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Nigeria's FX reserves hits three-month peak
featured

External reserves drop by $915m over naira float

Nigeria’s external reserves fell by $915 million following the Central Bank of Nigeria’s formal flotation of the naira and liberalization of the foreign exchange market. According to CBN statistics released on Sunday, reserves declined from $34.66 billion on June 14, 2023, when the naira was launched, to $33.74 billion on August 24, 2023. On June […]

Inflation causes decline in private sector productivity, employment - PMI
Banking

Stanbic IBTC delays HY results, requests CBN approval

The release of Stanbic IBTC Holdings Plc’s half-year financial results has been postponed, as the company waits for the Central Bank of Nigeria’s approval. This information was gathered by Nairametrics and included in the company’s declaration to the Nigerian Exchange Limited. The publishing of the audited interim financial statements for the six months ended June […]

United Capital endorses CBN's stakeholder partnership
Banking

How CBN issued N38bn loan to mortgage banks in 2022 – Report

The Central Bank of Nigeria disbursed loans and advances of N37.6 billion to mortgage banks in 2022, according to the top bank’s audited financial statement. The Punch reported that the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company are two mortgage banks that have received loans from the CBN. According to the borrowings […]

Why CBN won't print naira again - Budget minister
featured

FG spent N74bn on new naira, others – CBN report

The Central Bank of Nigeria and its subsidiary spent roughly N74.84 billion in 2022 on the production and distribution of currencies, including new naira notes. Despite the naira shortage that gripped the country in the latter months of 2022, the CBN spent 40.42 percent more on currency rollout than it did on N53.29 billion the […]

CBN's exchange rate unification effort already yielding dividends - CIBN
Business

CBN’s exchange rate unification effort already yielding dividends – CIBN

The Chartered Institute of Bankers of Nigeria has applauded President Bola Tinubu’s efforts to stabilize Nigeria’s exchange rate and noted that the Central Bank of Nigeria’s initial efforts are already paying off. This was revealed by its President/Chairman, Dr. Ken Opara, at the 2023 Lagos Bankers event on Friday night in Lagos, which had as its […]

CBN to rename forex market amidst economic shifts
featured News

CBN denies issuing new policy on Forex

By Wilson Adekumola   The Central Bank of Nigeria has debunked reports going viral on social media and other platforms over new policy actions in the foreign exchange market, saying it was an old release.   The CBN made this known Thursday night in its official X, formerly Twitter handle.   The apex bank disclosed […]

Banks dollar sale drops as naira falls to N1,479
Banking

Firms consider hedging as forex crisis affects performance

Many of Nigeria’s major corporations have suffered enormous losses as a result of the Central Bank of Nigeria’s devaluation of the naira. and financial experts have suggested using hedging as a tactic to prevent more losses. The Punch reported that following the release of the company’s financial statement for the first half of the year, […]

CBN to rename forex market amidst economic shifts
Banking

CBN to rename forex market amidst economic shifts

In a move to reframe the financial landscape, the acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has unveiled plans to bestow a new identity upon the official foreign exchange market. Formerly known as the Investors and Exporters (I&E) window, it will now bear the name of the Nigerian Foreign Exchange Market (NFEM), […]

United Capital endorses CBN's stakeholder partnership
Banking

CBN clamps down on banks over illegal FX sales

The Central Bank of Nigeria has warned to penalize commercial banks that sell foreign currency without authorization. This came after reports that deposit money banks are diverting most of their foreign currency to the unofficial foreign exchange market rather than selling to their customers, which caused the naira to plummet to over N950 to $1 […]

United Capital endorses CBN's stakeholder partnership
Business

Cash outside banks drops 9.4% despite 2022 naira redesign

The Central Bank of Nigeria’s recently issued audited Financial Statement released on Thursday, discloses that the CBN lowered cash in circulation from N3,322 trillion in 2021 to N3.007 trillion at the conclusion of its 2022 fiscal year. This reflects a modest 9.4% decrease from the previous fiscal year because, in October 2022, former CBN Governor Godwin Emefiele […]

eNaira not a threat to Nigeria’s financial stability – CBN
Banking

eNaira balances hit N2.5bn in 2022

Nigeria’s central bank’s digital currency, the eNaira, saw a significant increase in total balances in 2022, reaching N2.5 billion. According to Nairametrics, this represents a 2.65-fold increase year over year compared to the N940 million reported in 2022. This is based on information from the Central Bank’s 2022 audited financial statement, which was published on […]

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