Olayemi Cardoso, the new CBN Governor said there is need to restore the independence and credibility of the Nigeria’s apex bank. He said this Tuesday during his screening by Senate in Abuja. “In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development finance interventions into more limited … Read more
Again, Naira has fallen to N965 to a US dollar at the close of trading on Monday, September 18, 2023, showing a difference of N34 loss within a week. Last week Monday (September 11, 2023), $/N closed at N931. It opened at N951/N962 – buy and sell – but went down to $/N965 at the close … Read more
The Naira, on Wednesday, crashed to N950 to a dollar at the parallel market as the country battles the issue of foreign exchange (FX) scarcity. The figure represents a depreciation of N25 or 2.04% compared to the N925 it reported exactly a week ago (September 6) The operators of the parallel market and currency traders, Bureau De Change operators (BDCs), attributed the depreciation … Read more
The Office of the Secretary to the Government of the Federation (OSGF) is still listing former Nigeria’s Agriculture Minister Sabo Nano as a cabinet member, four days after Bola Tinubu’s cabinet was inaugurated. A check by InfomediaNG on OSGF official website on Thursday, August 24, 2023, showed that cabinet members of former President Muhammadu Buhari … Read more
President Bola Tinubu has redeployed Abubakar Momoh as the Minister of Niger Delta four days after ‘omitting’ the ministry specifically dedicated to placating the oil-rich region. On Wednesday, August 16, 2023, Tinubu released the portfolios for his cabinet members, but Niger Delta was omitted from the list of new and modified Federal Ministries in Nigeria. A … Read more
President Bola Tinubu has redeployed the Minister of Transportation Gboyega Oyetola to the Ministry of Marine and Blue Economy. Oyetola was initially assigned to the Ministry of Transportation when the president assigned a portfolio to his ministerial nominees on Wednesday, August 16, 2023. But in a statement by the Special to the President on Media … Read more
The Central Bank of Nigeria (CBN) has once again begun the sales of forex to Bureau De Change (BDC) operators in Nigeria, more than two years the apex bank stopped the sales of FX to BDCs. Recall that the CBN stopped the sales of forex to more than 4,000 BDCs operators on July 28, 2021, … Read more
Human rights lawyer Femi Falana has dragged the Central Bank of Nigeria (CBN) before a federal High Court over what he described as the violation of Section 16 of the Central Bank Act. In an interview on Channels Television Sunrise Daily, Mr Falana, a Senior Advocate of Nigeria (SAN) said, “There’s no provision for floating … Read more
The Investors and Exporters (I&E) window will be renamed the Nigerian Foreign Exchange Market (NFEM) in the coming days as the Central Bank of Nigeria (CBN) battles to return sanity to the FX market in Africa’s largest economy. While delivering a lecture titled, “Diaspora Remittances and Nigeria Economic Development” to members of the Executive Intelligence Management Course … Read more
Following the revocation of the operating licence of Eyowo, the digital bank said transactions on its platform had been halted and could last 24 to 72 hours for the issue to be resolved. This means that Eyowo customers will be unable to send or withdraw from their account, pending the time it sorts out the … Read more