Exchange Rate Ends 2024 At ₦1,535/$1, Marking A 40.9% Depreciation
The Nigerian naira faced a challenging year in 2024, ending at ₦1,535/$1 against the US dollar. This marked a significant 40.9% depreciation from the previous year’s rate of ₦907.11/$1. Despite various reforms and policies by the Central Bank of Nigeria (CBN), the currency struggled to maintain stability. On the parallel market, where exchange rates are […]
Not probing past military spending means rewarding corruption – Sani blasts Tinubu
Shehu Sani, a former lawmaker from Kaduna Central Senatorial District, has strongly criticized President Bola Tinubu for his decision not to investigate military spending during former President Muhammadu Buhari’s administration. Speaking on Channels Television’s Politics Today program, Sani expressed his disappointment with Tinubu’s statement that he wasn’t interested in looking into military expenditures under Buhari. […]
More Hardship As Nigeria’s Inflation Rate Climbs to 34.60 Percent In November
The economic challenges in Nigeria have worsened, with the inflation rate hitting 34.60 percent in November 2024. This marks an increase from the 33.88 percent recorded in October, further stretching the finances of ordinary Nigerians. Details from the National Bureau of StatisticsThe National Bureau of Statistics (NBS) released a new report showing that inflation rose […]
Appeal Court Sets Aside Order Restraining Release Of Funds To Rivers State
In a significant legal development, the Appeal Court in Abuja has ruled in favor of the Rivers State Government, lifting a previous order that had stopped the Central Bank of Nigeria (CBN) and the Accountant General of the Federation from releasing funds to the state. The three-member panel, led by Justice Hamman Barka, determined that […]
Nigeria’s Oil Imports Plunge by 35% in Q2 – CBN Report
Nigeria saw a big shift in its oil imports during the second quarter of 2024, with a 35% drop compared to the first quarter. According to the Central Bank of Nigeria’s (CBN) latest economic report, oil imports fell to $2.79 billion from $4.31 billion in Q1. This decline is part of Nigeria’s ongoing economic adjustments […]
Restore Your Image Before It’s Too Late – Atiku Warns Judiciary As Court Stops CBN, AGF From Releasing Allocation To Rivers
Atiku Abubakar, the former presidential candidate of the Peoples Democratic Party (PDP), has raised alarms following a Federal High Court ruling that prohibits the Central Bank of Nigeria (CBN) and the Accountant General of the Federation (AGF) from releasing funds to Rivers State. This ruling will remain in effect until a lawful appropriation act is […]
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 […]
Senate Removes CBN’s Authority to Appoint NDIC CEO
The Nigerian Senate has passed a new law that takes away the Central Bank of Nigeria’s (CBN) authority to appoint the CEO of the Nigeria Deposit Insurance Corporation (NDIC). This move, led by Senator Mukhail Adetokunbo Abiru and the Senate Committee on Banking, Insurance, and Other Financial Institutions, is part of an amendment to the […]
CBN Sells $543.5 Million to Stabilize Nigeria’s Foreign Exchange Market
In September 2024, the Central Bank of Nigeria (CBN) took decisive action to stabilize the foreign exchange (FX) market by selling a total of $543.5 million to authorized dealer banks. This intervention occurred between September 6 and September 30, aiming to mitigate the market volatility that arose from rising demand for foreign currency, particularly due […]
CBN Launches Electronic System for Foreign Exchange Transactions to Reduce Speculation and Market Distortion
The Central Bank of Nigeria (CBN) is taking a bold step to enhance the foreign exchange (FX) market with the introduction of the Electronic Foreign Exchange Matching System (EFEMS). This new electronic platform aims to bring greater transparency, efficiency, and governance to FX transactions, addressing many of the challenges currently facing the market. The EFEMS […]