Financial News Highlights April 26, 2024 – Telcos Push For Tarriff Hike in 11 years etc

Telcos renew push for first tariff hike in 11 years after rare losses Telecommunication companies in Nigeria are renewing their push for an increase in prices of calls, data, and other services after multiple failed attempts in the last 11 years. Communique Of Telcos In a communique signed by the Association of Licensed Telecom Operators…

Financial News Highlights May 25, 2024 – CBN Mass Sack etc

  Mass sack at CBN, 7 directors, over 90 senior management staff lose jobs   Mass termination of appointments continued at the Central Bank of Nigeria (CBN) on Friday. as up to seven directors, and well over 90 senior management staff were relieved of their jobs.   Information available to BusinessDay indicates that other cadres…

Financial News Highlights May 24, 2024 – CBN Clarifies On BDCs Licencing etc

CBN clarifies guidelines on BDCs licensing The Central Bank of Nigeria (CBN) has clarified the tier-based classification of Bureau De Change (BDCs), stating that the new guidelines followed an earlier exposure draft circulated for public input earlier this year, which the Bank has now incorporated and posted on its website on Wednesday, May 22, 2024….

Court Orders Forfeiture Of Emefiele’s $4.7m, N830m, Properties

Justice Yellim Bogoro of the Federal High Court sitting in Lagos has ordered a temporary forfeiture to the Federal Government of $4,719,054, N830,875,611, and several properties linked to a former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Bogoro issued the order after entertaining an ex-parte application brought before him by the Economic…

Financial News Highlights May 23, 2024 – CBN Directs BDCs To Reapply etc

  CBN directs all BDCs to reapply for licence   The Central Bank of Nigeria (CBN) has directed all existing Bureau de Change operators (BDCs) to reapply for new operational licences. Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria’. The apex bank disclosed this on Wednesday in a document titled ‘Regulatory and…

Financial News Highlights For April 24, 2024 – Naira gains Against USD, ETC

  Naira gains to 1,250/$ after CBN sells fresh dollars to BDCs The naira gained Tuesday morning after the Central Bank of Nigeria (CBN) sold dollars at a discount to Bureau de Change (BDC) operators in an attempt to ease the renewed pressure in the black market. Reason For The Naira Gain A dollar sold…

CBN Sales $10,000 To Each BDC at N1,021 Per USD

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators, notifying them of direct sales of US dollars at a discounted rate of N1,021 per dollar. CBN Circular On Sale Of USD At Discounted Rate. The apex bank circular, signed by Director, Trade Exchange Department, Dr Hassan Mahmud, directed…

Diesel And Aviation Fuel Prices Crashed To N940 And N980 Respectively.

Dangote Petroleum Refinery Announcement DANGOTE Petroleum Refinery has again announced a further reduction in the prices of both diesel and aviation fuel to N940, and N980 per litre respectively.   This is coming at the wake of its widely celebrated price reduction to N1,000 barely two weeks ago.   The price change of N940 is…

Banks’ Recapitalization – ICAN Urges CBN To Include Retained Earnings

The Institute of Chartered Accountants of Nigeria (ICAN) has called on the Central Bank of Nigeria to reconsider its exclusion of retained earnings as part of the capital base of banks.   This was disclosed in its position paper on the new capital requirement for banks signed by its president, Innocent Okwousa, published in national…