ABCON welcomes CBN move against domiciliary account collateral for naira loans

Business a.m. The recent move by the Central Bank of Nigeria (CBN) to ban the use of non-export domiciliary accounts as collateral for naira loans has received a positive nod from the Association of Bureaux De Change Operators of Nigeria (ABCON).  Aminu Gwadabe, president of ABCON, said the directive will have a positive effect on […]

CBN working on true price discovery of undervalued naira,Cardoso assures

Business a.m Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN) has  acknowledged that the naira is currently undervalued,assuring that the bank will prioritise real price discovery in the foreign exchange market in 2024, with the goal of establishing a more accurate and fair exchange rate for the Nigerian currency .  Cardosos stated […]

Nigeria’s central bank, CBN, intervenes in FX market with $210m

In another round of intervention, the Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market to ensure the availability of forex and also meet customers’ requests in various segments of the market. The CBN Tuesday, August 7, 2018 offered $100 million to authorized dealers in the […]