Naira

Nigerian Banks resume International Transactions on Naira Cards

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Commercial banks in Nigeria have announced the resumption of international transactions on their naira cards. After years of suspension, United Bank of Africa (UBA), Wema Bank, and GTBank said in separate announcements to customers that the service has recommenced on their naira cards. “In line with our continued commitment to providing you with seamless and … Read more

CBN: Both Old and New Naira Notes Remain Legal Tender Indefinitely

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The Central Bank of Nigeria (CBN) has reaffirmed that all denominations of Naira banknotes, including old and new designs, will remain valid as legal tender indefinitely. This clarification comes amidst circulating misinformation regarding the validity of old Naira notes. In a statement released on Friday by the CBN’s Acting Director of Corporate Communications, Mrs. Sidi … Read more

Naira makes heavy recovery against Dollar with CBN’s New Directive

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naira makes heavy recovery against dollar with cbn's new directive

The Naira has significantly appreciated in value against the US Dollar following the Central Bank of Nigeria’s (CBN) implementation of a new policy. The Central Bank of Nigeria’s (CBN) directive mandating banks operating in the interbank FX market to adopt the Bloomberg BMatch trading platform has begun yielding positive outcomes. The Naira, which had experienced … Read more

How to report cash scarcity at ATMs, Banks’ to CBN

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The Central Bank of Nigeria has published a directory of its branches across the country. This directory provides contact information and email addresses for each branch. The purpose of this directory is to make it easier for Nigerians to report issues with cash access at Over-The-Counter withdrawals or Automated Teller Machines of Deposit Money Banks. … Read more

Naira Struggles at N2,200 against British Pound [Rates today]

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naira struggles at n2,200 against british pound [rates today]

The naira broke through the N2,180 barrier and began Thursday’s session at the lower end of its range against the British pound sterling. The pound was trading at N2,188/£1 on the black market on Thursday, despite better conditions in Nigeria’s foreign exchange assets held by the CBN. The naira’s rapid depreciation against the British pound … Read more

Good News as Customs Slashes Exchange Rate To Clear Goods at Ports

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The Central Bank of Nigeria (CBN) has reduced the exchange rates for cargo clearance at the nation’s seaports and airports. According to information on the official trade portal of the Nigerian Customs Service (NCS), the Nigeria Customs duty rate now stands at N1637.692 a dollar as at Monday, September 30, 2024. The new rate reflects … Read more

Court freezes N548.6 Million belonging to ‘ByBit, KuCoin’ Nigerian crypto users

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Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, based on their alleged role in naira fluctuations. The motion, dated September 3, 2024, which the court … Read more