central bank of nigeria

The naira has witnessed a notable appreciation at both the official and parallel markets following the Central Bank of Nigeria's (CBN) successful clearance of all foreign exchange (FX) backlogs. Data from the FMDQ Securities Exchange indicates that the Naira closed trading at ₦1,410/dollar at...

The Central Bank of Nigeria (CBN) has announced a significant policy shift regarding foreign exchange (forex) restrictions on milk and dairy imports to address economic concerns and alleviate consumer burdens. This decision, revealed through a CBN circular dated March 12 with reference number...

An exclusive report reveals insights into the Central Bank of Nigeria's (CBN) N10.3 trillion Intervention Funds Programme, shedding light on the complexities and challenges faced. With a repayment rate of 75.8%, the program has garnered attention, especially as N193 billion in loans has been...

Nigeria's Securities and Exchange Commission (SEC) has proposed significant amendments to the regulations governing platforms offering cryptocurrency services. The suggested changes include a substantial increase in the registration fee for crypto exchanges from 30 million naira ($18,620) to...

In a recent interview with media personality Chude Jideonwo, Ajuri Ngelale, Special Adviser to President Bola Tinubu on Media and Publicity, disclosed that numerous approvals for fund releases within the Central Bank of Nigeria (CBN) during Godwin Emefiele's tenure did not bear the signature of...

The Central Bank of Nigeria (CBN) has taken decisive action by revoking the licenses of 4,173 bureau de change (BDC) operators, citing their failure to comply with regulatory provisions. Sidi Ali, CBN's acting director of corporate communications, highlighted that the operators neglected crucial...

The Nigerian government has imposed a colossal $10 billion fine on Binance, a prominent cryptocurrency trading platform, citing its alleged role in exacerbating the country's ongoing foreign exchange crisis. Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu...

Mr. Urum Kalu Eke, one of the nominees for the Central Bank of Nigeria (CBN) Board, has declined the prestigious appointment. President Bola Tinubu had submitted Kalu Eke's name and four others for Senate confirmation. However, Eke chose to skip the Senate Committee's screening process...

The Central Bank of Nigeria (CBN) is taking proactive measures to rectify distortions in the country's foreign exchange market, particularly in the retail segment. In a recent circular by Dr. Hassan Mahmud, the Director of the Trade & Exchange Department, the CBN announced its decision to...

In response to the persistent challenge of soaring inflation, the Central Bank of Nigeria (CBN) has announced a significant hike in the monetary policy rate, raising it by 400 basis points from 18.5% to 22.75%. CBN Governor Olayemi Cardoso revealed this decision during the 293rd Meeting of the...

In a significant move effective from February 26, 2024, the Central Bank of Nigeria (CBN) has instructed the Nigerian Customs Service (NCS) to base import duty calculations on the foreign exchange (FX) closing rate on the day importers submit 'Form M' for clearing goods. This decision aims to...

Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators. In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...

In a swift response to former Vice President Atiku Abubakar's criticisms, the Nigerian Presidency stated on Sunday, accusing Atiku of distorting facts surrounding the foreign exchange policy of the Tinubu administration. The Special Adviser to the President on Information and Strategy, Bayo...

The Central Bank of Nigeria (CBN) has introduced a pivotal policy shift, instructing authorized dealer banks to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. This directive, signed by Dr Hassan Mahmud, the Director of the Trade and...

The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for the clearance of goods, increasing it from N1444.56/$ to N1515.09 against the USD. This marks a noteworthy rise of N70.53 compared to the previous rate, reflecting the CBN's continued efforts to align official...

Amidst concerns over the Nigerian currency's volatility, the naira experienced a positive turn at the official forex window, strengthening by 1.09% to close at 1,419.86/$, following reassurances from the Central Bank of Nigeria Governor, Olayemi Cardoso. Last week saw the naira hitting an...

In recent weeks, a perplexing cash shortage has gripped parts of Ikeja, Nigeria, casting a spotlight on the nation's financial landscape. Stretching from Computer Village to Oregun, the scarcity of cash has become evident, with only a few ATMs dispensing cash, imposing withdrawal limits, and...

Image by Gerd Altmann from Pixabay In a recent eye-opening interview with the Foundation for Investigative Journalism (FIJ), crypto market analyst Mikael Bernard delved into the complexities surrounding the Nigerian Naira's recent surge in value. This discussion unearthed critical insights...

Photo by Sunday Abegunde on Unsplash According to Reuters, Nigeria's naira has plummeted to an unprecedented low against the dollar, hitting 980 naira per dollar in the official market. This record devaluation mirrors the ongoing weakness in the parallel market and underscores the persistent...

Image by PublicDomainPictures from Pixabay In a significant move, the Central Bank of Nigeria (CBN) has lifted the eight-year ban on 43 items that were previously restricted from accessing foreign exchange, according to Business Insider Africa. This decision comes as a response to the...