Naira Appreciates To ₦1,530/$ In Parallel Market
The Nigerian Naira showed mixed performance in the foreign exchange market today. It appreciated in the parallel market, trading at ₦1,530 per dollar, an improvement from ₦1,540 per dollar on Thursday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to ₦1,502.5 per dollar, down from ₦1,496 per dollar the previous day. This […]
CBN retains Nigeria’s interest rate at 27.50% amid inflation drops
decided to keep the country’s interest rate at 27.50% in January 2025. This is the same rate set in November 2024, even as inflation has started to decrease. CBN Governor, Olayemi Cardoso, made this announcement after the 299th Monetary Policy Committee (MPC) meeting in Abuja. He explained that the committee chose to maintain the rate […]
CBN orders banks to publish details of dormant accounts, unclaimed balances
The Central Bank of Nigeria (CBN) has introduced a new rule that requires all banks and financial institutions to display details of dormant accounts and unclaimed balances on their official websites. This move is aimed at improving transparency and ensuring that funds in inactive accounts are properly managed. A dormant account is a bank account […]
CBN Increases ATM Withdrawal Charges to N100, N450
The Central Bank of Nigeria (CBN) has raised the charges for ATM withdrawals, meaning customers will pay more when using ATMs, especially at other banks. According to a circular signed by John Onojah, the acting director of the financial policy and regulation department at CBN, the new charges will begin on March 1. Here’s a […]
CBN restricts BDCs to $25,000 Fx weekly and one dealer bank
The Central Bank of Nigeria (CBN) has introduced new guidelines for Bureau de Change (BDC) operators to regulate the forex market and prevent misuse. To improve transparency, both dealer banks and BDCs must submit reports to the CBN: These reports will help the CBN track forex movements and prevent illegal activities. BDCs can only sell […]
CBN approves CFA for repatriation of export proceeds
The Central Bank of Nigeria (CBN) has taken a major step to support exporters by allowing the use of the CFA franc for repatriating export proceeds. This decision will make cross-border trade easier for Nigerian exporters who do business in countries that use the CFA franc. Nonye Ayeni, the Executive Director of the Nigeria Export […]
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 […]