The Governor of the Central Bank, Olayemi Cardoso has announced that forensic verification to clear all pending foreign exchange backlogs is now completed and payments will commence soon. During the launch of the foreign exchange code, Cardoso lamented how it took the bank over twelve months to clear the $7 billion foreign exchange backlog in…
The Naira has appreciated to N1,640 per dollar in the parallel market from N1,655 per dollar on Monday. According to data published by the Central Bank of Nigeria (CBN) showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,526.3 per dollar from N1,533.5 per dollar on Monday, indicating N7.2 appreciation…
The Federal Government, through the Central Results Delivery Coordination Unit, has urged the Ministry of Aviation and Aerospace Development and the Nigerian Civil Aviation Authority to revisit a draft policy proposing stricter sanctions on airlines for the increasing number of flight delays and cancellations across the country. The Special Adviser to the President on Policy…
The Central Bank of Nigeria (CBN) on Wednesday said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025. The FX code serves as a guideline to the banking industry to promote ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market…
A total sum of ₦1.424 trillion, being December 2024 Federation Accounts Revenue, has been shared among the Federal Government, States and Local Government Councils. The revenue was shared at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja. The Director of Press and Public Relations, Office of the Accountant General of the…
The Central Bank of Nigeria (CBN) has suspended approvals for the extension of export proceeds repatriation on behalf of exporters. This directive, issued through a circular dated January 8, 2025, takes immediate effect. The suspension applies to both oil and non-oil export transactions. According to the apex bank, the move aims to enforce compliance with…
The China Development Bank (CDB) has granted a loan of 245 million euros ($254.76 million) for constructing the Kano-Kaduna railway project in Nigeria. A statement by the bank on Tuesday said the move was to provide financial support for the smooth progress of the project. The Kano-Kaduna railway, with a total length of 203 kilometres,…
The Federal Government has confirmed plans to increase telecoms tariffs but assured Nigerians it won’t be by 100% as requested by operators. The Minister of Communications, Innovation, and Digital Economy, Bosun Tijan, made this known at a stakeholders’ meeting in Abuja on Wednesday. He said the Nigerian Communications Commission (NCC) would develop modalities for tariff…
The Washington-based World Bank has disbursed Nigeria a $1.5 billion foreign loan as part of the federal government’s effort to implement fuel subsidy removal and tax reforms. This is according to the World Bank’s recent document on the loan’s progress. The document showed that the loan was approved on June 13, 2024, with the first…
The World Bank has announced the removal of several loan fees to make borrowing more affordable for vulnerable countries. The move, according to the World Bank, is part of broader efforts to expand financial capacity and address urgent global challenges, including climate change, inequality, and economic fragility. The World Bank said on its official X…
