The Central Bank of Nigeria (CBN) has introduced new regulations requiring foreign exchange sellers to Bureau De Change (BDC) of $10,000 and above to declare their sources of forex. This move, announced by Haruna Mustapha, Director of the Financial Policy and Regulation Department at the CBN, aims to curb excesses of BDCs and address uncertainty…
The Federal Government has announced a major overhaul of its cash transfer program to address fraud, with immediate implementation of direct payments. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed this in an interview on Channels Television. The adjustment is aimed at fulfilling the President’s commitment to supporting vulnerable groups…
The Central Bank of Nigeria (CBN) has revised its formula for determining foreign exchange rates for customs duty on imports, aiming to address concerns over irregular changes in import duty assessment levies. Dr. Hassan Mohammed, Director of the Trade and Exchange Department at the CBN, announced this in a memo to the Nigeria Customs Service…
The Senate has granted approval for the appointment of the 12-member Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), as proposed by President Bola Tinubu. The confirmation follows a positive report from the Senate’s committee on Finance, Banking, Insurance, and other Financial Institutions, which found the nominees suitable for the positions. The MPC is…
The Central Bank of Nigeria (CBN) is facing heightened concerns over the potential further weakening of the Naira as the Federation Account Allocation Committee (FAAC) prepares to disburse revenues among the federal, state, and local governments. Sources within the CBN have revealed fears that funds from FAAC allocations are being illegally converted to dollars by…
The nominees for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have expressed optimism that the challenges of foreign exchange volatility and food crisis in the country will soon be resolved. President Bola Tinubu recently submitted the nominees’ names to the Senate for confirmation. During their screening by the Senate Committee…
Cement manufacturers in Nigeria have agreed to reduce the price of cement from N10,000 to a range of N7,000 to N8,000 per 50kg bag, subject to certain conditions set by the Federal Government. The decision was made following a meeting convened by the Minister of Works, Engr David Umahi, in Abuja. The meeting was called…
The Abuja Electricity Distribution Company (AEDC) has issued a warning to disconnect the electricity supply of 86 Ministries, Departments, and Agencies (MDAs) over an accumulated debt of about N47.1 billion. Among the MDAs facing disconnection are the Ministry of Finance, Information, Budget, Works and Housing, barracks, Nigeria Police Force, Presidential Villa, CBN Governor, Economic and…
The Distillers and Blenders Association of Nigeria (DIBAN) has issued a stark warning about the potential economic consequences of the ban on the production and sale of sachet and PET bottle alcohol by the National Agency for Food and Drug Administration and Control (NAFDAC). In an open letter addressed to President Bola Tinubu, DIBAN, a…
In January 2024, the Central Bank of Nigeria introduced the revised International Money Transfer Services Guidelines, signaling a significant step towards enhancing transparency and efficiency in foreign exchange transactions, diaspora remittances, and cross-border fund transfers. This overhaul, in line with the government’s Renewed Hope agenda, aims to revolutionize international money transfers while promoting prudential standards…