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FG launches major reform to revamp Nigeria’s cooperative

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CBN warns public against fake contracts, grants, intervention fund scams
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 […]

Economy News

Demand deposits surges N29.67tn in May – CBN

Demand deposits have jumped by 206.83 per cent from N9.67tn in May 2019 to N29.67tn this year’s May, according to data from the Central Bank of Nigeria’s website. According to the CBN data, the country’s demand deposits increased by 9.31% between May 2019 and May 2020 to N10.57 trillion, amid global economic uncertainty induced by […]

Economy News

Nigeria’s FX reserve rise to $34.14bn

Nigeria’s reserves continued to rise, reaching $34.14 billion on Friday, up 4.06 percent from $32.74 billion on June 3, 2024, according to figures from the Central Bank of Nigeria. The last rounds of loans the Federal Government received from the World Bank have bolstered the country’s reserves, according to The Punch. In May, the Bureau […]

Economy News

Banks to deposit excess FX in CBN Lagos, Abuja offices

The Central Bank of Nigeria on Friday published updated guidelines for Deposit Money Banks to deposit surplus foreign currency notes at its Lagos and Abuja offices. This initiative seeks to harmonize exchange rates between parallel and official markets. The official foreign exchange closed at N1,505.30 on Friday, but the black market rate was N1,520. The […]

Economy News

FG raises N284b in treasury bills auction

The Federal Government, through the Central Bank of Nigeria, raised a total of N284.26 billion in the latest Nigerian Treasury Bill auction. This follows as its T-Bills debts surged to N10.4 trillion between December 2023 and March 2024, representing a 60% increase in just three months, according to The Punch. According to the Debt Management […]

Economy News

CBN stops FX price verification portal for importers

The Central Bank of Nigeria has announced that the foreign exchange price verification system portal used by importers will be discontinued from July 1. It also said that the Price Verification Report will no longer be required for the completion of Form ‘M’. The Form ‘M’ is a declaration of intention to import physical goods […]

News

CBN record $172m rise in diaspora remittance one month

The Central Bank of Nigeria recorded a $172 million rise in direct remittances in one month. The recent CBN statistics reviewed indicated that remittances totaled $138.56 million in January, $39.14 million in February, $104.90 million in March, $193.31 million in April, and $365.44 million in May 2024, according to The Punch. The data shows a […]

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