100 ATM Withdrawal Fee Stays for Transactions Below N20,000 - CBN   The Central Bank of Nigeria (CBN) has confirmed that the N100 fee for ATM withdrawals from other banks will remain in place for transactions below N20,000. This is according to a FAQ document published by the apex...

Safeguarding the Future of FBN By Salisu Na'inna Dambatta A group of shareholders of the First Bank of Nigeria (FBN) have cried out over issues that need the attention of the regulators of the country's financial sector in order to safeguard the future of the Bank. The...

Naira Depreciates by 0.3% at Parallel Market The naira on Tuesday witnessed a flat rate as the dollar was quoted at N1,570 in the parallel market also known as black market, following improved liquidity in the foreign exchange (FX) market. The current rate shows a slight...

Diaspora Remittances and Cardoso’s New Tricks, by Rahma Olamide Oladosu   Diaspora remittances have long been a crucial pillar of Nigeria’s economy, providing vital foreign exchange (forex) liquidity and contributing to financial stability. These inflows from Nigerians living abroad serve as a buffer against external shocks,...

The onus then fell on the Central Bank of Nigeria (CBN) headed by Olayemi Cardoso to do everything possible within the ambit of the law for the naira to survive the disastrous decline in value.