CBN Investigates Fresh $2.4bn Forex Scam
The Central Bank of Nigeria (CBN) is investigating foreign exchange transactions worth approximately $2.4 billion. The CBN's governor, Yemi Cardoso announced that the transactions have been deemed ineligible for payment…
CBN Resumes Forex Sales to BDC Operators After 4-Month Suspension
The Central Bank of Nigeria (CBN) has resumed sales of foreign exchange to Bureau De Change (BDC) operators, ending a four-month suspension. On Friday, July 12, 2024, the…
CBN Injects $20,000 Into Forex Market To Boost Liquidity
The Central Bank of Nigeria (CBN) has released $20,000 to each Bureau De Change (BDC) operator to provide more liquidity in the foreign exchange market. According to the CBN's…
No Going Back On FOREX, Subsidy Reforms – Finance Minister
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that there is no going back on President Bola Tinubu’s reforms in the forex as well as…
Forex: CBN Increases Daily Withdrawal Limit For Domiciliary Accounts
The Central Bank of Nigeria (CBN) has increased the daily withdrawal limit for domiciliary accounts to ten thousand dollars ($10,000). The development was made after an extraordinary Bankers’ Committee meeting…
Items Banned by CBN From Accessing Forex
The Central Bank of Nigeria (CBN) plays a vital role in regulating the country's financial system and ensuring stability in the Nigerian economy. To safeguard foreign exchange reserves and encourage…
Airtel Loses $151m To Nigeria’s FX Rates harmonization
Airtel Africa Plc has reported a significant loss of $151m due to the harmonisation of Foreign Exchange (FX) rates in Nigeria. The loss was disclosed in Airtel Africa Plc's second…
CBN to Prosecute Forex Defaulters
The Central Bank of Nigeria (CBN) has announced its intention to prosecute forex defaulters in the country. CBN's move aims to address the concern of nearly $7 billion in mature…
FG Plans to Raise $10bn To Increase Forex Liquidity, Stabilise Naira
Amidst the ongoing depreciation of Naira, the Federal Government has set its sights on raising $10 billion to bolster foreign exchange liquidity and stabilize the Naira. Also, the government unveiled…