There are strong indications that the Federal Government is mulling a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency, which earlier this week recorded its worst performance in history, as per PUNCH ONLINE.informationguidenigeria If it goes ahead with the plan, the … Read more
Ahead of the midnight February 1, 2024 deadline given by the Central Bank of Nigeria to commercial banks to sell all excess foreign exchange holdings, Deposit Money Banks on Thursday made frantic efforts to offload their surplus dollar stocks, PUNCHONLINE reports. It was learnt that the treasury departments of the DMBs spent the entire day … Read more
As the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in Nigeria, Naira slipped to an all-time low against the United States dollar across forex markets on Tuesday Premiumtimes reports.informationguidenigeria According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market. The … Read more
The Nigerian Naira experienced a significant devaluation, dropping by 17.91% to N951.22 against the US dollar in the official Investor and Exporter forex window. This decrease in value occurred alongside a 4.94% reduction in dollar supply, which fell to $135.58 million.informationguidenigeria The Naira’s decline comes despite the Central Bank of Nigeria’s efforts to stabilize the … Read more
Eight major firms in Nigeria have reported a combined currency revaluation loss of N918.1 billion. This substantial loss is attributed to the sharp depreciation of the Nigerian naira against the US dollar, which experienced a 68.55 percent decline in value by the end of September 2023.NYSC Portal The naira’s depreciation followed the Central Bank of … Read more
The Presidency has assured that President Bola Tinubu’s administration would continue in working on policies that will strengthen the Naira. This was disclosed by Tinubu’s Special Adviser on Economic Matters, Dr Tope Fasua at the “Cowries to Cash” lecture and lunch on Tuesday in Abuja.JAMB Portal RIPPLES NIGERIA report that Fasua, who represented Vice President … Read more
Senator representing Ondo South, Jimoh Ibrahim has asked President Bola Ahmed Tinubu ahead of Cabinet formation to the assignment of portfolios to the 48 Ministerial nominees awaiting Senate confirmations to create a Ministry of Revenue. CHAMPION NEWSPAPERS reports.InformationGuideNigeria Senator Jimoh Ibrahim gave the advice for the creation of the Revenue Ministry when he paid the … Read more
The Central Bank of Nigeria (CBN) has taken a significant step in supporting Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) in the country.InformationGuideNigeria As reported by allmedia24.com, the CBN has excluded Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) from its cash withdrawal limit policy.JAMB Portal This was disclosed in a circular to all … Read more
There is no plan to halt the distribution of new naira notes from circulation, the Central Bank of Nigeria (CBN) has said. THE GUARDIAN reports.Information Guide Nigeria Acting Director of the Corporate Communications of the bank, Dr. Isa AbdulMumim, said dismissed the rumour that the regulator was contemplating the withdrawal of the recently-redesigned N1000, N500, … Read more
A World Bank report has revealed that the Nigerian Diaspora community remitted $168.33 billion to the country in the past eight years. VANGUARD reports.Information Guide Nigeria The remittance was made even as the foreign investments inflow into the country remained unstable during those years caused by a scarcity of foreign currency which has since led … Read more