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In a somber announcement on Monday, Access Holdings PLC revealed the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This decision comes in the wake of the tragic helicopter crash that claimed the lives of its former Group CEO, Dr. Herbert Wigwe, his wife, son, and...

In response to the Central Bank of Nigeria's recent directive limiting International Money Transfer Operators (IMTOs) to inbound transfers only, IMTOs have ceased dollar transfers to Nigerians, now opting to pay in naira. The CBN's move, aimed at liberalizing the foreign exchange market and...

In response to the EFCC's arrest of Emefiele's wife, Nigerians have taken to various platforms to voice their opinions, revealing a spectrum of reactions. Some citizens are skeptical about the outcome, expressing concerns that the situation will be 'swept under the carpet'. Users like...

The Economic and Financial Crimes Commission (EFCC) has issued a declaration naming Margaret Emefiele, wife of former Central Bank of Nigeria Governor Godwin Emefiele, along with Eric Odoh, Anita Omoile, and her husband Jonathan Omoile, as wanted for alleged involvement in money laundering. The...

The Nigerian naira witnessed a 3.45 percent depreciation on Wednesday, plummeting to N1,500 against the dollar in the parallel market. This marks a decline from the N1,450 recorded just two days prior, leaving currency traders, also known as Bureau De Change operators, with a narrow profit...

On February 3, 2024, Saturday PUNCH reported on the federal government's consideration of converting $30 billion domiciliary deposits to Naira as part of efforts to stabilize the currency. The story cited a senior government official in the presidency who spoke anonymously on the matter...

The Central Bank of Nigeria (CBN) has increased the Customs exchange rate for import duty once again, escalating from N1,356.883 per dollar to a staggering N1,413.62 within 24 hours. This swift move comes on the heels of a 43% increase in the Customs import duty rate announced the day before...

CBN denies conversion of $30B domiciliary deposits, but skepticism reigns among Nigerians due to government's credibility issues. Doubts persist despite official statements, reflecting widespread distrust in governmental communications

In response to the recent historic plunge of the national currency, the Nigerian government is reportedly considering a bold policy shift. Strong indications suggest that the Federal Government is contemplating the conversion of foreign currencies in domiciliary accounts, both individual and...

The Central Bank of Nigeria (CBN) has announced the prohibition of banks and financial technology companies (fintechs) from offering international money transfer services. This development, outlined in the revised guidelines for the operations of International Money Transfer Operators (IMTOs)...

The Central Bank of Nigeria (CBN) has enacted stringent measures to bolster liquidity in the foreign exchange market, instructing banks to limit their Net Open Position (NOP) of foreign currency assets and liabilities to 20% of shareholders' funds. The directive, issued through a CBN circular...

In a bid to address growing concerns over the state of the economy and the alarming free fall of the naira in the forex market, the Senate's Committee on Banking, Insurance, and other Financial Institutions has taken a decisive step by summoning the Governor of the Central Bank of Nigeria...

The Nigerian Naira hit a historic low against the US dollar on Tuesday, causing concern in financial circles. Official figures reveal that the Naira closed at N1,482.57 per $1, showing a significant 10% drop from the previous day. The situation worsened in the unofficial market, where the...

The Central Bank of Nigeria (CBN) has fulfilled its promise by disbursing $64.44 million, marking the latest step in addressing the extensive backlog of foreign exchange owed to airlines. This disbursement brings the total verified amount paid to airlines to $136.73 million, constituting a...

Manufacturers in Nigeria are bracing for a potential surge in commodity prices as the nation's currency, the naira, continues its downward spiral against the United States dollar. Since the removal of the rate cap by the Central Bank of Nigeria in June 2023, the naira has witnessed a significant...

The Central Bank of Nigeria (CBN) has initiated a comprehensive plan aimed at "decongesting" its head office, as outlined in a recent circular dated January 12, 2023, addressed to all staff. The directive, issued by the director of the human resources department, underscores the imperative of...

Naira plummeted to a record low of N1,348.63 against the US Dollar on Monday, signaling a 33.87% decline from the previous Friday's closing rate of N891.90. This unprecedented depreciation, witnessed at the official NAFEM market, reflects the severity of the current economic challenges facing...

In a bid to address speculation and dispel concerns of political motives, the Federal Government has clarified that the planned relocation of the headquarters of the Federal Airports Authority of Nigeria (FAAN) and certain departments of the Central Bank of Nigeria (CBN) to Lagos is purely an...