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CBN raises interest rate to 26.75% 

The Central Bank of Nigeria Monetary Policy Committee has increased the interest rate from 26.25% to 26.75%, a 50 basis point increase. This was disclosed by the CBN governor, Olayemi Cardoso at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC has been aggressive in its efforts to control inflation, […]

News

FX inflow via IMTOs reach $1.07bn in three months – CBN

Foreign exchange inflows from International Money Transfer Operators increased by 38.86 per cent to $1.07bn in the first quarter of 2024, from $770.23m recorded in the same period in the previous year. This disclosure was made in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2024, recently published on its […]

Former CBN employees sue for reinstatement, compensation
Economy News

CBN predicts slight decline in external reserve

The Central Bank of Nigeria has predicted that in 2024, the country’s foreign reserves may decline slightly, due to debt repayment and other commitments. This was disclosed in the inaugural edition of CBN 2024 Macroeconomic Outlook: Price Discovery for Economic Stabilisation, which was recently released, according. The outlook said, “The external reserves, which stood at […]

Economy News

CBN approves $20,000 to each BDC at N1,450/$1 

The Central Bank of Nigeria has declared that it has approved the sales of foreign exchange to qualified Bureau De Change to meet the demand for invisible transactions. This was disclosed in a circular signed by the Acting Director of Trade and Exchange, A.A. Mahdi stating that the sum of $20,000 is to be sold […]

Economy News

CBN persists higher interest rates if inflation persist – Cardoso

The Governor of the Central Bank of Nigeria Yemi Cardoso, has stated that sustained inflation could lengthen the duration of monetary tightening measures and impede the country’s capacity for growth. He said this at the foreword inaugural edition of the CBN’s Macroeconomic Outlook for Nigeria, recently released by the apex bank, according Nairametric. Based on […]

News

Banks’ loans to private sector reach N375tn – CBN

The Central Bank of Nigeria reported that Nigerian banks’ loans and support for the private sector totaled approximately N375.78 trillion in the first five months of 2024. This is almost 74.98 percent greater than the N214.76 trillion reported in the same time last year, suggesting that the banking sector has continued to give increasing assistance […]

Former CBN employees sue for reinstatement, compensation
News

Why CBN snubbed BDC operators in $123m FX sale

Bureau De Change Operators were excluded from the Central Bank of Nigeria’s latest batch of currency sales to licensed dealers. This disclosure was made by the disclosed by the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, according toThe PUNCH. He noted that on banks got the intervention. Responding in […]

Former CBN employees sue for reinstatement, compensation
News

CBN boost the FX market with $122.67m sales to BDCs

The Central Bank of Nigeria has made an important step towards stabilizing the foreign exchange market by selling $122.67 million to 46 authorized dealers. This measure is intended to promote market stability and reduce volatility, since the exchange rate closed on Thursday at N1,554.65/$1, its lowest level since March 2024, according to Nairametric. This is […]

Nigeria's external reserves rise to $36.89bn — CBN gov
News

Nigerian cash held outside banks hits N3.71trn in May 2024

The amount of currency held outside the country’s banking system has surged to a historic high of N3.71 trillion as of May 2024, according to recently released data from the Central Bank of Nigeria. This figure represents a notable increase of N104.89 billion from the previous month, marking a 3% month-on-month rise. The trend of […]

News

Nigeria’s external reserves rise to $34.66bn, highest in 13 months

Nigeria’s overseas reserves have risen again, this time by $1.88 billion to $34.66 billion as of July 4, 2024, a thirteen-month high. This was revealed in the foreign reserve historical data foreign ofCentral Bank of Nigeria, according to Nairametrics. The surge in foreign reserves is partly due to a series of financial commitments from Afrexim […]

Economy News

CBN to cut down rate hikes soon – Cardoso

The Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso has declared that it will soon be able to cut down increases in benchmark interest rates. This was disclosed by Cardoso on Saturday in Lagos at the launch of a book titled ‘The Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks […]