Tag: BDC
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CBN brings back IMTO to the Foreign Exchange Market
The Central Bank of Nigeria (CBN) has announced a policy shift allowing International Money Transfer Operators (IMTOs) to resume sending foreign transactions directly through official channels. This move is expected to potentially increase recorded remittance inflows. By permitting IMTOs to sell foreign exchange on the NAFEM window, the CBN aims to achieve several objectives: CBN…
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FG Halts the Implementation of Cybersecurity Levy
Tinubu’s decision to halt the implementation of the cybersecurity levy is a welcome relief for many Nigerians who were concerned about the financial burden it would bring. The introduction of this levy had raised questions about the sensitivity of the present administration towards the struggles of its citizens. The CBN on May 6, 2024, issued…
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Naira Declared World’s Best Performing Currency in April
On April 12, 2024, the Naira closed at N1,142/$, supported by frequent interest rate hikes and capital inflows. The Goldman Sachs Group has recently noted that the Naira has established itself as the world’s best-performing currency in April, with expectations of extending its reign despite ongoing policy management challenges by the Central Bank of Nigeria…
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CBN to Clear Forex Obligation Backlog in Two Weeks, Plans Clampdown on Illegal operators
Nigerian businesses from manufacturers to importers, who have been on a long queue for dollars may have cause to heave a sigh of relief as the Central Bank of Nigeria (CBN) has announced plans to clear foreign exchange (Forex) backlog obligations in the next two weeks. Acting Governor of the CBN, Adebisi Shonubi at a…