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Nigeria CBN: Old Naira Notes Stay Legal Tender, Easing Cash Woes for Nigerians
Central Bank of Nigeria (CBN) has declared that the old naira notes, initially slated for discontinuation, will now remain legal tender indefinitely. The CBN's decision to extend the legal tender status comes in the wake of concerns over cash scarcity and challenges faced by residents in... -
Nigeria Naira Strengthens by 21.73%, Hits N780/$ in a Week
Nigerian Naira showcased a notable recovery, closing at N780.14 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday. This rate reflects a remarkable 21.73% rebound from the previous week's figure of N996. According to data from FMDQ Securities Exchange, a platform... -
Nigeria CBN Revokes Licences for 110 Microfinance Banks and 3 Primary Mortgage Banks
In the aftermath of the Central Bank of Nigeria's (CBN) recent revocation of licences from 110 microfinance banks (MFBs) and three primary mortgage banks (PMBs), the Nigeria Deposit Insurance Corporation (NDIC) has swiftly disbursed N1.39 billion to 36,163 depositors. NDIC CEO Bello Hassan... -
Nigeria CBN Orders Staff to Disclose Family Ties and Political Links Amidst Ongoing Investigative Probe
The Central Bank of Nigeria (CBN) has issued a directive compelling its staff to declare close relatives employed by the bank and disclose connections with Politically Exposed Persons (PEPs). The directive, outlined in a memo signed by Deputy Director Christian Eze, defines close relatives as... -
Nigeria Naira Faces Sharp Depreciation, Closes at N996/$ at NAFEM
Nigerian Naira experienced a sharp depreciation of 13.95 percent, closing at N996 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window. FMDQ Securities Exchange data revealed the Naira's tumultuous journey, reaching an intra-day high of N1,100... -
Nigeria Former CBN Governor Godwin Emefiele Released on Bail After 151 Days in Detention
Detained former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been released on bail after spending 151 days in custody. The Abuja High Court ordered his release, despite objections from the Attorney-General of the Federation and the Economic and Financial Crimes Commission... -
Nigeria Old Naira notes still legal tender - CBN
In response to reports of cash shortages in some major cities across Nigeria, the Central Bank of Nigeria (CBN) has taken a resolute stance to ensure that old and redesigned naira notes continue to be recognized as legal tender nationwide. The CBN reaffirms that every banknote it has issued... -
Nigeria Naira Gains Momentum on Promising Economic Outlook While P2P Market Sees Fluctuations
In a dynamic turn of events, the value of the Nigerian Naira witnessed significant fluctuations over the weekend. On the black market, the Naira surged, trading at N901 per dollar, a marked improvement from N1,050 the previous week. The cause of this surge was the optimistic outlook stemming... -
Nigeria Nigerian Naira's Strengthens to ₦950/$ Amid CBN Actions"
In a remarkable turn of events, the Nigerian naira continued its impressive rebound against the US dollar on Friday, surging to an exchange rate of ₦950/$ in the parallel market. This marks a substantial gain of ₦170 or a 15.18% appreciation of the local currency compared to the ₦1,120/$ it... -
Nigeria Nigerian Naira Experiences Remarkable Appreciation, Surges to N1,040 Against the Dollar in Parallel Market
In a surprising turn of events, the Nigerian naira witnessed a remarkable appreciation against the U.S. dollar in the parallel section of the foreign exchange market. On Friday, the local currency soared by N145, marking a substantial increase of 12.24 percent, reaching the impressive exchange... -
Nigeria Nigerian Naira Gains Ground Against Dollar as Central Bank Tackles FX Backlog
The Nigerian naira has seen a significant uptick, reaching N1,120 against the US dollar, marking a 4.27% appreciation compared to its previous rate of N1,170. This positive shift comes in response to the Central Bank of Nigeria's (CBN) ongoing efforts to clear its backlog of foreign exchange... -
Nigeria JP Morgan's Bold Forecast: Naira to Strengthen to N850/$ by Year-End Amidst Challenges
In a groundbreaking report, JP Morgan Chase & Co has unveiled an ambitious prediction for the Nigerian Naira's exchange rate. The financial giant expects the Naira to appreciate significantly against the US Dollar, reaching N850/$ by the end of the year. This projection has ignited intrigue... -
Nigeria Central Bank of Nigeria Delays Phaseout of Old Naira Notes
The Central Bank of Nigeria (CBN) has extended the validity of old N200, N500, and N1000 naira notes, defying its earlier announcement that these banknotes would cease to be legal tender by December 31, 2023, in compliance with a Supreme Court verdict. This decision comes after former CBN... -
Nigeria CBN Refutes Rumors of Naira Redenomination, Citing Misleading Narratives and Speculation
The Central Bank of Nigeria (CBN) has issued a statement to dispel rumors of plans to redenominate the country's legal tender. The CBN's Director of Corporate Communications, Isa AbdulMumin, clarified the bank's position amid growing speculation about a potential redenomination policy. The... -
Nigeria Naira Strengthens to N1,150/$ at Parallel Market Amidst Easing Forex Scarcity
The Nigerian Naira experienced a significant appreciation in the parallel market on Monday, as it strengthened to N1,150 per US dollar, marking a remarkable 6.5% increase from its previous rate of N1,230 last Friday. This improvement signals a positive shift in Nigeria's foreign exchange... -
Nigeria Former CBN Governor Godwin Emefiele Released from Custody, Faces Fresh Legal Scrutiny
Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), has been released from custody and promptly taken into the custody of the Economic and Financial Crimes Commission (EFCC). He had been held by the Department of State Services (DSS) since June following his suspension by... -
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Nigeria Naira Weakens to N1,186/$1 in P2P Market Amidst Persistent Forex Woes and Global Economic Concerns
In recent days, Nigeria's currency, the Naira, has been on a tumultuous ride due to a surge in demand for the safe-haven US dollar. The official exchange rate in the country witnessed a fresh low, and the situation worsened on the unofficial market, where the Naira's exchange rate reached N1,186... -
Nigeria Naira Weakens to N1,186/$1 in P2P Market Amidst Persistent Forex Woes and Global Economic Concerns
In recent days, Nigeria's currency, the Naira, has been on a tumultuous ride due to a surge in demand for the safe-haven US dollar. The official exchange rate in the country witnessed a fresh low, and the situation worsened on the unofficial market, where the Naira's exchange rate reached N1,186... -
Nigeria Central Bank of Nigeria Blames 43 Banned Items for Naira's Exchange Rate Woes
The Central Bank of Nigeria (CBN) has attributed the growing disparity between the official and black market exchange rates to the ban on 43 items implemented in 2015. In a press release titled "WHAT YOU NEED TO KNOW ABOUT CBN’S LIFTING OF FOREX RESTRICTIONS ON 43 ITEMS," the CBN explained that... -
Nigeria Central Bank of Nigeria Lifts 8-Year Forex Restrictions on 43 Key Items
The Central Bank of Nigeria (CBN) has lifted foreign exchange restrictions on 43 items that had been in place for eight years. In a statement released on October 12, the CBN's director of corporate communications, Dr. Isa AbdulMumin, announced a significant shift in the foreign exchange market...
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