The Central Bank of Nigeria (CBN) has taken decisive action by dissolving the board of directors overseeing the operations of Polaris, Union, and Keystone banks. Following this decision, the CBN has swiftly appointed new executive directors to assume leadership roles within these deposit money banks.informationguidenigeria According to an official statement issued on Thursday morning and … Read more
The Nigerian naira has experienced a significant depreciation of 26.36 percent against the US dollar at the official Investor and Exporter window of the foreign exchange market. This depreciation occurred after the Central Bank of Nigeria (CBN) announced that it had cleared $2 billion as part of its backlog obligations. The CBN made this announcement … Read more
The Nigerian naira has experienced a significant depreciation of 38.9% against the US dollar at the official Investors and Exporters (I&E) window of the Central Bank of Nigeria (CBN) over the past three months, as reported by The PUNCH. Data from the FMDQ Securities Exchange indicates that the naira fell from N745.19/$ on October 3, … Read more
Operatives from the Economic and Financial Crimes Commission (EFCC) have conducted a raid at the headquarters of Dangote Industries Limited in Ikoyi, Lagos.InformationGuideNigeria This action is part of an ongoing investigation into alleged abuse of foreign exchange allocations by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The EFCC is investigating … Read more
In a tragic turn of events, suspected robbers attacked Abdullahi Supermarket in One Man Village, near Mararaba, resulting in the death of four individuals, including a staff member of the Central Bank of Nigeria (CBN). The CBN employee, identified through his identity card as Daniel Adefemi Okunade, was fatally shot in the head during the … Read more
As of December 28, 2023, the exchange rate for the US dollar to Nigerian Naira in the Lagos Parallel Market (also known as the Black Market) is as follows:JAMB Portal Buying Rate: Naira is being bought at N1205 per US dollar.NYSC Portal Selling Rate: Naira is being sold at N1215 per US dollar.InformationGuideNigeria It’s important … Read more
The Central Bank of Nigeria (CBN) has issued a statement reassuring the public of the safety and stability of the country’s banking sector. Amid circulating unverified reports questioning the health status of Nigerian banks, the apex bank has emphasized that these concerns are unfounded and not based on any official communication from the CBN.InformationGuideNigeria The … Read more
The Central Bank of Nigeria (CBN) has issued a warning to Point-Of-Sale (PoS) operators and Deposit Money Banks (DMBs) regarding their practices that are impacting the availability of cash and disrupting the circulation of the Naira. This advisory was communicated in a statement released on Thursday, signed by the Acting Director of Communication and Public … Read more
The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has recently emphasized the need for more stringent regulatory measures in the fintech sector and the operations of Bureaux de Change. This call for tighter regulations was articulated by the association’s chairman, Prince Akamadu, during the 57th quarterly general meeting of ACAEBIN held in … Read more
The Central Bank of Nigeria (CBN) has mandated all licensed financial institutions to prominently display their corporate names on their websites, portals, and online applications.informationguidenigeria This directive, announced on the CBN’s website on December 7, 2023, is part of the apex bank’s efforts to enhance transparency and foster trust in the digital financial ecosystem.NYSC Portal … Read more