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Naira falls N777 against dollar after CBN announcement
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Currency outside banks hit ₦4.6trn in March – CBN

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Tag: CBN

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
featured News

CBN clears all ‘valid’ FX backlog

The Central Bank of Nigeria has officially confirmed the settlement of all valid foreign exchange backlogs totaling $7 billion, fulfilling a significant commitment made by its Governor, Mr. Olayemi Cardosoo. Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the apex bank, affirmed in a statement released on Wednesday in Abuja that independent […]

CBN clears $64.44m forex backlog for airlines
News

Senate discovers new infractions on N30tn loans, summons CBN gov

The Senate Ad-hoc Committee probing how the N30tn Ways and Means loans were obtained from the Central Bank of Nigeria, and spent by the former President Muhammadu Buhari-led administration, says it has uncovered some infractions in the process of obtaining the overdraft. As a result, the Committee has decided to summon the Governor of the […]

News

Customs exchange rate for cargo clearance reduce to N1593/$

The exchange rate for cargo clearance decreased to N1593.41/$, which represents a decrease of about N18.87  from last week’s record value of N1612.28. The Central Bank of Nigeria, through the customs, raised the exchange rate for cargo clearance by N18.44 compared to its previous value. The decline in the exchange rate for cargo clearance is […]

FG unveils plan to revamp cooperative sector, targets $1trn economy
News

External reserves rise to $993m – Report

Recent data released by the Central Bank of Nigeria reveals a significant increase in external reserves, surging by $993 million within a month and reaching an eight-month peak. As of March 7, 2024, the external reserves totaled $34,110,027,381, compared to the previous month’s figure of $33,116,051,881 recorded on February 8, 2024. Analysis of the data […]

FX payments rose to $1.3bn in February - CBN
Banking

FX payments rose to $1.3bn in February – CBN

Foreign remittances into the nation increased to $1.3 billion in February 2024 from $300 million the month before according to the Central Bank of Nigeria. The Times reported that at a press conference in Abuja, the Bank’s acting director of corporate communications, Mrs. Hakama Sidi Ali revealed this. The CBN also revealed that February 2024 […]

CBN, Gluwa signs MoU to boost eNaira adoption
News

CBN, Gluwa signs MoU to boost eNaira adoption

The Central Bank of Nigeria has signed a Memorandum of Understanding with a blockchain firm, Gluwa to drive the increased adoption of Nigeria’s digital currency, eNaira. According to the statement by the blockchain firm, the main objective of the partnership is to exploit the power of cryptocurrencies, enhance financial inclusion, improve eNaira functionality and encourage […]

Nigeria's external reserves reach 22-month high amid weak Naira
News

CBN sells another N1.3 trillion in treasury bills at 21.5%

Melvin Onwubuke The Central Bank of Nigeria (CBN) has completed another round of Treasury Bills (T-Bills) auction, offloading about N1.3 trillion. The auctions, which took place on 6 March 2024, saw the bills in three tenors being sold, according to nairametrics. According to the Summary of Auction Result, the highest interest, or stop rate, was […]

Analysts fear new interest rate may increase non-performing loans
Business

Analysts fear new interest rate may increase non-performing loans

By Melvin Onwubuke   There are concerns by some financial experts, regarding the aggressive monetary policy stance adopted by the Central Bank of Nigeria, which recently led to another increase in the interest rate by 22.75%. These experts pointed out the potential domino effects of the heightened MPR on existing bank loans, according to nairametrics. […]

Nigerian Exchange ahead in Africa with 33.70% gain
News

Nigerian Exchange ahead in Africa with 33.70% gain

By Melvin Onwubuke The Nigerian Exchange has emerged as the number one exchange in Africa in the first two months of 2024, as investors enjoyed 33.70 per cent returns on investors. This was revealed in a statement by the NGX on Tuesday that the local bourse was rated as the best-performing in Africa ahead of […]

Nigeria needs more stringent measures to secure macroeconomic stability - Fitch
Economy

Nigeria needs more stringent measures to secure macroeconomic stability – Fitch

By Melvin Onwubuke Fitch Ratings Inc. has highlighted the need for Nigeria to adopt more rigid monetary tightening measures to secure macroeconomic stability. The credit rating and research firm pointed out that the Nigerian authorities had taken a crucial step towards reducing inflation by significantly adjusting the MRP to 22.75%, which was aimed at fostering […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira rises against dollar, hits seven-day high

For the third day in a row, the naira and dollar increased in value, ending the day on the official market at N1,534.9/$1. The naira has not been this strong in the last seven days. According to Nairametrics, On March 1st, 2024, the official NAFEX rate which the CBN uses as a benchmark and average […]

Banks increase lending rates after CBN’s MPR hike
News

Banks increase lending rates after CBN’s MPR hike

By Melvin Onwubuke   Following the Central Bank of Nigeria’s record increase in monetary policy rate, Nigerian banks began to raise their lending rates, and businesses and individuals, who have already got credit facilities with them are going to be paying more for these loans. Zenith Bank, the country’s largest bank by market capitalization, raised […]