Business
CBN Restricts BDCs to purchase forex from a single authorised dealer for $25,000 weekly
The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators to purchasing foreign exchange of a minimum of $25,000 from a single authorised dealer per week. The bank also directed the BDCs to comply with Know Your Customer (KYC) measures. The apex bank, in…
Read More »CBN extends forex sale period to Bureau de Changes by four months
The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators from January 31 until May 30. This aims to better serve retail market demands. The bank disclosed this in a circular, signed by Dr W. J. Kanya, Acting Director of…
Read More »CBN unveils new FX code, confirms multiple unethical, illegal practices in $7b FX backlog
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso on Tuesday unveiled a new Foreign Exchange (FX) Code to the market. Cardoso, at an event in Abuja, confirmed that the $7 billion dollars of FX backlog that has taken over 12 months to verify has led to the…
Read More »Naira depreciates by 0.3% to N1,539.39 per dollar
The Naira recorded a slight loss at the official market on Wednesday, trading at N1,539.39 per dollar. Data from the Central Bank of Nigeria (CBN) showed that the Naira closed the trading session at N1,539.39 to the dollar. This represents a slight loss as the local currency traded on Tuesday…
Read More »TCN announces rationing of power supply in FCT for road dualisation
The Transmission Company of Nigeria (TCN) has announced the rationing of power supply for Abuja Electricity Distribution Company (AEDC)’s customers in parts of the Federal Capital Territory (FCT) between Jan. 6 and Jan. 20. Mrs Ndidi Mbah, TCN’S General Manager, Public Affairs made the announcement in a statement in Abuja…
Read More »Nigerians Now Consume 336 Gigabytes Per Second Amid Rapid Digital Shift – NCC
The Nigerian Communications Commission (NCC) has reported a dramatic rise in the country’s daily data consumption, with usage soaring by 39% compared to last year, now averaging 336 gigabytes per second. This increase reflects Nigeria’s ongoing embrace of a data-driven economy and digital lifestyle. Speaking at the 93rd Telecom Consumer…
Read More »ATCON Urges Prompt Action on Tariff Review Amid Industry Challenges
The Association of Telecommunications Companies of Nigeria (ATCON) has renewed its call for the federal government and regulators to consider a tariff increase for telecommunications services, highlighting the urgent need to address the financial challenges facing the sector. ATCON President, Tony Emoekpere, emphasized this during an interview in Lagos on…
Read More »Access Bank to acquire 100% equity Stake in South Africa Bidvest Bank
Access Holdings Plc (“Access Holdings”) has announce that its banking subsidiary, Access Bank Plc (“the Bank”), has entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited (“Bidvest Bank”). A statement by Head, Media Relations, Access Holdings…
Read More »Access Bank Completes Acquisition of Standard Chartered Subsidiaries
Access Bank PLC has officially acquired Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited. This development was disclosed in a statement signed by the Company Secretary, Sunday Ekwochi. The acquisition follows the July 2023 agreement between Access Bank and Standard Chartered Bank for the purchase of…
Read More »Access Bank Dismisses Allegations of Missing N500 Million
Access Bank has officially denied allegations of a missing sum of N500 million from a customer’s account, as claimed by social media influencer Vincent Otse, popularly known as VeryDarkMan. VeryDarkMan, in a viral video accused the bank of sharp practices involving the account of a deceased customer to the tune…
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