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...
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...
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...
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...
Nigeria's external reserves reached a 22-month high of $37.31 billion in September 2024, fueled by foreign investments, government bonds, and remittances. Despite the boost in reserves, the naira remains weak. Key inflows include AfreximBank loans, World Bank support, and rising foreign...
As of September 3, 2024, the black market exchange rate for the US dollar to Nigerian naira reached N1,635. This rate reflects a significant disparity with the Central Bank's official rate of N1,590.42, highlighting ongoing economic challenges and currency volatility in Nigeria's foreign...
The Naira depreciated significantly, losing N30 in the parallel market and N28.48 in the official market last week. It fell to N1,645 against the dollar amid the Central Bank of Nigeria's Retail Dutch Auction System, despite an increase in foreign exchange transaction turnover.
In the past...
The Naira strengthened against the US dollar, rising to N1570.14/$, 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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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