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CBN
Global credit ratings agency, Fitch, has revised Nigeria’s long-term credit default rating upward from stable to positive on the back of reforms in the foreign exchange market, oil industry and monetary policy over the past one year.
Banks and other financial institutions across Nigeria have reinstated processing fees on large cash deposits following the expiration of the Central Bank of Nigeria’s (CBN) temporary suspension.
One of Nigeria’s leading fintech companies, OPay, has warned its customers against trading in cryptocurrency or any virtual currency on its app.
The Nigerian Naira weakened further to N1,410/$ in the unofficial market on Friday afternoon as traders saw an aggravated demand for the dollar by parents and travelers.
Nigerians have increased their hoarding of cash, with as much as 94% of the currency in circulation held outside banks by March 2024.
The exchange rate for customs duty collection has increased to N1,441.53 to the USD in the past two days from N1,373.64/$ at the beginning of the month.
The company also plans to increase its issued paid-up share capital from N6.429 billion to N25 billion by creating an additional 37.14 billion ordinary shares, each valued at 50 kobo, which will have equal rights with the existing shares.
Nigerian banks have proven to be highly profitable. Last year alone, the publicly listed Nigerian banks are projected to surpass N3.5 trillion in profits for 2023, more than doubling their earnings from 2022.
INTERPOL Africa says they have completed the extradition papers for Nadeem Anjarwalla, Binance executive who fled detention in Nigeria.
The Centre for Promotion of Public Enterprise, (CPPE) has asked CBN to adopt a specific quarterly exchange rate for import duty collection as a measure towards addressing the problems associated with frequent changes in customs exchange rate and general volatility of the foreign exchange market.
OPay remains committed to working closely with the Central Bank of Nigeria (CBN) and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.
A Federal Capital Territory High Court, Abuja on Tuesday has adjourned the fresh arraignment of the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over alleged unlawful printing of naira notes, to May 15, 2024.