CBN Introduces Foreign Exchange Price Verification System Portal The Central Bank of Nigeria (CBN) on Thursday introduced a foreign exchange price verification system designed for importers to have access to forex. CBN made this known in a statement from its Trade and Exchange Department on Thursday night. The apex[Read More…]
CBN reveals loan to FG rose to N23.18trn The Central Bank of Nigeria (CBN) has published its financial report for the year ended December 31, 2022, almost two weeks after President Bola Tinubu appointed Jim Obazee, ex-CEO of FRC as special investigator to investigate the bank. The published report revealed[Read More…]
CBN promises to tackle forex pressure Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria, pledged to tackle the mounting exchange rate pressure as the naira witnessed a decline against the dollar. BusinessDay reports that Shonubi made this commitment during a press interaction after the two-day Monetary Policy[Read More…]
DSS Charges suspended CBN governor, Emefiele to court The Department of State Services (DSS) on Thursday said it has dragged embattled Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele to court. DSS PRO, Peter Afunanya disclosed this in a release on Thursday, July 13, 2023. The[Read More…]
CBN warns banks over Russia, Iran, Cameroon transactions The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country to be wary of transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroon.[Read More…]
Naira sells N763/$ at CBN window, trading rises The naira has appreciated by 0.68 per cent against the United States dollar on the Investor & Exporter forex window. The local currency closed at N763/$ on Tuesday, compared to N768.17/$ at the close of trading on Monday. There was no trading[Read More…]
CBN urges tertiary institutions to embrace e-Naira The Central Bank of Nigeria (CBN) has urged students and management of tertiary institutions in the country to adopt e-Naira for payment of tuition fee, salary and other transaction. The Assistant Director, CBN Ekiti State branch, Mr. Ayodeji Adeboboye gave the[Read More…]
CBN lifts cash deposit restriction on domiciliary accounts, allows $10,000 daily withdrawals The Central Bank of Nigeria has lifted it’s restrictions on domiciliary accounts while allowing account holders to make withdrawals of up to $10,000 on a daily basis. The CBN disclosed this in a press statement[Read More…]
CBN abolishes Naira4Dollar Scheme, announces unification of FX windows The Central Bank of Nigeria (CBN) has announced the abolishment of all forex segmentation, meaning there will be a single exchange rate in the country moving forward. It was noted that Nigeria’s multiple FX segments are now collapsed into the[Read More…]
The Federal Government recorded N930.8bn fiscal deficit in January and February 2023 according to the Central Bank of Nigeria. The CBN stated in its monthly economic report for February 2023 that, “The estimated overall fiscal deficit of the FGN expanded in February, due to a drop in the retained revenue.[Read More…]
