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  1. Today's Naira Rate[26-10-2024]: Naira Falls to N1,740/$ in Parallel Market as Official Rates Show Mixed Signals

    Nigeria Today's Naira Rate[26-10-2024]: Naira Falls to N1,740/$ in Parallel Market as Official Rates Show Mixed Signals

    The Naira depreciated to N1,740 per dollar in the parallel market while appreciating to N1,601.2 in the Nigerian Autonomous Foreign Exchange Market. Trading volume in the official market increased by 23%, widening the gap between parallel and official rates to N140 per dollar, signaling ongoing...
    • Nigeria News
    • Article
    • 2 min read
    • cbn currency exchange rate foreign exchange market naira depreciation
    • Category: Business
  2. CBN’s Olayemi Cardoso Addresses Floating the Naira and Its Impact on Inflation

    Nigeria CBN’s Olayemi Cardoso Addresses Floating the Naira and Its Impact on Inflation

    CBN Governor Olayemi Cardoso explained the rationale for floating the Naira to align official rates with market realities. He highlighted the need for credibility in monetary policy, acknowledging criticism but emphasizing transparency and stability. Cardoso also discussed raising the Monetary...
  3. K

    Business CBN introduces Electronic Foreign Exchange Matching System for FX transactions to curb distortion and speculation - Linda Ikeji’s Blog

    https://www.lindaikejisblog.com/2024/10/cbn-introduces-electronic-foreign-exchange-matching-system-for-fx-transactions-to-curb-distortion-and-speculation-2.html
  4. CBN to Sanction Banks Failing to Dispense Cash via ATMs

    Nigeria CBN to Sanction Banks Failing to Dispense Cash via ATMs

    The Central Bank of Nigeria (CBN) will penalize banks that fail to dispense cash via ATMs, aiming to ensure sufficient cash availability. CBN Governor Yemi Cardoso announced a monitoring system for compliance and plans to release an additional N1.4 trillion into circulation over the next three...
    • Nigeria News
    • Article
    • 2 min read
    • atim cash shortages cbn pos yemi cardoso
    • Category: Business
  5. CBN: Dangote Refinery to Lower Transportation Costs and Food Inflation

    Nigeria CBN: Dangote Refinery to Lower Transportation Costs and Food Inflation

    The Central Bank of Nigeria (CBN) predicts that Dangote Refinery's petrol supply will reduce transportation costs and ease food inflation. The CBN has raised the Monetary Policy Rate to tackle rising inflation, which currently stands at 32.15%, driven by increasing food prices and energy costs...
  6. Inflation Control: CBN Lifts Interest Rate to 27.25% in Latest MPC Meeting

    Nigeria Inflation Control: CBN Lifts Interest Rate to 27.25% in Latest MPC Meeting

    The Central Bank of Nigeria (CBN) has raised its Monetary Policy Rate from 26.75% to 27.25% to control rising inflation. CBN Governor Olayemi Cardoso announced this decision after the Monetary Policy Committee’s 297th meeting. The increase is aimed at stabilizing the economy by curbing...
    • Nigeria News
    • Article
    • 1 min read
    • cbn cbn interest rate increase monetary policy rate hike nigeria inflation control
    • Category: Business
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    Business CBN says it will continue controversial cybercrime levy at 0.005% in new guidelines - Nairametrics

    https://nairametrics.com/2024/09/18/cbn-says-it-will-continue-controversial-cybercrime-levy-at-0-005-in-new-guidelines/
  8. Nigeria's $36B Foreign Reserves Face Pressure: CBN Sounds Alarm

    Nigeria Nigeria's $36B Foreign Reserves Face Pressure: CBN Sounds Alarm

    Nigeria's central bank warns of risks to foreign reserves due to petrol subsidy removal and lower oil earnings. Despite $36.08 billion in reserves, increased debt servicing and potential capital outflows pose challenges. The CBN remains optimistic, citing favorable trade terms and rising oil...
    • Nigeria News
    • Article
    • 2 min read
    • cbn cbn governor nigerias external reserve yemi cardoso
    • Category: Business
  9. CBN Approves Dollar Sale to BDCs at N1,580/$ to Support Economic Stability

    Nigeria CBN Approves Dollar Sale to BDCs at N1,580/$ to Support Economic Stability

    The Central Bank of Nigeria (CBN) has approved the sale of dollars to Bureau de Change (BDC) operators at N1,580 per dollar, providing each BDC with $20,000 to enhance market liquidity. This move aims to address the demand for invisible transactions amidst ongoing economic challenges. The...
    • Nigeria News
    • Article
    • 2 min read
    • bureau de change cbn dollar sale foreign exchange
    • Category: Business
  10. CBN Overhauls NIRSAL Leadership: All Executive Directors Sacked

    Nigeria CBN Overhauls NIRSAL Leadership: All Executive Directors Sacked

    The Central Bank of Nigeria (CBN) has sacked all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) as part of a major restructuring effort. Concerns grow over the impact on agricultural financing, with questions arising about NIRSAL’s future...
    • Nigeria News
    • Article
    • 1 min read
    • cbn executive directors nirsal yemi cardoso
    • Category: Business
  11. Today's Naira Rate[24-08-2024]: Naira Strengthens to N1570.14/$ Amid Dollar's Decline Against British Pound

    Nigeria Today's Naira Rate[24-08-2024]: Naira Strengthens to N1570.14/$ Amid Dollar's Decline Against British Pound

    The Naira strengthened against the US dollar, rising to N1570.14/$, while weakening against the British pound, which hit a two-year high. The Central Bank of Nigeria’s efforts contributed to the Naira’s stability, but businesses still anticipate further depreciation before potential recovery...
    • Nigeria News
    • Article
    • 1 min read
    • british pound cbn central bank of nigeria currency market n1570.14/$ two-year low
    • Category: Business
  12. CBN Greenlights Merger of Unity Bank and Providus Bank

    Nigeria CBN Greenlights Merger of Unity Bank and Providus Bank

    The Central Bank of Nigeria (CBN) has approved the merger of Unity Bank Plc and Providus Bank Limited, providing financial support to ensure stability. This strategic move aims to bolster Nigeria's financial system, address Unity Bank's obligations, and promote confidence in the banking sector...
    • Nigeria News
    • Article
    • 2 min read
    • cbn nigeria bank merger unity bank providus bank merger
    • Category: Business
  13. Economic Pressures Lead to Major Reduction in Nigeria’s Foreign Education Forex Spending

    Nigeria Economic Pressures Lead to Major Reduction in Nigeria’s Foreign Education Forex Spending

    Nigerians spent $38.17 million on foreign education in Q1 2024, an 83% drop from 2023, per CBN data. Factors include economic challenges and new forex regulations. Despite this, Q1 2024 saw a 54% increase from Q4 2023. Stringent measures on forex purchases for education and medical expenses are...
    • Nigeria News
    • Article
    • 2 min read
    • cbn central bank of nigeria foreign education expenses nigeria forex utilization
    • Category: Business
  14. CBN to Invest Unclaimed Funds in Treasury Bills and Government Securities

    Nigeria CBN to Invest Unclaimed Funds in Treasury Bills and Government Securities

    The Central Bank of Nigeria (CBN) will invest unclaimed balances in Treasury Bills and government securities. The newly released guidelines mandate timely refunds to beneficiaries and define eligible accounts. The CBN will maintain a dedicated trust fund and publish lists of unclaimed balances...
  15. Business Titan Dangote Challenges CBN Policy, Warns of Economic Stagnation

    Nigeria Business Titan Dangote Challenges CBN Policy, Warns of Economic Stagnation

    Aliko Dangote criticizes CBN's 26.25% interest rate hike at MAN summit, arguing it hinders business growth and job creation. He calls for government support of manufacturers to address economic challenges. MAN reports significant sector exits, highlighting the need for policy reforms to boost...
  16. Today's Naira Rate[11-06-2014]: Naira Clings Below N1,500/$ Amidst U.S. Interest Rate Speculations

    Nigeria Today's Naira Rate[11-06-2014]: Naira Clings Below N1,500/$ Amidst U.S. Interest Rate Speculations

    The naira stands firm below N1,500/$ amidst U.S. interest rate decision anticipation. Stay informed with updates on Nigerian currency trends and global market insights. The Nigerian naira demonstrated resilience against the U.S. dollar, with the dollar index moderating as investors awaited...
    • Nigeria News
    • Article
    • 1 min read
    • cbn foreign exchange naira u.s. inflation u.s. interest rate
    • Category: Business
  17. Ex-CBN Director Testifies: Emefiele Printed Different Naira Design Without Approval

    Nigeria Ex-CBN Director Testifies: Emefiele Printed Different Naira Design Without Approval

    Former CBN governor Godwin Emefiele allegedly printed a different design of the new naira note without approval, as testified by ex-CBN director Ahmed Umar. Discrepancies include missing features like QR codes and portrait placement differences. Former CBN governor Godwin Emefiele allegedly...
    • Nigeria News
    • Article
    • 1 min read
    • ahmed umar cbn currency printing godwin emefiele naira design
    • Category: Metro
  18. CBN Dispels Rumors, Affirms No License Revocations for Four Major Banks

    Nigeria CBN Dispels Rumors, Affirms No License Revocations for Four Major Banks

    The Central Bank of Nigeria has confirmed there are no plans to revoke the licenses of Fidelity, Wema, Polaris, and Unity Banks. The CBN reassures the public of the banking system's resilience and safety of deposits, despite recent rumors and the revocation of Heritage Bank's license. The...
    • Nigeria News
    • Article
    • 2 min read
    • banking license cbn central bank of nigeria fidelity bank nigerian banking industry polaris bank unity bank wema bank
    • Category: Business
  19. "My N100m Is There" - BBNaija Star Mercy Eke Cries Out as Massive Savings Stuck in Troubled Heritage Bank

    Nigeria "My N100m Is There" - BBNaija Star Mercy Eke Cries Out as Massive Savings Stuck in Troubled Heritage Bank

    Mercy Eke, Big Brother Naija star, reveals having over N100m in Heritage Bank, sparking concerns after CBN revokes bank's license. Reactions range from empathy to skepticism amid debates on banking stability. Reality TV star Mercy Eke has sparked concerns among her fans after revealing that she...
  20. Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar

    Nigeria Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar

    The Nigerian Naira struggles, nearing N2,000 per British Pound and 1,500 per US Dollar, amid speculation and economic challenges. Despite $575 million in CBN dollar sales, the Naira remains weak. Global market movements and local economic policies continue to pressure Nigeria's currency...
    • Nigeria News
    • Article
    • 2 min read
    • cbn central bank of nigeria forex market naira rate nigerian economy todays exchange rate
    • Category: Business

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