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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 […]

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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 […]

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

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

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