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The Central Bank of Nigeria has directed Deposit Money Banks to liquidate any surplus dollar stock by February 1, 2024, as part of new efforts to stabilize the country's erratic currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency for profit. According to officials, the central bank believes that some commercial banks maintain long-term foreign exchange positions in order to profit from exchange rate volatility. The new circular introduces a set of guidelines aimed at reducing the risks associated with these ...
Read moreThe minister added that some foreign airlines blocked local travel agencies from accessing their websites for transactions, choosing to release ...
Read moreThe Nigerian currency strengthened on the official market by 0.03 per cent to settle at N428.88 to the dollar last ...
Read more- Pegs ITR floor price at $0.045 · New rate takes effect from January The Nigerian Communications Commission (NCC) has ...
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