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CBN grants six-month extension for BDCs recapitalisation

The Central Bank of Nigeria has extended the deadline for Bureaux De Change operators to meet recapitalisation requirements by six months, according to the Association of Bureaux De Change Operators of Nigeria. ABCON President, Aminu Gwadabe made this disclosure during a virtual general meeting with members on Monday, stating that the new deadline for compliance […]

CBN warns public against fake contracts, grants, intervention fund scams
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CBN to raise interest rate, analysts predict

The Monetary Policy Committee of the Central Bank of Nigeria is expected to maintain its hawkish stance in response to persistent inflationary pressures. Following the September hike of 50 basis points, raising the Monetary Policy Rate to 27.25%, the MPC has consistently highlighted concerns about core inflation, excessive money supply growth, fiscal deficits, and surging […]

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28m Nigerians lack access to formal financial services – CBN

The Central Bank of Nigeria announced on Tuesday that despite a significant reduction in the country’s financial exclusion rate, from 46.3% in 2010 to 26% in 2023—over 28 million Nigerians still lack access to formal financial services and products. This underscores the continued challenges in achieving full financial inclusion, even with notable progress in reducing […]

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Oil imports fall by 35% in Q2 – CBN

Nigeria’s oil imports saw a significant decline of 35% in the second quarter of 2024, totaling $2.79 billion, down from $4.31 billion in the previous quarter. This drop is highlighted in the Central Bank of Nigeria’s quarterly economic report for Q2 2024, reflecting the shifting dynamics in the country’s oil and gas sector. The reduction […]

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CBN unveils guidelines for FX deposit scheme

The Central Bank of Nigeria has released official guidelines for banks on the implementation of the free foreign exchange deposit window recently announced by the Federal Government. The guidelines, which were issued on Tuesday, outline the procedures for participation in the scheme by commercial, merchant, and non-interest banks. The scheme is designed to facilitate the […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
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Avoid forex auction interventions, W’Bank advises CBN

The Central Bank of Nigeria has been advised against intervening in the foreign exchange market through forex auctions. The World Bank’s policy advisory, included in the Nigeria Development Update, emphasizes the need for a comprehensive and transparent framework for exchange rate interventions to support flexibility. On August 26, 2024, the CBN auctioned $876.26 million to […]

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IFC, CBN partner to boost local currency financing

The International Finance Corporation has partnered with the Central Bank of Nigeria to enhance local currency financing, supporting the growth of private businesses in Nigeria. This agreement, signed by IFC’s Hlazo Mkandawire and CBN’s Hakama Sidi Ali, aims to manage currency risks and increase investments in the Nigerian naira across key sectors such as agriculture, […]

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CBN optimistic of securing $12bn in diaspora remittances

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, announced in Washington DC that the CBN is optimistic about attracting $1 billion in monthly remittances. This confidence follows the resolution of concerns raised by International Money Transfer Operators and positive feedback from Nigerians in the Diaspora. Cardoso made this disclosure during a joint […]

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Old naira notes remain legal tender beyond 2024 – CBN

The Central Bank of Nigeria has addressed concerns regarding the old series of N200, N500, and N1000 banknotes, stating that they will not cease to be legal tender on December 31, 2024. This follows recent discussions at various forums suggesting that the CBN plans to withdraw the old banknotes by the end of December. In […]

Reps calls for gradual withdrawal of old naira notes
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Reps calls for gradual withdrawal of old naira notes

The House of Representatives has urged the Central Bank of Nigeria to begin a gradual withdrawal of old naira notes while introducing new denominations of N200, N500, and N1,000 to the public. This resolution came during a plenary session on Thursday, prompted by a motion of urgent national importance from Mr. Victor Ogene, the representative […]

CBN warns public against fake contracts, grants, intervention fund scams
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CBN disburses N1.73tn for food imports in six months

The Central Bank of Nigeria in the second quarter of 2024 allocated $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1 as of June 30, 2024) for food item imports. This represents a decrease of $142.48 million, or 20.6%, compared to the $689.88 million released in the first quarter. In naira terms, this […]

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FG eyes 5% tax on telecommunications, other services

The Federal Government of Nigeria has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill aimed at overhauling the country’s tax framework. This move is intended to boost revenue collection and enhance fiscal sustainability. The bill, titled, “A Bill for an Act to Repeal […]

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