World News Archives — The Whisperer

Apr

08

2024

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CBN bans use of foreign currency as collateral for naira loans

Business

The Central Bank of Nigeria (CBN) has banned the use of foreign currency-denominated collaterals for obtaining naira loans, except under specific conditions. This was conveyed through a circular distributed to all Nigerian banks by Dr Adetona S. Adedeji, the Acting Director of the Banking Supervision Department at the CBN. The circular noted CBN’s observations of the prevalent use of foreign currency (FCY) as collateral by bank customers seeking naira loans. In the light of these observations, the CBN resolved to prohibit this practice, aiming to stabilise the financial market and ensure the prudent use of foreign currency within the economy.…

Apr

08

2024

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CBN sells dollars to BDCs below market rate at N1,101/$1

Business

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1. In a circular seen by Nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This suggests BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Apr

04

2024

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Patient with transplanted pig kidney discharged from hospital

World News

The world’s first patient with a transplanted pig kidney has left the hospital almost three weeks after the operation. The Massachusetts General Hospital in Boston announced on X that Rick Slayman is recovering well and will continue his recovery at home with his family. “This moment, leaving the hospital today with one of the cleanest bills of health I’ve had in a long time, is one I wished would come for many years,” said the 62-year-old. “Now it’s a reality.” The world’s first patient with a transplanted pig kidney has left the hospital almost three weeks after the operation. The…

Mar

26

2024

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BDC Gets 10k Dollars From CBN, To Sell At N1,269/$

Business

The Central Bank of Nigeria (CBN) has sold dollars to Bureau De Change operators at the rate of N1,251/$1. According to a statement issued by the apex bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud, $10,000 was made available to each of the BDCs which benefited from this. The BDCs were directed not to sell the dollars at a rate which exceeds 1.5 per cent above the purchase price, meaning that it should not be sold beyond N1,269 per dollar. “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved…

Mar

25

2024

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Senegal: Ruling Party’s Ba Concedes Defeat In Presidential Election, Congratulates 44-Year-Old Diomaye Faye Before Official Declaration

World News

Senegal’s anti-establishment candidate Bassirou Diomaye Faye is set to become president after his main rival on Monday recognised his victory in elections that came barely days after he was freed from prison. The win by the opposition candidate who will be Senegal’s youngest president could trigger a political earthquake with policies that transform the country. Faye, 44, promised left-wing pan-Africanism and to renegotiate gas and oil contracts, with Senegal due to start production on recently discovered oil and gas reserves later this year. The opposition candidate has never held a nationally elected position and has not yet spoken publicly since…

Mar

22

2024

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Foreign Airlines Say CBN Lied About Clearing FX Backlog

Business

Foreign airlines operating in Nigeria have said the Central Bank of Nigeria (CBN) was inaccurate in claiming it had cleared all foreign exchange (FX) obligations. Kingsley Nwokeoma, the Association of Foreign Airlines and Representatives in Nigeria (AFARN) president, told BusinessDay that the bank was yet to clear foreign airlines’ trapped funds. This came 24 hours after Hakama Ali, acting director of CBN’s corporate communications, issued a statement saying the bank made $1.5 billion payments to settle a residual FX backlog balance. On Thursday, Nwokeoma said, “If they say they have cleared the trapped funds, they should show us figures. They…

Mar

21

2024

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After meeting Tinubu, Meta to allow Nigerian Instagram users monetize content in June 2024

Business

Meta, the parent company of Instagram, is set to launch a new feature on its Instagram and Facebook app in June 2024, aimed at empowering Nigerian creators to monetize their content and earn a livelihood through the platform. This announcement was made by Meta’s President of Global Affairs, Nick Clegg, following a meeting with President Tinubu at the presidential villa earlier today. Earlier in his remarks, Clegg expressed gratitude to President Tinubu for facilitating an executive order crucial to the landing of Meta-backed deep-sea cable infrastructure in Nigeria. He said, “It is an extraordinary infrastructure project. When it comes on…

Mar

17

2024

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High cost of living: List of places to buy Lagos discounted food items

Business

Lagos State has unveiled a subsidised food initiative aimed at enhancing access to essential staples for its residents, as announced in a statement released by Gbenga Omotosho, the Commissioner for Information and Strategy, on Saturday. Commencing on Sunday, March 17, 2024, the initiative seeks to introduce a voucher system during its pilot phase to ensure transparency and prevent any potential exploitation. Initially, the programme will be operational at designated markets situated across five administrative divisions of the state. These include 27 locations in Ikeja, six in Lagos Island, nine in Ikorodu, five in Epe, and 10 in Badagry. Here’s a…

Mar

14

2024

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Meet Ruby Onwudiwe, Tinubu’s new nominee to replace Urum Eke as CBN board member

Business

President Bola Tinubu recently submitted a request to the Nigerian Senate, urging the confirmation of Dr. Ruby Onwudiwe as a member of the Central Bank of Nigeria (CBN) board of directors. In a letter directed to Senate President Godswill Akpiabio and presented during Wednesday’s session in Abuja, Tinubu emphasized the significance of Onwudiwe’s appointment in line with the stipulations of the CBN Establishment Act 2007. “I am pleased to nominate Dr Ruby Onwudiwe for confirmation by the senate as a member of the CBN board of directors,” Tinubu remarked. “It is important to note that Onwudiwe is being proposed as…

Mar

05

2024

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BREAKING: Binance to depart Nigerian market, ends services in local currency

Business

Binance will discontinue all services for Nigeria’s fiat currency, the naira, amid an ongoing regulatory conflict in the country. The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC. Posting on its website on Tuesday, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira, according to an announcement. All spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC.…