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The Office of the National Security Adviser is set to extend its investigation into cryptocurrency operations by summoning executives from various platforms in Nigeria. This development follows the recent detention of two senior Binance executives, revealed by the Financial Times. Sources...

Amidst growing concerns over the impact of cryptocurrency trading on Nigeria's economy, Presidential spokesman Bayo Onanuga has issued a stern warning against the popular exchange platform Binance, alleging its potential to dismantle the country's financial stability. Speaking on a televised...

The Central Bank of Nigeria (CBN) is taking proactive measures to rectify distortions in the country's foreign exchange market, particularly in the retail segment. In a recent circular by Dr. Hassan Mahmud, the Director of the Trade & Exchange Department, the CBN announced its decision to...

In the midst of Nigeria's economic challenges, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), addressed concerns during the first Monetary Policy Committee (MPC) meeting since assuming office in September 2023. Denying responsibility for the current economic situation, Cardoso...

The Central Bank of Nigeria (CBN) has instituted new regulations governing the foreign exchange (FX) sales by Bureau De Change (BDC) operators, as outlined in the 'Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,' released on February 23, 2024. These...

Finance Minister and Coordinating Minister of the Economy, Wale Edun, disclosed in a recent interview with Channels TV that approximately only 5% of Nigerians have more than N500,000 in their bank accounts. Edun emphasized that the ongoing federal government reforms aim to address economic...

The Central Bank of Nigeria (CBN) is contemplating significant regulatory changes for Bureau De Change (BDC) operators, including a potential ban on street trading and restricting cash payments for foreign exchange (FX) sales to a maximum of $500. The proposed guidelines also require sellers...

Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators. In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...

The Nigerian naira is facing a severe crisis, dropping to N1,900 against the US Dollar in some cities, despite the government's crackdown on forex speculators. The Federal Government raided Bureau De Change (BDC) hubs in Abuja, Lagos, and Kano, leading to arrests of operators. National Security...

Nigeria's Senate President, Godswill Akpabio, pointed fingers at the former Central Bank Governor, Godwin Emefiele, attributing the country's current hardship to certain monetary policies and actions implemented during Emefiele's tenure. Speaking at a function in Abuja on Sunday, Akpabio...

In a tumultuous week for Nigeria's economy, the national currency, the Naira, experienced unprecedented depreciation, closing at N1,537.96 at the official market on Friday. This marks a significant milestone, as the currency surpassed the N1,500 threshold, showcasing the severity of its recent...

The Central Bank of Nigeria (CBN) has introduced a pivotal policy shift, instructing authorized dealer banks to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. This directive, signed by Dr Hassan Mahmud, the Director of the Trade and...

The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for the clearance of goods, increasing it from N1444.56/$ to N1515.09 against the USD. This marks a noteworthy rise of N70.53 compared to the previous rate, reflecting the CBN's continued efforts to align official...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant shift in its operational base, planning to relocate certain units from Abuja to Lagos. This decision mirrors recent moves by the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria...

The Office of the Auditor General for the Federation (OAuGF) has uncovered a significant lapse in the Central Bank of Nigeria's (CBN) record-keeping, specifically regarding money recovered by the Economic and Financial Crimes Commission (EFCC) between 2016 and 2019. The 2020 Audited report of...

The Federal Government has declared Odoh Ocheme, a Central Bank of Nigeria (CBN) staff, alongside Adamu Abubakar and Imam Abubakar, wanted for their alleged involvement in forging former President Muhammadu Buhari's signature to steal $6.2 million from the CBN. A letter from the CBN special...

Arise TV presenter Rufai meticulously analyzes the contradictions that surfaced in Boss Mustapha's testimony during the ongoing $6.2 million fraud trial involving former CBN governor Godwin Emefiele. Rufai sheds light on the complex legal proceedings, providing a detailed breakdown of Deputy...

In a courtroom drama that has sent shockwaves through the nation, the ongoing fraud trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, took a startling turn as former Secretary of the Government of the Federation (SGF), Boss Mustapha, testified as the fourth prosecution...

Former Secretary of the Government of the Federation, Boss Mustapha, dropped a bombshell on Tuesday during his appearance as the fourth prosecution witness in the ongoing fraud trial of the former Central Bank of Nigeria Governor, Godwin Emefiele. Mustapha asserted that $6.2 million was...

In a dramatic turn of events, the official exchange rate between the naira and the dollar plummeted to an unprecedented low of N1,534 on the NAFEM market, marking the weakest point in the currency's history. The day's forex turnover, a mere $89 million, revealed a sharp 64.69% drop in comparison...