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FX demand drops by $9bn I. 12 months – CBN

Data from the Central Bank of Nigeria shows that demand for foreign exchange fell by 42 per cent year-on-year by individuals and companies engaged in importation and other forex-related activities. The analysis showed that in 2023, 19 sectors and services received 21.12 billion dollars of foreign exchange allocations from the total sector’s currency use. The […]

Nigeria's external reserves rise to $36.89bn — CBN gov
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CBN amends guidelines for BDC operators

The Central Bank of Nigeria has revised its regulatory guidelines for Bureau De Change operators after consulting with stakeholders. The changes include the removal of the mandatory caution deposit of N200 million for tier-1 BDC license holders and the waiver of the N50 million deposit for tier-2 license holders. Additionally, the non-refundable annual license renewal […]

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BREAKING: CBN raises interest rate to 26.25%

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent. This disclosure was made by the CBN Governor who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja on Tuesday. At the March meeting of the […]

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CBN pulls cybersecurity levy circular

Alex Pmenye The Central Bank of Nigeria has canceled its order for banks and payment service providers to collect and send a cybersecurity levy, which was part of the Cybercrime Prevention and Prohibition Amendment Act of 2024. The cancellation was announced in a new circular dated May 17, 2024, signed by Chibuzor Efobi, Director of […]

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Nigeria recorded $282.61m diaspora remittance in Q1 2024

Nigeria recorded $282.61m in diaspora remittance in Q1 2024. Nigeria recorded a total direct foreign exchange remittance of $282.61 million in the first quarter of 2024. The figure shows a decline of $18.96 million or 6.28% when compared to $301.57 million diaspora remittances obtained in Q1 2023, according to the Central Bank of Nigeria data […]

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CBN unveils 11 Nigerian pre-shipment agents

The Central Bank of Nigeria has approved the appointment of 11 pre-shipment monitoring and evaluation agents for oil and gas exports in Nigeria. This was disclosed via a circular TED/FEM/PUB/FPC/OO1/014, by The CBN’s Director of the Trade and Exchange Department, Dr. Hassan Mahmud dated May 13, 2024, according to Nairametrics. The appointments include nine pre-shipment […]

Economy

Interest rates may stay high, says Cardoso

The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that the members of the Monetary Policy Committee would do whatever is necessary to tame the country’s high inflation. Cardoso told the Financial Times on Monday, indicating that interest rates would stay high for as long as necessary to tackle inflation, according […]

Banking

Banks halt collection of processing deposit fees

Some of the major banks have stopped the collection of processing fees on deposits in line with the Central Bank of Nigeria’s directive on the suspension. The CBN on Wednesday announced in a circular the suspension of the collection of processing fees on deposits to September 30, 2024. This followed the initial activation of the […]

CBN warns public against fake contracts, grants, intervention fund scams
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FG releases list of licensed Deposit Money Banks

The Central Bank of Nigeria has unveiled a comprehensive roster of licensed Deposit Money Banks currently operating within the country, shedding light on the banking landscape in Nigeria. The list, which was publicly disclosed on the CBN’s official website on Tuesday, provides valuable insights into the various players in the Nigerian banking sector. Among the […]

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CBN suspends cash deposits charges till September 30

Banks have been instructed by the Central Bank of Nigeria to stop charging for cash deposits until September 30th, 2024. This was disclosed in a circular signed by its Director of Banking Supervision, Adetona Adedeji, according to The Punch. Several bank customers raised concerns after the banks started collecting processing fees for cash deposits on […]

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