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Banks get three-month deadline to stop forex-backed loans

The Central Bank of Nigeria on Monday stepped up its fight to boost foreign exchange liquidity in the economy with a new circular mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans within 90 days. ....

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EFCC clamps down on firms for issuing invoices in dollar

EFCC clamps down on firms for issuing invoices in dollar
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Old statement used in misleading claim about currency policy in Nigeria

Nigeria’s central bank announced a raft of new policies in recent weeks aimed at strengthening the country’s currency. Several posts on social media shared a statement suggesting that the bank’s new chief, Olayemi Cardoso, had also banned the use of US dollars for domestic transactions. But the claim is misleading; AFP Fact Check found that the statement predates Cardoso by nearly a decade. Moreover, since a 2007 law, the naira has been the only legal tender for transactions in the country. ....

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Kaduna police Command nab 8 kidnapper, armed robbers

Kaduna police Command nab 8 kidnapper, armed robbers
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Kaduna police arrest eight kidnap suspects

He, however, noted that the ring leader of the gang is currently at large but being trailed by operatives of the command. ....

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