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The Central Bank of Nigeria (CBN) has enacted stringent measures to bolster liquidity in the foreign exchange market, instructing banks to limit their Net Open Position (NOP) of foreign currency assets and liabilities to 20% of shareholders' funds.
The directive, issued through a CBN circular...
FBN Holdings has appointed billionaire businessman Femi Otedola as the new Chairman of its Board of Directors, succeeding Ahmad Abdullahi. The announcement, filed with the Nigerian Exchange Limited, follows Otedola's earlier appointment as a Non-Executive Director in August 2023, ratified by...
A recent report from the Global Hunger Index (GHI) revealed that Nigeria holds the 109th position out of 125 countries assessed, with a score of 28.3 points. The GHI rankings placed Nigeria ahead of only 17 countries, including Zambia, India, and Timor-Leste.
The report highlighted that...
Nigeria
Businesses on Edge as Naira Hits Record Low of N1,482.57 per $1, Fueling Economic Uncertainty
The Nigerian Naira hit a historic low against the US dollar on Tuesday, causing concern in financial circles. Official figures reveal that the Naira closed at N1,482.57 per $1, showing a significant 10% drop from the previous day.
The situation worsened in the unofficial market, where the...
In a recent announcement, the Central Bank of Nigeria (CBN) asserts that it has successfully settled all verified claims by airlines, disbursing an additional $64.44 million to address the forex backlog.
Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the total...
The International Monetary Fund (IMF) has adjusted Nigeria's 2024 economic growth forecast downward to 3.0%, marking a notable decrease from the previous projection of 3.1% made in October 2023.
This downgrade was unveiled in the IMF's World Economic Outlook update released in January 2024...
The Central Bank of Nigeria (CBN) has fulfilled its promise by disbursing $64.44 million, marking the latest step in addressing the extensive backlog of foreign exchange owed to airlines.
This disbursement brings the total verified amount paid to airlines to $136.73 million, constituting a...
Manufacturers in Nigeria are bracing for a potential surge in commodity prices as the nation's currency, the naira, continues its downward spiral against the United States dollar. Since the removal of the rate cap by the Central Bank of Nigeria in June 2023, the naira has witnessed a significant...
The Central Bank of Nigeria (CBN) has initiated a comprehensive plan aimed at "decongesting" its head office, as outlined in a recent circular dated January 12, 2023, addressed to all staff. The directive, issued by the director of the human resources department, underscores the imperative of...
Nigeria has shown progress in the global fight against corruption, according to the latest Corruption Perception Index (CPI) by Transparency International (TI).
The country ascended five places to secure the 145th position out of 180 nations assessed, with an improved score of 25 out of 100...
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