Money Archives - OHAFIATV

Feb

24

2024

CBN provides Customs with updated guidelines regarding exchange rates for import clearance.

Business, Economy, Metro, NewsCBN, Economy, Money

The Nigerian Customs Service (NCS) has been directed by the Central Bank of Nigeria to establish a foreign exchange closing rate on the day that importers submit their "Form M" for the purpose of clearing their products and assessing import duties, amidst multiple hikes in customs exchange rates. This was revealed by the CBN in a statement on Friday that was signed by Hassan Mahmud, the department's director of trade and exchange. The pricing system has been upset by the frequent changes in the customs taxes rate, according to CBN, which has resulted in erratic increases in the market's final…

Feb

24

2024

By Amos Oge Kalu

Naira vs. USD: CBN will outlaw street trading and consider new BDC regulations

Business, Economy, Metro, NewsBusiness, Economy, Metro, Money, Nigeria

The Central Bank of Nigeria has announced new rules to Bureau De Change Operators in Nigeria, including the possibility of ending street trading, in response to the ongoing volatility of the Naira against the US dollar in the foreign exchange market. This was revealed on Friday by the top bank in its proposed Revised Regulatory and Supervisory Guidelines for Nigeria's Bureau De Change Operations. For Tier 1 and Tier 2 BDC licences, CBN intends to set the minimum capital share amounts at N2 billion and N500,000 million, respectively. This is a departure from the general license's former capital share of…

Nov

07

2023

By Amos Oge Kalu

Nigeria struggles with Naira volatility as exchange rates undermine country’s economy, investors’ confidence.

Business, Economy, Metro, PoliticsBusiness, Economy, eNaira, Money, Nigeria

Investor confidence is impacted by the Naira's volatility versus the US dollar, which keeps sending shockwaves of anxiety across Nigeria's economy. The country's currency appreciated against the dollar last week, providing a brief reprieve. On the parallel market, it was trading at N970/$1 as opposed to N1300/$1 the week before. The naira, however, had a poor start to the week, with Monday's exchange rates ranging from N1000 to N1020/$1. This indicates a minor decline from the N970/$1 exchange rate during the previous weekend. In the same vein, the Naira fell 4.24 percent at the official FMDQ market, from N780.03/$1 on…

Mar

26

2023

By Amos Oge Kalu

CBN Clears Air On Suspending OPAY & PALMPAY Accounts

Business, Economy, MetroBusiness, CBN, Economy, Metro, Money, Nigeria

The Central Bank of Nigeria (CBN) has debunked claims going around that it has suspended accounts of some Fintech companies like OPAY and PALMPAY. The apex bank in reaction to the reports described it as fake news. The Acting Director of Corporate Communications of CBN, Isa AbdulMumin, on Friday, March 24, 2023, in Abuja described the viral news as “simply fake’’. The report which was credited to AbdulMumin claimed that the CBN was about to suspend accounts of the Fintech companies because they were being used to perpetrate fraud. The viral news partly read, “Please if you are using OPAY,…

Feb

10

2023

By Amos Oge Kalu

Abia 2023: Limited Cash Flow Forces ACCORD to Postpone Ceremonial Campaign Flag-off

Abia State, Business, Economy, Politics2023, Abia State, Economy, Emeka Nwankpa, Money, Next Level, Nigeria

As the CBN naira-redesign policy takes its adverse toll on the economic and socio-political lives of Nigerians, the Accord Party has postponed the ceremonial campaign flag-off of Bishop Dr Emeka Nwankpa, its governorship candidate. The event, which was earlier scheduled for Saturday, 11 February, 2023, was postponed due to what the party described as the 'current prevailing circumstances' in the country. The news of the last-minute postponement was contained in a press release signed by Dr Tony Agba, the campaign Director General which reads thus: "Postponement of Bishop Emeka Nwankpa's Ceremonial Flag Off This is to inform the general public,…