Blog Post

Cloudnewsmag > News >

CBN Increases Exchange Rate For Cargo Clearance

The Central Bank of Nigeria (CBN) has increased the exchange rate for cargo clearance, marking the sixth adjustment in 2024 due to ongoing foreign exchange challenges. GoldenNewsNggathered that the rate has been set at N1,605 per US dollar, reflecting the latest measure to manage the fluctuating foreign exchange conditions. This adjustment was implemented on the […]

Read More

CBN Orders Banks To Sell Excess Dollars In 24 Hours

In an effort to stabilize the nation’s volatile exchange rate, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks to sell their excess dollar stock by the latest date of February 1, 2024, as revealed by a new circular. The directive specifically targets excess dollar liquidity exceeding $5 billion held by these banks. […]

Read More

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 […]

Read More