7 Business Stories to Watch This Week: CBN’s Domiciliary Account Policy and Food Prices

  1. The National Bureau of Statistics (NBS) will release reports on automotive gas oil (diesel) and liquefied petroleum gas (cooking gas) prices for May 2023. Additionally, selected food prices and transport fares for the same month will be published.
  2. CBN Removes Deposit Restriction on Domiciliary Accounts: The Central Bank of Nigeria (CBN) has announced that cash deposits into domiciliary accounts will no longer be restricted. Customers will have unrestricted access to funds in their accounts. This decision nullifies the transaction limit imposed by banks in 2021 and is part of the federal government’s efforts to improve the nation’s economic fortunes.
  3. Afreximbank 30th Annual Meetings: Afreximbank will celebrate its 30th anniversary and its impact on the African continent at its annual meeting in Accra, Ghana. The event, themed ‘Delivering the Vision, Building Prosperity for Africans,’ will feature keynote speakers such as President Nana Akufo-Addo of Ghana, Mia Amor Mottley (Prime Minister of Barbados), and Benedict Oramah (President and Chairman of the Board of Directors, Afreximbank).
  4. CBN Ends RT200 Rebate and Naira4Dollar Scheme: The CBN has announced the discontinuation of the RT200 rebate scheme and the Naira4Dollar remittance scheme by June 30. These policies were introduced to stimulate non-oil exports and incentivize international money transfers. Their cessation is part of the changes implemented in the Nigerian FX market.
  5. CBN Unifies FX Market and Allows Naira to Float: The CBN has unified all segments of the forex exchange market and allowed the naira to freely float. This move signifies a relaxation of control over the local currency. The FX windows are now collapsed into the investors and exporters (I&E) window, aligning with immediate changes in the Nigerian FX market.
  6. Binance Nigeria Limited Declared a Scammer Entity: Changpeng Zhao, CEO of Binance, has confirmed that the cryptocurrency exchange subsidiary, Binance Nigeria Limited, is an illegitimate entity engaging in scam activities. Binance has issued a cease and desist notice to the scammer entity, urging caution regarding news related to it.
  7. TotalEnergies Discovers Oil and Gas in OML 102 Offshore Nigeria: TotalEnergies, a French multinational company, has made a significant discovery of oil and gas named Ntokon on the oil mining lease (OML) 102 offshore Nigeria. This discovery supports Nigeria’s efforts to meet its oil production quota set by OPEC. The Ntokon field will be developed through tie-back operations to existing facilities.
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