The Central Bank of Nigeria (CBN) has instructed international money transfer operators (IMTOs) to process all diaspora remittances through naira settlement accounts held with authorised dealer banks, in a move to improve transparency and strengthen liquidity in the official foreign exchange market. Under the directive, all transactions, including payments to beneficiaries, must be routed through…
From Seun Johnson Nigeria’s currency continued its downward trend against the United States dollar, marking a second straight week of depreciation across both official and parallel foreign exchange markets. Figures published on Friday by the Central Bank of Nigeria showed that the naira closed at ₦1,393.26 per dollar, weaker than the ₦1,387.45 recorded earlier in…
From David Eze At the Appropriation Committee’s budget defence yesterday, Hon. Alex Mascot opened the inquiry by questioning the Federal Minister of Finance on capital budget disbursement and performance for 2024 and 2025. Despite claims that ₦1.15 trillion had been raised and approved to fund 30% of the 2025 capital budget, no disbursement has reached…
From Dennis Samuel The US dollar weakened in Asian trading on Monday amid growing speculation that Washington could coordinate with Tokyo to stabilise the Japanese yen following its recent slide. The yen surged more than one percent to 153.89 per dollar — its strongest level since November — after reports that the Federal Reserve Bank…
From Marcus Nkire The Central Bank of Nigeria (CBN) has issued a sweeping directive ordering banks, payment-service institutions and other licensed financial operators to immediately take down any advertisements that could mislead customers or breach existing consumer-protection rules. The directive follows a regulatory review that uncovered a pattern of marketing practices the apex bank described…
By Marcus Nkire Nigeria’s foreign reserve has climbed above $46 billion, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has disclosed. Cardoso revealed the new figure while addressing stakeholders in Abuja, noting that the steady rise in external reserves reflects renewed confidence in the Nigerian economy and the impact of ongoing monetary…
By Anita Coker Amazon outperformed Wall Street expectations in the first quarter of 2025, reporting $155.7 billion in revenue and $17.1 billion in net income. Despite the strong showing, shares fell over 2% in after-hours trading due to a weaker-than-expected Q2 forecast. Earnings per share came in at $1.59, ahead of analyst projections of $1.37,…
