yemi cardoso
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Nigeria Nigeria's Poverty Trap: Only About 5% Of Nigerians Have Over N500,000 In Their Bank Accounts — Wale Edun
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... -
Nigeria Naira Crisis: CBN Set to limit Cash FX Transaction to $500
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... -
Nigeria Naira Crisis: CBN target BDCs With N2 billion Licence Fee
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... -
Nigeria CBN's Currency Policy Update Sparks Controversy: Nigerians React to Shift from Dollar to Naira in International Transfers
Nigerians are experiencing a financial paradigm shift as banks roll out the full implementation of the Central Bank of Nigeria's (CBN) revised guidelines on international money transfers. The new guidelines, issued on January 31, 2024, bring an end to the era of receiving dollars from family... -
Nigeria CBN Mandates Nigerian Banks to Pay Diaspora Transfers in Naira
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... -
Nigeria Nigeria's $40 Billion Drain: CBN Governor Links Naira Woes to Surge in Foreign Education and Healthcare Expenses
Nigeria's economic landscape faces a significant challenge as Central Bank of Nigeria (CBN) Governor Oluyemi Cardoso revealed that Nigerians spent over $40 billion on foreign education and healthcare services between 2010 and 2020. The revelation came during a session with the House of... -
Nigeria Nigerians Slam CBN Governor for Blaming Students Abroad for Naira's Exchange Rate Woes
The Central Bank of Nigeria's Governor, Dr. Olayemi Cardoso, addresses the House of Representatives, linking the depreciation of the naira against the dollar to the increasing number of Nigerians pursuing education and medical treatments overseas. The governor outlines plans to tackle the high... -
Nigeria Punch Newspaper Stands by Its Story on Government's Consideration to Convert $30 Billion of Nigerian Deposit Funds to Save Naira
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... -
Nigeria CBN Governor Olayemi Cardoso Reveals How Tough Reforms are Shaping Nigeria's Financial Future
In an exclusive interview with ARISE NEWS, the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, unveiled crucial policies and reforms aimed at strengthening the nation's economic landscape. Cardoso addressed the $7 billion outstanding foreign exchange liabilities of the... -
Nigeria More Woes for Nigerian Businesses as CBN Increases Import Duty by Another 4.4% in Just One Day
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... -
Nigeria Nigerians React With Disbelief to CBN Denial of $30 Billion Domiciliary Account Conversion Policy
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 -
Nigeria Domiciliary Account Holders in Shock As Nigeria Mulls $30 Billion Domiciliary Deposit Conversion to Naira for Economic Stability
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... -
Nigeria Lawmakers Demand Answers as CBN Governor is Summoned Over Alarming Naira Decline
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... -
Nigeria Airlines' Relief as CBN Clears $64.44M Forex Backlog, Yet Long Road Ahead
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... -
Nigeria Calls Intensify for Keyamo and CBN Governor's Removal Over Controversial Agency Moves, Northern Youth Lead Charge
In a recent development, the Joint Action Committee of Northern Youth Associations has demanded the removal of the Minister of Aviation, Festus Keyamo, and the Governor of the Central Bank of Nigeria (CBN), Yemi Cadoso. The call for their dismissal is linked to the controversial planned... -
Nigeria CBN's Governor Cardoso Set to Lead First MPC Meeting in February
The Central Bank of Nigeria (CBN) has announced that its Monetary Policy Committee (MPC) will convene for its first meeting under the leadership of Governor Olayemi Cardoso on February 26 and 27, 2024. The revelation follows a strategic two-day session to prepare members for the upcoming... -
Nigeria Nigeria's Central Bank Approves February Launch of cNGN 'Stablecoin' for Digital Economy Boost
A groundbreaking move is set to reshape Nigeria's financial landscape as the Africa Stablecoin Consortium (ASC) announces the launch of the compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024. Fueled by the recently released Regulatory Sandbox by the Central Bank of Nigeria (CBN), the... -
Nigeria Former CBN Governor Godwin Emefiele Regains Freedom After Meeting Bail Conditions
Embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele, has been released from the Kuje Correctional Centre upon meeting the bail conditions set by the Federal Capital Territory High Court. This development follows Emefiele's recent arraignment on a six-count charge related... -
Europe Turkey's Central Bank Chief Moves in with Parents as Housing Costs Soar
In a stark reflection of Turkey's economic challenges, the newly appointed head of Turkey's central bank, Hafize Gaye Erkan, reveals that she has been priced out of Istanbul's property market due to rampant inflation. Forced to make a difficult decision, the 44-year-old former finance... -
Nigeria Nigeria's Top Manufacturers Hit Hard as Forex Loss Skyrockets 400%
The once-thriving Nigerian manufacturing sector is facing an unprecedented crisis, grappling with a colossal 400% surge in net foreign exchange losses totaling a staggering N466 billion over the nine months ending in September. Industry insiders point to a complex interplay of factors, including...
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