central bank of nigeria

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...

In a recent report titled "Africa's Pulse," the World Bank has highlighted the sharp depreciation of the Nigerian Naira as one of the key economic challenges facing the African region. According to the report, the Naira has weakened by nearly 40 percent against the US dollar since a mid-June...