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Foreign Exchange

CBN to Increase BDC Minimum Share Capital to N2 billion for Tier 1 License

CBN Proposes Increase in BDC Minimum Share Capital to N2 Billion for Tier 1 License.   The Central Bank of Nigeria (CBN) is considering a substantial increase in the minimum share capital requirements for Bureau De Change (BDC) operators, aiming…

Naira Face Fierce Dollar Amid Improved FX Liquidity

Naira’s Struggle Persists Despite Increased Liquidity: Market Insights.   The Nigerian naira is grappling with challenges as it hovers near its all-time low, despite a boost in liquidity from a $2.2 billion facility provided by the African Import Export Bank…

CBN Removes Exchange Rate Cap for International Money Transfer Operators

The Central Bank of Nigeria (CBN) has issued a new circular that removes the previous cap on exchange rates quoted by International Money Transfer Operators (IMTOs). This follows a circular issued by the central bank addressing suspected cases of excessive…

Forex Turnover Hits $242.60M as Naira Gains Marginally to N1,082.32/$1 in Official Market

The forex turnover witnessed an impressive surge of 148.95%, reaching $242.60 million, fueled by a marginal gain of the Naira against the dollar on January 10, 2024. The official market maintained its position above the N1,000/$ threshold, showcasing a 0.66%…

Top 5 best Domiciliary Account In Nigeria

Top 5 best domiciliary account in nigeria When it comes to international transactions, having a quick discussion about Domiciliary accounts is essential. Simply put, this type of bank account is highly recommended for people who frequently trade in foreign currencies…