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CBN increases ITMO application fee to N10 million, prohibits banks and fintechs from providing services.

The Central Bank of Nigeria (CBN) has updated its guidelines, announcing a substantial increase in the application fee for international money transfer operators (IMTO) license applications from N500,000 to N10 million. This surge of about 1,900% over a decade was outlined in the revised guidelines for IMTO operations released on January 31, 2024. In addition […]

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FG explores converting $30bn foreign currency deposits to Nigerian naira.

The Federal Government is reportedly considering a policy to convert foreign currencies held in domiciliary accounts of citizens to naira, aiming to stabilize the national currency. If the plan proceeds, the government would mandate the conversion of foreign currencies in individuals’ and corporate organizations’ domiciliary accounts to naira at a rate determined by the Central […]

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