BUSINESS

Naira redesign, others gulped N74bn – CBN Report

Daily Dispatch August 20, 2023

The Central Bank of Nigeria and its subsidiary spent about N74.84bn to produce and roll out currencies, including new naira notes, in 2022. Despite the scarcity of naira that plagued the country in the latter months of 2022, the CBN spent 40.42 per cent more than the N53.29bn it spent in the

BUSINESS

CBN to resume sale of dollars to BDCs, demands daily rendition of forex utilization

Daily Dispatch August 18, 2023

The Central Bank of Nigeria has announced measures to reintroduce Bureau de Change Operators in Nigeria into the foreign exchange market a few days after threatening speculators. The bank announced its reintroduction in a circular addressed to BDCs and the public titled, ‘Operational Mechanism For Bureau De Change Operations In Nigeria.’ The development is coming amidst

BUSINESS

Embrace technology to remain relevant – ACAMB urges banks

Daily Dispatch August 18, 2023

The Association of Corporate Affairs Managers of Banks (ACAMB) has urged traditional financial institutions to embrace innovation and adapt in a changing environment to remain relevant. The President of ACAMB, Mr Rasheed Bolarinwa, gave the advice at the association’s second National Stakeholder Conference 2023 edition in Lagos. The News Agency of Nigeria (NAN) reports

BUSINESS

Falana sues CBN, says floating of naira ‘illegal’

Daily Dispatch August 18, 2023

Human rights lawyer Femi Falana, SAN, has slammed the floating of the naira by the Central Bank of Nigeria. Falana also disclosed that he is challenging the decision to float the naira in court, noting that it is ‘illegal’. On June 14, when the naira was trading at a range of 730 to 755 against […]

BUSINESS

CBN introduces FX price verification system portal for importers

Daily Dispatch August 17, 2023

Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex. This was revealed in a statement on Thursday night issues by the CBN, said a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, […]

BUSINESS

Photo: Polaris MD, Chairman visits Sanwo-Olu

Daily Dispatch August 17, 2023