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Tag: Central Bank Of Nigeria

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March 26, 2024 CBN Sells Forex To BDCs At N1,251/$1 As Naira Rebounds
IFMNEWS

CBN Sells Forex To BDCs At N1,251/$1 As Naira Rebounds

As the naira gradually appreciates against the dollar after months of unprecedented uncertainties, the Central Bank of Nigeria (CBN) has announced the sale of 10,000 dollars to each of the eligible Bureau De Change (BDC) operators in the country at the rate of 1,251 naira to one dollar.

In a circular to the President of the Association of Bureau De Change Operators of Nigeria, the apex bank said the BDCs are to sell to eligible end users at a spread of not more than 1.5 percent above the purchase price.

The CBN warned that “any BDC that breaches the above terms shall be sanctioned appropriately, including outright suspension from further participation in the sale.”.

The circular was signed by the bank’s Director of Trade and Exchange Department, Hassan Mahmud.

The Nigerian naira has seen a dip in the last nine months since President Bola Tinubu's administration collapsed the foreign exchange window.

As a way to control the value of the wobbling naira, the apex bank had, on March 1, 2024,

 revoked the licenses of 4,173 BDCs over compliance failures.

March 22, 2024 Dump Your Dollars To Avoid Tears Naira Will Appreciate
IFMNEWS

Dump Your Dollars To Avoid Tears Naira Will Appreciate

The Presidency has warned forex speculators that the naira will soon appreciate.

Presidential Special Adviser on Information and Strategy, Bayo Onanuga, who stated this, urged speculators to quickly dump their dollars to avoid "tears.”

Onanuga was reacting to the Central Bank of Nigeria's (CBN) disclosure that it had cleared the 7 billion-dollar foreign exchange backlog inherited by its governor, Yemi Cardoso.

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

ALI said the apex bank employed an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honored.

READ ALSO: CBN: We Have Settled All Valid Forex Backlogs

Reacting, Onanuga posted on X that, with the backlog of forex settled, the naira is set to appreciate further, faster.

He added that currency speculators should quickly dump their stock of dollars to avoid sorrow and tears.

February 29, 2024 Tinubu’s CBN Board Nominee, Kalu Eke, Rejects Appointment
IFMNEWS

Tinubu’s CBN Board Nominee, Kalu Eke, Rejects Appointment

Kalu Eke, one of the five nominees selected by President Bola Ahmed Tinubu for the Central Bank of Nigeria (CBN) Board of Directors, has declined the appointment. Tinubu had initially submitted Eke's name, along with four others, to the Senate for confirmation.

However, during the screening exercise conducted by the Senate Committee on Banking, Insurance, and Other Financial Institutions, Eke was notably absent. Senator Mikhail Abiru, representing Lagos East Senatorial District, informed the Senate that Eke failed to appear for screening, rendering the committee unable to recommend him for confirmation.

Senator Orji Kalu, representing the nominee's constituency, disclosed that Eke had contacted him to express concerns about potential conflicts of interest due to his ongoing engagements with various public and private entities, both locally and internationally. Consequently, Eke felt it would be conflicting to accept the appointment to the CBN board while engaged in his current endeavors.

Senator Kalu further informed the Senate that Eke had already notified the Governor of the Central Bank of Nigeria about his decision to decline the nomination.

Following these developments, the Senate proceeded to confirm the appointments of the remaining five nominees for the CBN Board.

February 29, 2024 Binance Will Destroy Nigeria’s Economy If Not Stopped –Bayo Onanuga
IFMNEWS

Binance Will Destroy Nigeria’s Economy If Not Stopped –Bayo Onanuga

In a recent statement, Bayo Onanuga, the Presidential spokesman, voiced concerns about the potential negative impact of cryptocurrency trading platform Binance on the Nigerian economy. Onanuga warned that, if left unchecked, Binance could severely damage the country's economic stability by arbitrarily manipulating foreign exchange rates.

During a televised program, Onanuga expressed his dissatisfaction, stating, "If we don't take action against Binance, it could spell disaster for our economy. They have been known to manipulate exchange rates at their whim." He further highlighted the government's decision to intervene, citing the need to thwart the detrimental effects of such actions on the economy.

Onanuga emphasized the presence of individuals using online platforms to exert influence over exchange rates, effectively undermining the authority of the Central Bank of Nigeria (CBN). He described these activities as acts of sabotage and underscored the government's commitment to preventing such occurrences in the future.

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