Tag Archives: Central Bank of Nigeria

EFCC investigates $347 billion forex allocations to Nigerian companies

The Economic and Financial Crimes Commission (EFCC) is intensifying its investigation into forex allocations totaling at least $347 billion made to Nigerian companies between January 2014 and June 2023, according to recent findings. This development follows an earlier probe into forex allocations to Dangote Group and 51 other companies during …

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Central Bank of Nigeria clears $2 billion forex backlog, initiates sector reforms

In a bid to address outstanding foreign exchange liabilities and foster transparency in the financial sector, the Central Bank of Nigeria (CBN) has announced the clearance of approximately $2 billion across various sectors, encompassing manufacturing, aviation, and petroleum. Also read:CBN must end cash scarcity crisis The acting director of the …

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‘We’ve no choice’ Emirates reduces flights to Lagos over inability to repatriate $85m revenue

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Emirates Airlines, flag carrier of the United Arab Emirates (UAE), says it will reduce its flight operations to Nigeria over the inability to repatriate about $85 million in revenue. Last month, the International Air Transport Association (IATA) said Nigeria was withholding revenue worth about $450 million earned by foreign airlines …

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