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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 Nigerian Naira exhibited a remarkable appreciation against the United States Dollar on Monday, with significant gains observed in both the parallel market and the official foreign exchange (FX) window. This currency shift has drawn attention from investors, economists, and policymakers...

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...

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...

Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, predicts a significant drop in diesel prices below N1,000 per litre with the commencement of diesel production at the Dangote Refinery. During an interview on Channels Television’s News At 10, Rewane highlighted the...

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 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...

Central Bank of Nigeria (CBN) has announced sweeping changes to minimum capital requirements for banks. The circular, signed by Haruna Mustafa, Director of the Financial Policy and Regulation Department, mandates commercial banks with international authorization to maintain a staggering...

In a move aimed at strengthening the resilience of Nigeria's banking sector, the Central Bank of Nigeria (CBN) has announced significant increases in the capital base requirements for various categories of banks across the country. According to a statement released by the CBN's Acting Director...

The Central Bank of Nigeria (CBN) has revealed that as of September 2023, thirty-one state governments collectively owe a staggering sum of N339.9 billion. This debt stems from funds acquired to cover workers' salaries between 2015 and 2023, facilitated through the Salary Bailout Facility...

Amidst assertions by the Central Bank of Nigeria (CBN) of successfully settling all outstanding foreign exchange (FX) obligations, foreign airlines have challenged the claim, asserting that the situation remains unchanged. Kingsley Nwokeoma, President of the Association of Foreign Airlines and...

Amidst speculation and internal turmoil at the Central Bank of Nigeria (CBN), reports indicate that at least eight directors are facing early retirement. These directors, previously redeployed to FSS 2020, are now being asked to exit the CBN, sparking concerns and confusion among staff. While...

The trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, continued at the Federal Capital Territory High Court in Abuja on March 7, revealing a gripping revelation as forensic analyst Bamaiyi Meriga, called by the Economic and Financial Crimes Commission (EFCC)...

With the deadline for linking National Identity Numbers (NIN) and Bank Verification Numbers (BVN) fast approaching on March 1, 2024, concerns mount for millions of Nigerians. Approximately 85.51 million bank customers could face restricted access to their accounts due to challenges in...

The Office of the National Security Adviser is set to extend its investigation into cryptocurrency operations by summoning executives from various platforms in Nigeria. This development follows the recent detention of two senior Binance executives, revealed by the Financial Times. Sources...

Amidst growing concerns over the impact of cryptocurrency trading on Nigeria's economy, Presidential spokesman Bayo Onanuga has issued a stern warning against the popular exchange platform Binance, alleging its potential to dismantle the country's financial stability. Speaking on a televised...

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 the midst of Nigeria's economic challenges, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), addressed concerns during the first Monetary Policy Committee (MPC) meeting since assuming office in September 2023. Denying responsibility for the current economic situation, Cardoso...

The Central Bank of Nigeria (CBN) has instituted new regulations governing the foreign exchange (FX) sales by Bureau De Change (BDC) operators, as outlined in the 'Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,' released on February 23, 2024. These...