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
In what can be described as upheaval in the financial sector, Nigeria’s apex bank on Monday, May 22, 2023, released a full list of microfinance banks whose operating licences were revoked. Three finance companies and four primary mortgage banks also lost their operating licence to the Central Bank of Nigeria (CBN), bringing the number to … Read more
The Central Bank of Nigeria (CBN) has extended the deposit of old naira notes from January 31 to February 17, 2023. The initial deadline was Tuesday, January 31, 2023, which resulted in a chaotic situation at money deposit banks across Nigeria. In a press release by the CBN governor Mr Godwin Emefiele said he got … Read more
You may spend some months or years (depending on your connection) in jail if you are caught buying US dollars with the Nigerian currency, says the apex bank of the most populous African country. The latest monetary policy became a necessity as the Naira continues to “Lu’le” (that is fall) against other global currencies while … Read more
Results from the 30 Local Government Areas in the just concluded 2022 Osun State Governorship Election showed that the election was keenly contested between Nigeria’s two major political parties: All Progressive Congress (APC) and Peoples Democratic Party (PDP). From the results from all the local government areas in the state, Ademola Adeleke of PDP won … Read more
Amidst the volatility rocking the cryptocurrency market for the past eight weeks or more, President Faustin-Archange Touadéra of the Central African Republic (CAR) says there is no regret in choosing Bitcoin as one of the legal tenders in his country. His tweet message of hope is believed to be directed at his critics who opposed … Read more
While the bloodbath in the crypto market has led to the loss of several billions of dollars in investors’ monies, President of El Salvador Nayib Bukele certainly sounded unperturbed by the latest crypto crash and he is also advising Bitcoin investors not to be anxious about the market price. In a tweet, Bukele said: “I … Read more
While some international investors and financial analysts believe that gold investing could be used as a hedge against inflation, there are other claims that such measures are ephemeral. But the latest report by gold hub revealed that some Central Banks across the world are gearing up to increase their gold reserves as one of their … Read more