central bank of nigeria

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    Business FX amnesty scheme: Banks can trade with deposited foreign currencies, says CBN - The Cable

    https://www.thecable.ng/fx-amnesty-scheme-banks-can-trade-with-deposited-foreign-currencies-says-cbn/
  2. Emefiele Trial: Witness Claims He Was Advised to Avoid Record-Keeping for $3 Million Cash

    Nigeria Emefiele Trial: Witness Claims He Was Advised to Avoid Record-Keeping for $3 Million Cash

    A key witness in the trial of former Central Bank of Nigeria governor Godwin Emefiele testified that Emefiele instructed him not to keep records of over $3 million cash collected on his behalf. The revelations highlight serious allegations of money laundering and raise concerns about...
  3. Nigerian Lawmakers Push for Swift Withdrawal of Old Naira Notes

    Nigeria Nigerian Lawmakers Push for Swift Withdrawal of Old Naira Notes

    The Nigerian House of Representatives has urged the Central Bank to withdraw old Naira notes and enhance the circulation of new N200, N500, and N1000 notes. Lawmakers emphasized the need for public awareness ahead of the December 31, 2024 deadline, reflecting on past currency redesign...
  4. Emefiele's Trial: Former CBN Acting Governor Exposes Naira Redesign Politics

    Nigeria Emefiele's Trial: Former CBN Acting Governor Exposes Naira Redesign Politics

    Folashodun Shonubi, former acting governor of the Central Bank of Nigeria, testified in court revealing political influences behind the 2022 naira redesign. He disclosed discrepancies between the approved and actual currency notes, as former CBN Governor Godwin Emefiele faces charges from the...
  5. Today's Naira Rate[27-09-2024]:  Parallel Market Rate Reaches N1,700—What This Means for Nigeria

    Nigeria Today's Naira Rate[27-09-2024]: Parallel Market Rate Reaches N1,700—What This Means for Nigeria

    The Nigerian naira has depreciated to N1,700 per dollar in the parallel market, marking the lowest rate in seven months. Despite a temporary rise in the official market, the naira continues to face fluctuations. The Central Bank of Nigeria is implementing reforms to stabilize the currency. On...
  6. Nigeria’s External Reserves Surge to $37.31 Billion, Highest in 22 Months

    Nigeria Nigeria’s External Reserves Surge to $37.31 Billion, Highest in 22 Months

    Nigeria's external reserves reached a 22-month high of $37.31 billion in September 2024, fueled by foreign investments, government bonds, and remittances. Despite the boost in reserves, the naira remains weak. Key inflows include AfreximBank loans, World Bank support, and rising foreign...
  7. Today's Naira Rate[03-09-2024]: Naira Faces Pressure as Black Market Dollar Rate Climbs to N1,635

    Nigeria Today's Naira Rate[03-09-2024]: Naira Faces Pressure as Black Market Dollar Rate Climbs to N1,635

    As of September 3, 2024, the black market exchange rate for the US dollar to Nigerian naira reached N1,635. This rate reflects a significant disparity with the Central Bank's official rate of N1,590.42, highlighting ongoing economic challenges and currency volatility in Nigeria's foreign...
  8. Today's Naira Rate[31-08-2024]: Naira Falls to N1,645 Against Dollar Despite CBN Interventions

    Nigeria Today's Naira Rate[31-08-2024]: Naira Falls to N1,645 Against Dollar Despite CBN Interventions

    The Naira depreciated significantly, losing N30 in the parallel market and N28.48 in the official market last week. It fell to N1,645 against the dollar amid the Central Bank of Nigeria's Retail Dutch Auction System, despite an increase in foreign exchange transaction turnover. In the past...
  9. 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...
  10. Today's Naira Rate[21-08-2024]: Naira Weakens Further, Black Market Rates Reach N1,615 Per Dollar

    Nigeria Today's Naira Rate[21-08-2024]: Naira Weakens Further, Black Market Rates Reach N1,615 Per Dollar

    The Naira dropped N27.58 against the dollar in just two days, reaching N1,592.06 at the official market. In the black market, it fell to N1,615. The Central Bank of Nigeria's recent interventions are under scrutiny as the currency continues to weaken amid inconsistent foreign exchange policies...
  11. Today's Naira Rate[29-07-2014]: Naira Plummets Further, Hits N1,611.40 per Dollar Despite CBN Intervention

    Nigeria Today's Naira Rate[29-07-2014]: Naira Plummets Further, Hits N1,611.40 per Dollar Despite CBN Intervention

    The naira continues to fall against the dollar, with official rates dropping to N1,611.40 and black market rates to N1,600. Despite the Central Bank's $148 million intervention, the naira's value has declined, sparking concerns and calls for economic reforms to stabilize Nigeria's currency. The...
  12. Naira's Freefall: Banks’ FX Borrowing from CBN Heightens Pressure on Currency

    Nigeria Naira's Freefall: Banks’ FX Borrowing from CBN Heightens Pressure on Currency

    The Naira has dropped sharply as banks’ borrowing from the Central Bank of Nigeria (CBN) for foreign exchange (FX) rises to 32%. This increase in borrowing rates has intensified pressure on the Naira, contributing to significant declines in both official and parallel market rates. The recent...
  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...
  14. CNG Criticizes Tinubu's Economic Policies, Labels Them 'Trial-and-Error

    Nigeria CNG Criticizes Tinubu's Economic Policies, Labels Them 'Trial-and-Error

    The Coalition of Northern Groups criticizes the Central Bank of Nigeria's Monetary Policy Committee, calling it the worst since 1999, and blames President Tinubu's economic team for worsening Nigeria's economic hardship with ineffective policies. The Coalition of Northern Groups (CNG) has...
  15. Naira Hits N1,620/$ in Parallel Market as Depreciation Continues

    Nigeria Naira Hits N1,620/$ in Parallel Market as Depreciation Continues

    The naira fell to N1,620 against the dollar in the parallel market on July 18, marking its fifth straight day of depreciation. Official rates showed a slight recovery to N1,566.82. The Central Bank of Nigeria's interventions and calls for stabilization highlight ongoing concerns about currency...
  16. Today's Naira Rate[12-07-2014]: Naira Plummets to July Low of N1,563.80/$1 Despite Central Bank Interventions

    Nigeria Today's Naira Rate[12-07-2014]: Naira Plummets to July Low of N1,563.80/$1 Despite Central Bank Interventions

    Despite Central Bank efforts, Nigerian naira hits July low at N1,563.80/$1 amid declining FX turnover. Recent CBN sales of $122.67 million failed to stabilize rates, highlighting ongoing economic challenges. In a concerning development, the Nigerian naira experienced a significant depreciation...
  17. Cardoso: Nigeria's Inflation Crisis Tied to N27 Trillion Ways and Means Loan

    Nigeria Cardoso: Nigeria's Inflation Crisis Tied to N27 Trillion Ways and Means Loan

    CBN Governor Olayemi Cardoso addresses the severe economic impact of Nigeria's N27 trillion ways and means loan. Highlighting inflation and foreign exchange issues, Cardoso explains the necessity of recent interest rate hikes and stresses the importance of market transparency and stability...
  18. Today's Naira Rate[26-06-2014]: Naira Weakens Further in Official Market, Hits N1,507.83 per Dollar

    Nigeria Today's Naira Rate[26-06-2014]: Naira Weakens Further in Official Market, Hits N1,507.83 per Dollar

    The naira weakened to N1,507.83 per dollar in the official market. Central Bank Governor Yemi Cardoso expressed optimism about managing currency volatility, citing recent stability and significant foreign exchange inflows. The Nigerian naira weakened to N1,507.83 per dollar at the official...
  19. Forex Reserves Hit $33.58 Billion as Nigeria Secures World Bank and Afrexim Bank Funds

    Nigeria Forex Reserves Hit $33.58 Billion as Nigeria Secures World Bank and Afrexim Bank Funds

    Nigeria's FX reserves have surged to $33.58 billion, the highest since March 2024, reflecting significant financial stability. Boosted by World Bank loans and Afrexim Bank disbursements, the reserves' growth marks a recovery amid exchange rate stability and improved forex market liquidity...
  20. 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...
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