CBN Raises Monetary Policy Rate to 22.75% in First MPC Meeting of the Year
The Central Bank of Nigeria (CBN) announced a significant increase in the Monetary Policy Rate (MPR) from 18.75 percent to 22.75 percent during its first Monetary Policy Committee (MPC) meeting for the year in Abuja on Tuesday. Governor Yemi Cardoso disclosed the decision, highlighting the unanimous agreement among all 12 committee members. The adjustment aims […]
CBN Implements New Regulations on FX Repatriation by International Oil Companies
The Central Bank of Nigeria (CBN) has introduced new regulations affecting international oil companies’ repatriation of foreign exchange proceeds. According to a circular dated February 14, 2024, issued by the Director of the Trade and Exchange Department, Hassan Mahmud, oil companies can now only repatriate 50% of their proceeds immediately, with the remaining 50% available […]
Elon Musk Shifts SpaceX’s Legal Home from Delaware to Texas
Tech mogul Elon Musk has announced the relocation of his rocket company SpaceX’s legal domicile from Delaware to Texas. This move follows a recent statement by Musk, indicating that Tesla shareholders would vote on a similar shift for the electric carmaker. Neuralink, Musk’s brain-chip implant venture, has also completed the legal move to Nevada. Last […]
Alleged Fraud: CBN Deputy Director Testifies on $6.2M Election Observers’ Payment Request
A Deputy Director in charge of Branch Operations at the Central Bank of Nigeria, Mr. Onyeka Ogbu, told a Federal High Court in Abuja what he knows about a $6.2 million payment request for international election observers. The request, dated January 8, 2023, was reviewed and approved by Ogbu, who testified as the prosecution’s first […]
CBN Governor Assures Inflation Rate Will Drop Amid Market Volatility
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, addressed the ongoing concerns surrounding Nigeria’s rising inflation rate during a recent session with lawmakers in the House of Representatives. Despite the country experiencing eleven consecutive months of inflation escalation, reaching a peak in December 2023 with a surge to 28.92% from November’s […]
