central bank of nigeria

The Federal Government of Nigeria has reportedly accumulated an additional N3.8 trillion through Ways and Means Borrowing within the last six months of 2023, as revealed by the latest Statistics bulletin released by the Central Bank of Nigeria (CBN). Despite previous statements by the Minister...

The Nigerian Naira faced significant depreciation, falling to N1,400 against the US dollar on the black market, fueled by intensified demand pressure in the foreign exchange (FX) market. This represents a 19.64 percent loss in just two weeks compared to the rate of N1,125 per dollar recorded...

Despite recent efforts by the Central Bank of Nigeria (CBN) to bolster the Naira's value through additional forex injections, the currency continues to struggle against the US Dollar. FMDQ data reveals a further depreciation of the Naira to N1308.52 per Dollar on Wednesday, down from N1,300.15...

The Economic and Financial Crimes Commission (EFCC) has intensified its pursuit of accountability in Nigeria's financial sector, filing a fresh charge against Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN). The four-count charge accuses Emefiele of authorizing the printing...

The Naira experienced a notable uptick on Tuesday morning, fueled by the Central Bank of Nigeria's (CBN) strategic move to sell dollars to Bureau de Change (BDC) operators at a discounted rate. This intervention aimed to alleviate the mounting pressure observed in the black market. According to...

The frustration among Nigerian bank customers is palpable as the specter of "temporarily unable to dispense cash" haunts Automated Teller Machines (ATMs) across the nation. With an increasing number of empty ATMs, a wave of allegations has emerged, accusing Deposit Money Banks (DMBs) of...

The Association of Bureau De Change Operators of Nigeria (ABCON) has revealed that BDC operators are now purchasing dollars at the rate of N980 to a dollar, marking a significant appreciation of the naira. This revelation was disclosed by the President of ABCON, Aminu Gwadebe, during a recent...

In a bid to address growing concerns over Nigeria's foreign reserves and the performance of the Naira, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), offered insights during the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank. Cardoso...

Nigeria's foreign exchange reserves are dwindling at a rapid pace, sparking concerns over the Central Bank's strategy to prop up the naira amidst promises of a more flexible exchange rate. In a span of just under a month, from March 18 to April 12, liquid reserves plummeted by 5.6%, plummeting...

Nigeria's currency, the Naira, is poised on the brink of a significant milestone, edging closer to the 1,000 Naira to 1 US dollar mark on the black market, as it surged to N1,115 on Monday, with some traders quoting rates as high as N1,118 and N1,120. This surge follows a four-month high of...

The Central Bank of Nigeria (CBN) continues its wave of dismissals as 50 more staff members are terminated from their positions under the leadership of CBN governor Mr. Olayemi Cardoso. The recent round of layoffs spans across 29 departments, bringing the total number of casualties to 117 in the...

The Central Bank of Nigeria (CBN) has enacted a ban on the utilization of foreign currency as collateral for naira-denominated loans. This directive, articulated in a circular dated April 8, 2024, and disseminated to all banks, aims to address prevailing economic challenges and reshape the...

The Central Bank of Nigeria (CBN) has taken a significant step towards stabilizing the foreign exchange (FX) market by announcing the sale of dollars to bureau de change (BDC) operators at the rate of N1,101 for every $1. This move, revealed in a recent circular titled ‘Sales of FX to Meet...

The Economic and Financial Crimes Commission (EFCC) has initiated a fresh legal action against Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), unleashing a 26-count charge against him. This indictment encompasses allegations of abuse of office and corruption, drawing...

KPMG Nigeria has cautioned that the Central Bank of Nigeria's (CBN) recent monetary tightening measures could hinder banks from extending credit, potentially impacting economic growth. The firm highlighted the potential consequences of the elevated interest rates, including increased...

Recent developments in Nigeria's foreign exchange landscape reveal a noteworthy surge in the customs exchange rate for import duties, exceeding the official market rate. The rate for cargo clearance currently stands at N1,330.36 per USD, significantly higher than the official market's N1,278/$1...

The Central Bank of Nigeria (CBN) has unveiled new capital requirements for banks, mandating 25 banks in Nigeria to raise approximately N3.89 trillion in fresh capital to meet the new minimum capital base. This move aligns with the CBN's efforts to strengthen the banking sector in line with...

The Nigerian Naira witnessed a remarkable appreciation, reaching N1,280 per dollar at the parallel segment of the foreign exchange market. This surge, marking a 5.19 percent increase from the previous rate of N1,350/$ on March 27, has left currency traders in Lagos, commonly known as bureau de...

The Central Bank of Nigeria (CBN) has reported a substantial inflow of over $1.5 billion in recent days, signaling a positive outlook for the nation's monetary policy initiatives. The announcement, made by the Bank's Acting Director of the Corporate Communications Department, Hakama Ali...

The Central Bank of Nigeria (CBN) has announced sweeping financial reforms, significantly raising minimum capital requirements for banks across various categories. In a circular issued by the Financial Policy and Regulation Department Director, Haruna Mustafa, all commercial, merchant, and...