The Central Bank of Nigeria (CBN) has announced its move to peg the payment of cash dollar purchases to a customer at $500, stating that the foreign currency that exceeds this amount will be made thro...
The apex bank has issued early retirement letters to eight Central Bank of Nigeria (CBN) directors. Some retired directors were initially redeployed to the development of the bank, FSS 2020, under the...
Investors at the Nigerian Stock Exchange closed yesterday with a positive move. The market recovered from the previous trading day when market capitalisation was down by N107 billion due to investors'...
It has been reported that the Central Bank of Nigeria (CBN) and other financial institutions have made $2.5 billion available in the foreign exchange market over the past two weeks, which has caused t...
The Nigerian stock market opened this week with a continuation of bearish sentiment. The benchmark indices at the Nigerian Exchange (NGX) indicated an average decline of 0.53%, equivalent to net capit...
On Monday, data from the FMDQ securities exchange revealed that the naira's value at the official foreign exchange market declined to N1,234 against the US dollar.According to the exchange rate, the n...
The federal government has announced the Presidential Intervention Fund for Micro, Small, and Medium-Sized Enterprises and Manufacturers in Nigeria, valued at N200 billion.The minister of industry, tr...
Mr Akinwumi Adesina, the president of the African Development Bank, stated yesterday that non-transparent resource-backed loans threaten Africa's economic prospects because they make debt resolution m...
In an official address at the Eagle Square in Abuja, President Bola Tinubu announced his administration's plans to undertake a comprehensive house cleaning of Nigeria's monetary policy. This move aims...
What is Back To Back Letter Of Credit?A back to back letter of credit is made of two letters of credit (LCs) used together to finance a business transaction. The two LCs are opened in favor of th...