Complying with the directives, Ecobank Nigeria, in a notice, said several IMTOs including Western Union, MoneyGram, Rapidtransfer, Ria, and other IMTOs approved by the Central Bank of Nigeria have been affected.
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The Central Bank of Nigeria (CBN) has abolished the spread of Foreign Exchange Transactions, as announced in a statement from the CBN Financial Markets Department, signed by Duke Omolara Omotunde.
A Nigerian political economist, Prof. Pat Utomi has claimed that the Central Bank of Nigeria’s (CBN) ‘missteps’ had contributed to the tumbling value of the naira.
The Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured Nigerians that the current inflation rate will drop to 21% this year. According to the National Bureau of Statistics (NBS), Nigeria’s inflation has been on the rise for 11 consecutive months, reaching a new high in December 2023.
“It is an arbitrary order capable of undermining the operational independence of the NNPCL. By this order, Mr. President has wrested control of the finances of the NNPCL and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria. This is an unprecedented act, without any legal or ethical basis. It is also a violation of the principle of due process in public administration”
According to him, even if the ₦aira recovers for three months, it could “still crash because the fundamental problem has not been fixed, which is improving production, to deepen the balance of trade and payment for Nigeria.”
Weeks after it was raised from ₦783 per dollar to ₦952 per dollar, the Central Bank of Nigeria (CBN) has again raised the exchange rate for cargo clearance from ₦952/$ to N1.356 per dollar.
The Central Bank of Nigeria (CBN), has removed allowable limit of exchange rate quoted by the International Money Transfer Operators (IMTOs).
The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified claims by airlines with an additional $64.44 million.
President Bola Tinubu has approved the handing over by the Nigeria National Petroleum Company Ltd (NNPCL) of revenue from sales of crude oil to the Central Bank of Nigeria (CBN).