Against claims by the Central Bank of Nigeria (CBN) that it has successfully settled all outstanding foreign exchange (FX) obligations, foreign airlines says the status quo remains the same. Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, …
Read More »Buhari, ex-SGF’s signatures forged to move $6.2m from CBN -Forensic expert
A forensic document examiner seconded to the Economic and Financial Crimes Commission, Bamaiyi Haruna on Thursday said the analysis conducted on the documents used to release $6.2m from the Central Bank of Nigeria in February 2023 showed that they were forged. The EFCC had alleged that on February 8, 2023, …
Read More »Old N200,N500,N1000 Nigeria Notes:No deadline as Legal Tender-Central Bank of Nigeria
The Central Bank of Nigeria has said there is no deadline for the recognition of old naira notes as legal tender in the country. In March, the apex bank under the leadership of its then-Governor, Godwin Emefiele said the old N200, N500, and N1,000 bank notes would remain legal tender …
Read More »Customs authorities held a meeting with non-compliant banks regarding the remittance of duties
The Nigerian Customs Service announced on Sunday that it recently deactivated only two banks due to their failure to remit collected duties.The service also reported these banks to the appropriate financial authorities, including the Central Bank of Nigeria, and ongoing discussions are in progress among all parties involved.According to Abdullahi …
Read More »CBN threatens to sanction banks engaging in illegal sales of Forex
The Central Bank of Nigeria (CBN) has threatened to punish banks engaging in illegal sales of forex. The acting Governor of CBN, Folashodun Shonubi, who disclosed this during a lecture titled: “Diaspora Remittances and Nigerian Economic Development”, in Abuja, emphasised the importance of strict steps to restrict illegal remittances and channel them via appropriate means to maximise economic …
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