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Banks and other financial institutions across Nigeria have been ordered to immediately freeze all accounts, funds and assets belonging to six individuals and four Bureau de Change operators designated for terrorism financing, as regulators move to disrupt money channels linked to the Islamic State network. The directive came in a circular dated June 24, 2026,…
The Federal Government has directed banks and other regulated businesses to freeze the assets of suspected terrorism financiers, throwing Nigeria’s weight behind fresh United States sanctions on a Lagos-based ISIS facilitator and three bureaux de change. The Nigerian Sanctions Committee issued the directive on Tuesday, instructing financial institutions and designated non-financial businesses and professions…
A Nigerian national and three currency exchange firms operating in Lagos and Kano now sit on Washington’s terrorism blacklist, after the United States accused them of channelling funds for the Islamic State of Iraq and Syria through Nigeria’s bureau de change sector. The designations, announced on Monday, June 22, 2026, by the U.S. Department…
Proceedings in the alleged ₦80.2 billion money laundering trial of former Kogi State governor, Yahaya Adoza Bello, resumed on Friday with the Federal High Court in Abuja dismissing a defence objection and allowing the prosecution to continue presenting its case. The Economic and Financial Crimes Commission is prosecuting Bello on a 19-count charge bordering…
The Nigerian Naira opened trading on Wednesday, April 8, 2026, with modest appreciation against the United States Dollar at the Nigerian Foreign Exchange Market, even as the parallel market continued to trade at a significant premium. The divergence between official and unofficial exchange rates highlights persistent structural pressures within the domestic foreign exchange ecosystem….
The Nigerian Naira maintained its stability against the US Dollar on Friday, 13 March 2026, closing a resilient trading week. Data from the Nigerian Foreign Exchange Market (NFEM) shows the currency opened at 1,398.74 and held steady at 1,398.63 by mid-morning. This marginal appreciation of 0.01% reflects a period of rare calm in the foreign…
The Nigerian currency recorded its second consecutive daily depreciation in both the official Nigerian Foreign Exchange Market and the parallel market, reversing some of the gains achieved during February’s appreciation rally. The naira extended its losing streak against the United States dollar yesterday, depreciating across both the official and parallel foreign exchange windows as…
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has announced the end of Foreign Exchange (Forex) sales and new licence approval to Bureau De Change (BDC) operators in the country. Emefiele disclosed this at the end of the Apex Bank’s Monetary Policy Committee (MPC) two-day meeting in Abuja on Tuesday 27th July…
