central bank of nigeria
-
Nigeria Naira Rate: Bloomberg Africa Report On Nigeria's Depleting FX Reserves Points to Tougher Ride Ahead
Nigeria's foreign exchange reserves are dwindling at a rapid pace, sparking concerns over the Central Bank's strategy to prop up the naira amidst promises of a more flexible exchange rate. In a span of just under a month, from March 18 to April 12, liquid reserves plummeted by 5.6%, plummeting...- Nigeria News
- Article
- 1 min read
- bloomberg report central bank of nigeria covid-19 currency depreciation naira stability nigeria forex reserves
- Category: Business
-
![Today's Naira Rate [15-04-2024]: Nigerians Await Economic Relief as Naira Nears 1,000/$](/data/attachments/202/202858-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate [15-04-2024]: Nigerians Await Economic Relief as Naira Nears 1,000/$
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...- Nigeria News
- Article
- 1 min read
- black market exchange rate cbn central bank of nigeria dollar-naira exchange rate economic stability foreign exchange reforms monetary policy rate (mpr) naira appreciation
- Category: Business
-
Nigeria Distress at CBN: Employees Express Fear and Anxiety Over Job Security as CBN Sacks 50 More Staff
The Central Bank of Nigeria (CBN) continues its wave of dismissals as 50 more staff members are terminated from their positions under the leadership of CBN governor Mr. Olayemi Cardoso. The recent round of layoffs spans across 29 departments, bringing the total number of casualties to 117 in the...- Nigeria News
- Article
- 1 min read
- cbn layoffs cbn shake-up central bank of nigeria economic turmoil nigeria's financial sector staff dismissals yemi cardoso
- Category: Business
-
Nigeria CBN Implements Ban on Foreign Currency Collaterals for Naira Loans: Economic Policy Shift Sparks Industry Response
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...- Nigeria News
- Article
- 2 min read
- cbn central bank of nigeria yemi cardoso
- Category: Business
-
Nigeria CBN Initiates Forex Sales to BDCs at N1,101/$1, Aims to Stabilize Currency Market
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 $1. This move, revealed in a recent circular titled ‘Sales of FX to Meet...- Nigeria News
- Article
- 1 min read
- bureau de change (bdc) cbn central bank of nigeria foreign exchange (fx) forex market stabilization nigerian economy
- Category: Business
-
Nigeria Mixed Reactions as EFCC Pursues Emefiele with 26 Fresh Charges
The Economic and Financial Crimes Commission (EFCC) has initiated a fresh legal action against Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), unleashing a 26-count charge against him. This indictment encompasses allegations of abuse of office and corruption, drawing...- Nigeria News
- Article
- 1 min read
- central bank of nigeria efcc godwin emefiele
- Category: Metro
-
Nigeria Central Bank Measures Could Hinder Economic Growth, Says KPMG Nigeria
KPMG Nigeria has cautioned that the Central Bank of Nigeria's (CBN) recent monetary tightening measures could hinder banks from extending credit, potentially impacting economic growth. The firm highlighted the potential consequences of the elevated interest rates, including increased...- Nigeria News
- Article
- 1 min read
- cbn central bank of nigeria kpmg nigeria monetary tightening
- Category: Business
-
Nigeria Traders on Edge as Customs FX Rate Surges to N1,330/$, Exceeding Official Market
Recent developments in Nigeria's foreign exchange landscape reveal a noteworthy surge in the customs exchange rate for import duties, exceeding the official market rate. The rate for cargo clearance currently stands at N1,330.36 per USD, significantly higher than the official market's N1,278/$1...- Nigeria News
- Article
- 1 min read
- bureau de change cbn reforms central bank of nigeria currency speculation customs fx rate foreign exchange market monetary policy naira exchange rate nigerian economy
- Category: Business
-
Nigeria CBN Sets High Bar: 25 Nigerian Banks Need N3.89 Trillion for Recapitalization
The Central Bank of Nigeria (CBN) has unveiled new capital requirements for banks, mandating 25 banks in Nigeria to raise approximately N3.89 trillion in fresh capital to meet the new minimum capital base. This move aligns with the CBN's efforts to strengthen the banking sector in line with...- Nigeria News
- Article
- 1 min read
- bank recapitalization capital requirements central bank of nigeria yemi cardoso
- Category: Business
-
Nigeria Nigeria's Naira Jumps to N1,280/$ at Parallel Market: Traders React
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...- Nigeria News
- Article
- 1 min read
- cbn central bank of nigeria currency traders foreign exchange market naira appreciation parallel market
- Category: Business
-
Nigeria Nigeria's Economy Receives Boost: CBN Announces $1.5bn Influx
The Central Bank of Nigeria (CBN) has reported a substantial inflow of over $1.5 billion in recent days, signaling a positive outlook for the nation's monetary policy initiatives. The announcement, made by the Bank's Acting Director of the Corporate Communications Department, Hakama Ali...- Nigeria News
- Article
- 2 min read
- cbn governor central bank of nigeria foreign exchange market forex market monetary policy nigeria economy yemi cardoso
- Category: Business
-
Nigeria Bank Mergers Loom as CBN Raises Minimum Capital Thresholds: What Businesses and Banks Need to Know
The Central Bank of Nigeria (CBN) has announced sweeping financial reforms, significantly raising minimum capital requirements for banks across various categories. In a circular issued by the Financial Policy and Regulation Department Director, Haruna Mustafa, all commercial, merchant, and...- Nigeria News
- Article
- 2 min read
- banking reforms cbn cbn recapitalisation central bank of nigeria commercial banks minimum capital requirements
- Category: Business
-
Nigeria CBN Sets New Standards: Nigerian Banks Tasked to Increase Capital Base for Stability
In a move aimed at strengthening the resilience of Nigeria's banking sector, the Central Bank of Nigeria (CBN) has announced significant increases in the capital base requirements for various categories of banks across the country. According to a statement released by the CBN's Acting Director...- Nigeria News
- Article
- 1 min read
- banking sector cbn central bank of nigeria
- Category: Business
-
Nigeria Naira Surges to N1,350/$ in Parallel Market Amidst CBN Reforms
The Nigerian Naira has seen a significant appreciation, reaching N1,350 per dollar in the parallel market from N1,430 just a day prior. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira climbed to N1,382.95 per dollar, marking a notable increase from the previous day's rate...- Nigeria News
- Article
- 2 min read
- central bank of nigeria currency exchange forex market naira to dollars exchange rate nigerian naira
- Category: Business
-
Nigeria CBN Shocks Markets: Raises MPR to Record 24.75%, Businesses and Consumers to Face Higher Loan Costs
After its 294th meeting, the Central Bank of Nigeria (CBN) has made a bold move by increasing the Monetary Policy Rate (MPR) by 200 basis points to an unprecedented 24.75%. Led by CBN Governor Yemi Cardoso, this decision underscores the bank's unwavering commitment to combating inflationary...- Nigeria News
- Article
- 1 min read
- cbns new mpr rate central bank of nigeria exchange rate inflation monetary policy rate mpc meeting new interest rate yemi cardoso
- Category: Business
-
Nigeria Nigeria's Central Bank Initiates Dollar Sales to BDCs to Boost Forex Liquidity
Amidst Nigeria's evolving economic landscape, the Central Bank of Nigeria (CBN) has taken significant steps to bolster liquidity in the foreign exchange market, signaling a potential shift in the nation's currency dynamics. In a recent circular addressed to Bureau De Change operators (BDCs)...- Nigeria News
- Article
- 2 min read
- bureau de change (bdc) central bank of nigeria forex market monetary policy rate (mpr) nigerian economy yemi cardoso
- Category: Business
-
Nigeria Moghalu Criticizes Artificial Exchange Rates, Calls for Realistic Economic Policies
Former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, criticized the notion of aiming for a Naira to Dollar exchange rate of N400, stating that such expectations are unrealistic. Moghalu emphasized the importance of the exchange rate reflecting its true market value, rather...- Nigeria News
- Article
- 1 min read
- central bank of nigeria exchange rate kingsley moghalu naira dollar nigeria
- Category: Business
-
Nigeria New Regulation Requires Bank Customers to Present 3-Year Tax Clearance for Dollar Purchases Starting April 1
Nigerian banks have implemented a new requirement for customers seeking forex transactions through Form A, demanding the submission of the last three years' tax clearance certificates (TCC). Standard Chartered Bank notified its customers via email, confirming this mandate effective from April 1...- Nigeria News
- Article
- 1 min read
- central bank of nigeria foreign exchange regulations forex transactions form a nigerian banks stanbic ibtc tax clearance certificate
- Category: Business
-
Nigeria Naira Strengthens Significantly, Hits N1,382/$ Amid Forex Stability Efforts
The Central Bank of Nigeria's recent interventions have spurred a remarkable recovery for the Naira, with the currency appreciating to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM). This surge marks a significant gain from its previous rate of N1,536.83/$, showcasing...- Nigeria News
- Article
- 1 min read
- central bank of nigeria foreign exchange settlement forex backlog forex market naira appreciation yemi cardoso
- Category: Business
-
Nigeria Tensions Rise as Foreign Airlines Challenge CBN's Assertion on Cleared Forex Obligations
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...- Nigeria News
- Article
- 1 min read
- aviation sector cbn central bank of nigeria currency market foreign airlines forex backlog yemi cardoso
- Category: Business
About Nigerian Bulletin
Nigerian Bulletin is your gateway to top news, specialized lifestyle topics, and a unique, curated marketplace. It connects Nigerians worldwide with crucial updates and opportunities and is ideal for engaging press releases, effective sponsored posts, banner ads, and product showcases.