Naira Scarcity | Latest CBN News Today 15th May 2023 |FS News

This post is about Naira Scarcity in Nigeria today and Latest CBN News Today 15th May 2023

In recent times, Nigeria has been facing a significant economic challenge with the scarcity of Naira, the country’s currency. This scarcity has caused a lot of concern among the citizens, as it has resulted in increased inflation, high cost of goods and services, and a general decline in the standard of living. The Central Bank of Nigeria (CBN), as the regulator of the financial system, has been making efforts to address this issue, but the problem persists. In this post, we will be discussing the Naira scarcity in Nigeria today, its impact on the economy, and the latest news from the CBN regarding this issue as of May 15th, 2023. We will also examine the measures being taken to combat the scarcity of Naira and restore stability to the Nigerian economy.

Over 100 apps receive FG’s approval
About 119 of the companies received full approval, and 54 got conditional approval pending when they fulfil other terms and conditions set by the Commission, a Nairametrics report said.
After issuing updates on loan apps in Nigeria, Google will delist the unregistered apps from its . store, asking them to provide approval certification from FCCPC or face removal.
Google had slated January 31, 2023, as the deadline for the apps’ removal before moving it to March 27.
FCCPC clarifies the reason for the approval
According to FCCPC, it drew up the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending of 2022 in partnership with the Joint Task Force (JTF) to promote transparency, fairness, and beneficial alternatives to lending opportunities in Nigeria.
The activities of loan apps in Nigeria necessitated FCCPC’s recent action following a proliferation of illegal loan apps in Nigeria, with consumers reporting rights violations and sharp practices, among others.
Findings have shown that interest rates charged by loan apps violate lending ethics. They also involve in the public humiliation of defaulters and engage in privacy violations.
List of approved loan apps

Sycamore Integrated Solutions Limited
Trade Depot
Tajow Investment
Blue Ridge Microfinance Bank Limited
Grolatech Credit Limited
Branch International Financial Services Limited
P2vest Technology Limited
Creditwave Finance Limited
Keenest Tech Service Limited
Fairmoney Micro Finance Bank
Altracred Finance Investment Limited
Crevance Credit Limited
Menacred Company Limited
Afrowide Development Ltd
Red Planet Nigeria Limited
Afrofirst Mobile And Technology Company Limited
Rankcapital Limited
Ibs Golden Investment Company Limited
Lendvisery Services Limited
Renmoney Microfinance Bank Limited
Swipebill Technologies Nigeria Limited
Hometown Fintech Limited
Giasun Technology Nigeria Limited
Be Re.s Limited
Rockit Lenders Nigeria Limited
Pivo Technology Limied
Yes Credit Company Limited
Irorun Technologies Limited
Csense Limited
Supreme Help Cooperative Society Limited
Orcom And Orcom Bussiness Suport Limited
Payhippo Limited.
Easycheck Finance Investment Limited
Quark Financial Nigeria Limited
Edmond Solutions Company Limited
Ted Rocket Limited
Penaid Limited
Arve Limited
Dover Credit Limited
Ragekay Global Investment Limited
Maywood Lending Limited
Linkpark Technology Nigeria Limited
Mangnet Lending Limited
Rubystar Global Limited
Bestfin Nigeria Limited
Fubri Century Company Limited
Berly Spring Global Limited
Rock Financials Limited
Phoenix Payment Solution Limited
Value Driver Technology Solution Limited
Nextpayday Limited
Blackcopper Service Limited
Trafalgar Associate Limited
Windville Financial Nigeria Limited
Orange Loan & Purple Credit Limited
Carbon Microfinance Bank Limited
Neo-Link Technology Company Limited
Finnew Fintech Limited
Otp Internet Technology Limited
Red Harbor Fintech Limited
Paylater Hub Limited
Skitloan Nigeria Limited
Raceova Nig. Limited
New Credage Nigeria Limited
Betterlending Company Limited
Fast-Point Intergrated Limited
Apex Lending Limited
Piska Tech Nigeria Limited
Princep Credit System Limited
Omalend Service Limited
Pockful Finance Limited
Highcredit Nigeria Limited
Hollandale Nigeria Limited
Pay Financial Technology Service Limited
A1 Capital Solution Limited
Newedge Finance Limited
Papichou Technology Limited
Goharvest International Limited
Mino Sparks Limited
Xgo Finance Limited
Primera Microfinance Bank
Credit Tech Lending Company
Prosperity Archipelago Limited
Finesest Limited
Singularity Technology Nigeria Ltd
Econ Mart Fintech Limited
Pennee Technologies Limited
Oxymon Solution Limited
Lantana Technology Limited
Applink Capital Nigeria Limited
Yegon Tech Limited
Fezotech Nigeria Limited
Eric Vsta Limited
Moblaspay Company Limited
Paycredit Limited
Niz Services Limited
Mino Sparks Limited
Flo Wood Lending
Liberty Assured Limited
Uni Technology Nigeria Ltd
Trade Lenda Com Limited
Creditville Microfinance Bank Ltd
Letshego Microfinance Bank Ltd
Kiowope Capital Limited
Veendhq Limited
Ucplus Advance Limited
Maven Finance Limited
Aella Financial Solutions Limited
Fluna Capital Limited
Newedge Finance Limited
Ta Prime Limited
Regxta Global Service Ltd
Provest Limited
Jm Rubinus Limited
Crossroads E-Payment Systems Limited
Consynergy Limited
Fintcred Innovation Limited
Afrosay Fintech Limited
Mim Finance Company

 
 
Naira crashes against US dollar as Nigeria’s foreign reserves hit 20-month low

On Thursday, May 11, 2023, the Nigerian naira experienced a depreciation against the US dollar at the unofficial foreign exchange market. This depreciation followed a significant drop in the naira’s value on Wednesday, May 10, 2023, which was attributed to heightened demand for dollars by importers at the parallel market, colloquially known as the black market.

Reports indicate that on Thursday, the naira closed at N746 per dollar on the black market, reflecting a 0.26% decline in value compared to the N744 to a dollar rate it had exchanged on Wednesday.

The Naira also experienced a decline of N6 against the dollar in the peer-to-peer market, a platform many online shoppers and crypto traders use for currency exchange.
The day’s trading ended with the naira closing at N758/$1 compared to its value of N752/$1 the previous day.