Central Bank of Nigeria limits daily USSD transfer to N100,000

​The Central Bank of Nigeria (CBN) has pegged the maximum transfer from mobile phones using short codes at N100,000. According to a statement from the director, banking and payment system of CBN, Dipo Fatokun, the decision was made because of the risk associated with mobile banking. The bank says the new directive will take effect… Read More Central Bank of Nigeria limits daily USSD transfer to N100,000

Central Bank of Nigeria cautions citizens on cryptocurrency investments

The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in crypto currency as they are virtual currencies that are not legal tender in Nigeria. Acting Director, Corporate Communications, Isaac Okoroafor, gave the warning in a statement on Wednesday. He noted that crypto currencies such as Bitcoin, Ripples, Monero, Litecoin,… Read More Central Bank of Nigeria cautions citizens on cryptocurrency investments

Police arrest thirteen female suspects for illegal production of Nigerian currency

The Central Bank of Nigeria (CBN) and the Rivers State Police Command in a joint sting operation on Wednesday apprehended thirteen female suspects over their alleged involvement in illegal printing and minting of the Nigerian currency. The state Police Command made the disclosure at a media briefing in Port Harcourt while speaking on the clamp… Read More Police arrest thirteen female suspects for illegal production of Nigerian currency

CBN injects over $1billion into foreign exchange market in two weeks

The Central Bank of Nigeria (CBN), on Tuesday, injected $100 million into the nation’s foreign exchange market, bringing its intervention in the market to $1.12 billion in two weeks. Meanwhile, the naira appreciated to its highest level against the dollar in the parallel market this year, as the parallel market exchange rate dropped to N448… Read More CBN injects over $1billion into foreign exchange market in two weeks

CBN, others given a week ultimatum to account for $22.6billion oil blocs

The House of Representatives Ad-hoc Committee on Oil Prospecting Licences (OPLs) and Oil Mining Leases (OMLs), yesterday, gave the Central Bank of Nigeria (CBN) and others a week ultimatum to provide all relevant documents to ascertain the payments of about $22.6 billion oil blocs from application fees, royalties, signature bonuses and other fees by oil… Read More CBN, others given a week ultimatum to account for $22.6billion oil blocs

Naira thrown into open market, official exchange rate nullified

The Central Bank of Nigeria, CBN, yesterday, announced a flexible exchange rate regime aimed at making foreign currencies more accessible. With this action, the CBN has nullified the official exchange rate regime of N197/dollar. The CBN took the measure following severe pressures on external reserve and foreign exchange supply crisis. Governor of the CBN, Mr.… Read More Naira thrown into open market, official exchange rate nullified

Nigerian banks queried over illegal fixing of forex rates

The Nigeria Economic Summit Group (NESG) has queried the 22 commercial banks over it describes as illegal fixing (cap) of the interbank foreign exchange rate. Among other things the group complained that the cap on the interbank foreign exchange rate is impacting negatively on member companies and contravenes the Foreign Exchange Act of 2004. The… Read More Nigerian banks queried over illegal fixing of forex rates

Foreign airlines to retrench about 2,000 Nigerian workers due to CBN forex policy

The National Union of Air Transport Employees (NUATE) has revealed that foreign airlines plan to sack about 2,000 Nigerian workers  due to what they claimed is their inability to transfer their earnings to their respective home countries to meet operational costs in accordance with international rules because of new Central Bank of Nigeria (CBN) policy… Read More Foreign airlines to retrench about 2,000 Nigerian workers due to CBN forex policy