Naira Records Significant Gains Against Dollar in Official and Black Markets
The Nigerian Naira had a remarkable week, gaining strength against the US dollar in both official and black markets by Friday. This improvement reflects the impact of new measures introduced by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market. On Friday, the Naira appreciated from N1,567 per dollar on Thursday to […]
Lawmaker Accuses CBN of Undermining Tinubu’s Government Efforts
Hon. Emmanuel Uguru, a member of the Nigerian House of Representatives representing Abakaliki/Izzi Federal Constituency in Ebonyi State, has accused the Central Bank of Nigeria (CBN) of sabotaging President Bola Tinubu’s efforts to improve the country’s economy. The lawmaker argues that the CBN’s implementation of e-payment and harsh cashless policies is making life even harder […]
Scam Alert: CBN Warns Bank Customers Against Use Of Fake Swift Messages For FX Transfers
The Central Bank of Nigeria (CBN) has warned bank customers to be cautious of fake SWIFT messages in foreign exchange (FX) transfers. These messages often claim that foreign currency has been sent to Nigerian bank accounts, but in reality, no funds are received. SWIFT messages are official communications sent through the Society for Worldwide Interbank […]
Federal High Court Stops CBN from Allocating Funds to Rivers State Government
In a recent ruling, the Federal High Court in Abuja ordered the Central Bank of Nigeria (CBN) to stop releasing financial allocations to the Rivers State Government. This decision will remain until the Rivers State House of Assembly, legally constituted, passes a valid budget law. Justice Joyce Abdulmalik made the ruling on October 30, following […]
CBN Confirms Old Naira Notes Will Remain Valid Indefinitely, Denies December 2024 Deadline
The Central Bank of Nigeria (CBN) recently issued a statement reassuring the public that the old Naira banknotes, specifically the N200, N500, and N1,000 denominations, will remain valid and in circulation indefinitely. This clarification comes in response to growing concerns and confusion about the potential withdrawal of these banknotes by December 31, 2024, as previously […]
Lawmakers Urge CBN to Start Gradual Removal of Old Naira Notes Before December Deadline
The Nigerian House of Representatives has called on the Central Bank of Nigeria (CBN) to begin withdrawing old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. This action follows a motion presented by Hon. Afam Ogene, urging the CBN to act quickly in informing the public about the upcoming […]
Ex-CBN Deputy Governor Claims Emefiele Ignored Procedures for Currency Redesign
The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has brought significant attention to the governance and accountability within Nigeria’s financial system. As the trial progresses, key testimonies reveal potential misconduct during the controversial currency redesign process. Godwin Emefiele, who served as the Governor of the CBN from 2014 until his suspension […]
CBN Implements 0.005% Cybersecurity Levy on Electronic Transactions to Strengthen National Security
The Central Bank of Nigeria (CBN) has confirmed the implementation of a 0.005% cybersecurity levy on all electronic transactions. This move comes as part of the bank’s updated Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025. The levy is designed to support Nigeria’s efforts to strengthen its cybersecurity infrastructure in […]
CBN Sticks to 5% Limit for Ways and Means Advances, Overriding National Assembly’s Decision
In a recent development, the Central Bank of Nigeria (CBN) has announced it will maintain its Ways and Means Advances limit at 5% for the fiscal years 2024-2025. This decision comes despite a recent bill passed by the National Assembly, which raised the borrowing limit from 5% to 10%. Ways and Means Advances are short-term […]
CBN Offers Dollars to BDCs at N1,580/$ to Increase Market Liquidity
The Central Bank of Nigeria (CBN) has introduced a new policy to increase the availability of foreign exchange in the market. As part of this effort, the CBN is selling dollars to Bureau De Change (BDC) operators at the rate of N1,580 per dollar. This was announced in a circular signed by W.J. Kanya, acting […]