September 17
Nigeria: CBN Issues New Guidelines On Ways and Means to Govt
The CBN also clarified that any Ways and Means Advances provided must be repaid by the end of the fiscal year. Read more »
July 25
Nigeria: Nigeria's Inflation Rate Exaggerated, Says APC National Secretary Basiru
The National Secretary of APC made the claim when confronted with NBS' latest data on Nigeria's inflation on the Channels Television's primetime show, 'Politics Today', on… Read more »
June 09
Nigeria: How Naira Devaluation Impacts Imports Positively, Exports Positively - Official
According to the official, imports and exports are usually affected by market forces, which implies the forces of demand and supply. Read more »
May 30
Nigeria: CBN - Turning Brain Drain to Brain Gain Through Diaspora Remittances
Diaspora remittances constitute the most underrated foreign exchange earner for the country. Read more »
May 21
Nigeria: CBN Raises Benchmark Interest Rate
The committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent. Read more »
May 07
Nigeria: Nigerians React to New 0.5% Cybersecurity Levy
"The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the… Read more »
April 21
Nigeria: The Implications of Naira's Unprecedented Rally
Unprecedented, yes! Never has the naira made such a comeback against global currencies - especially the US dollar - as it has in recent times. Read more »
April 18
Nigeria: Naira Gains At Official Market Amidst Depleting Reserve
Market data published on the FMDQ website on Wednesday indicated that the naira closed at N1,072.74 against N1,148.14 recorded in the previous market session on Tuesday. Read more »
April 15
Nigeria: Nigeria's Inflation Hits 33.20 Percent Amid High Food Prices
The food inflation rate in March 2024 quickened to 40.01 per cent on a year-on-year basis Read more »
March 20
Nigeria: Central Bank Clears All 'Valid' Forex Backlog
The CBN recently completed the payment of $1.5 billion Read more »
March 05
Nigeria: Binance Discontinues Naira Services
Nigeria is recognised as one of the largest cryptocurrency markets globally. Read more »
March 01
Nigeria: Central Bank Revokes Operating Licenses of Thousands of Forex Bureaus
The Central Bank of Nigeria (CBN) has revoked the operational licences of 4,173 Bureaux De Change operators in the country. Read more »
February 29
Nigeria: Seplat Rakes in Record N885 Billion Income Amid Foreign Currency Gains
"Our revenue exceeded $1bn, and while costs increased, our proactive approach meant we generated more than $260m of free cash flow in the year," said CEO Roger Brown. Read more »
February 27
Nigeria: CBN Resumes Sale of Dollars to BDCS
Each BDC will have access to the $20,000 at the rate of N1,301/$, representing the lower band rate of executed spot transactions at NAFEM for the previous trading day Read more »
February 21
Nigeria: Exclusive - Forex Crisis: Nigeria Plans Clampdown On Binance, Other Crypto Firms
Binance has had similar aaccusations of currency manipulation and unethical conduct leading to sanctions in many countries and an ongoing lawsuit in the United States. Read more »
February 19
Nigeria: Presidency Replies to Atiku's Exchange Rate Proposal
The floating of the naira and the removal of petrol subsidies have led to huge increases in the prices of goods and services. Read more »
February 13
Nigeria: Naira Hits New Low At Official Market
Naira fell to N1,534 at the official market on Monday, hitting a new record low in the segment. Read more »
February 03
Nigeria: No Plans to Convert $30bn Domiciliary Deposits to Naira - CBN
Describing these allegations as completely false, the CBN asserts that the intention behind such reports is to instigate panic within the foreign exchange market Read more »
February 01
Nigeria: Facing Fx Crisis, Nigeria's Central Bank Lifts Exchange Rate Restrictions for Imtos
IMTOs are hereby allowed to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the Nigerian Foreign Exchange Market on a willing seller,… Read more »
January 30
Nigeria: CBN Clears Verified Fx Claims By Foreign Airlines
The latest payment brings the total amount disbursed to the aviation sector to $136.7 million, effectively settling all verified claims. Read more »
January 29
Nigeria: CBN Injects Additional $500m to Clear Fx Backlog
The CBN's focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years. Read more »
December 23, 2023
Nigeria: CBN Lifts Ban On Cryptocurrency Transactions
Ex-CBN Governor, Godwin Emefiele, had announced restriction on cryptocurrency transactions due to the money laundering and terrorism risks they posed. Read more »
November 29, 2023
Nigeria: Again, Supreme Court Extends Validity of Old Naira Notes
The Supreme Court, in the ruling, reviewed its earlier order that the old notes should cease be legal tender by the last day of December 2023. Read more »
November 17, 2023
Nigeria: Revamping the National Currency - a Pipe Dream or Achievable Hope?
The first point we would like to stress here is that the exchange rate of a nation's currency cannot be legislated. Read more »
November 06, 2023
Nigeria: Naira Strengthens Across Fx Markets Amidst Move to Boost Supply
In recent months, the naira has weakened significantly in both the authorised and unauthorised market segments. Read more »