CBN Resumes Sales of Dollars to BDC Operators The Central Bank of Nigeria (CBN) has announced its decision to resume the sale of foreign exchange to eligible Bureau De Change (BDC) operators across the country, with each operator entitled to $20,000 worth of foreign exchange. This move comes after a suspension lasting over two years,…
Hardship: Tinubu Holds “Crucial” Meeting with Private Sector Leaders President Bola Tinubu has convened a crucial meeting with key members of the organized private sector on Sunday at the Presidential Villa in Abuja. Among the notable attendees were Alhaji Aliko Dangote, President of Dangote Group; Tony Elumelu, Chairman of Heirs Holding and Transcorp Plc; Abdulsamad…
US Dollar Turnover Surges by 51% at Official Foreign Exchange Market On Wednesday, the turnover of US dollars at the official foreign exchange market in the United States experienced a significant surge, climbing by 51% to $240.72 million, Excel Magazine International can report. This surge coincided with marginal gains recorded by the Naira. Data from…
Nigeria’s Vehicle Imports Plunge by 32% Amid Naira Depreciation In 2023, Nigeria witnessed a sharp 32% decline in motor vehicle imports, totaling 132,293 units compared to 194,550 in 2022, reflecting the sustained depreciation of the Naira, according to data from the Nigerian Ports Authority (NPA). Financial Vanguard’s investigation revealed a significant downturn across various import…
UK Economy at Risk: Government Braces for Fallout from Red Sea Disruptions In response to recent US and UK strikes in Yemen over Houthi rebel attacks, oil prices have surged by 4%, reaching $80 per barrel. Excel Magazine International understands that the UK government is concerned about potential disruptions to the economy, with scenarios including…
Microsoft Unveils Revolutionary AI Key for Windows 11 Keyboards Microsoft has unveiled a significant evolution in its keyboard technology, introducing an AI key designed to provide users access to Copilot, Microsoft’s AI tool, on the latest Windows 11 PCs. The company, a substantial investor in OpenAI, emphasizes its commitment to AI integration, previously witnessed in…
Forbes 2024: Rupert Surpasses Dangote as Africa’s Richest South African business magnate, Johann Rupert has secured the title of Africa’s richest individual for 2024, surpassing Nigerian tycoon, Aliko Dangote, as reported by Forbes Real-Time Billionaires. Excel Magazine International reports that Dangote, founder of the Dangote Group, slipped to second place with a net worth decline…
Cryptocurrency: CBN Implements Strict Rules on Withdrawal The Central Bank of Nigeria has revealed new guidelines restricting cash withdrawals from accounts opened for virtual and digital asset transactions. According to the apex bank, withdrawals from these accounts will only be permitted through transfer or a manager’s cheque. This policy is outlined in the ‘Guidelines on…
How to Protect Yourself Against These Six Common Scams By Kimma Wreh During holidays and special occasions (i.e. birthdays, graduations, weddings, etc.), it’s normal to be a bit more lavish with spending. With temptations around every corner, in fact it is hard not to be. Scammers know this and will use it against unsuspecting victims…
Cryptocurrency: Nigeria Reverses Ban, Introduces New Guidelines In a significant policy shift, the Central Bank of Nigeria (CBN) has rescinded its previous ban on cryptocurrency transactions, as indicated in a circular dated December 22, 2023 (Ref: FPR/DIR/PUB/CIR/002/003). The directive, signed by Haruna Mustafa, Director of the Financial Policy and Regulation Department, and seen by Excel…