On Sunday, 28th July 2024, the black market exchange rate for a dollar to naira in Lagos was ₦1600 for buying and ₦1613 for selling. The Central Bank of Nigeria (CBN) advises individuals to approach their respective banks for Forex transactions, as it does not recognize the parallel market.
CAC Issues New Guidelines for Bank Recapitalization
The Corporate Affairs Commission (CAC) has issued new regulations to assist Deposit Money Banks with the recapitalization process. Announced on Friday, these guidelines align with Section 8 (1) (e) of the Companies and Allied Matters Act No. 3 of 2020. They cover the submission of applications for new incorporations, share capital increases, mergers, and changes in license authorization, requiring documents such as approved name reservations and sector regulator preliminary approval.
