Naira Falls to N1,700/$ in Parallel Market — Lowest Rate in Seven Months
In a significant turn of events, the naira has fallen to N1,700 per dollar in the parallel foreign exchange market, marking its lowest point in seven months. This drop occurred on Friday, representing a 1.49% decrease from the previous day’s rate of N1,675/$. This recent decline is particularly striking, as it mirrors the naira’s earlier […]
CBN Faces Legal Challenges Over Recent Staff Layoffs
The Central Bank of Nigeria (CBN) is in hot water, facing over 100 lawsuits from employees who were recently laid off. On May 24, 2024, the bank dismissed over 200 staff as part of a reorganization plan put into effect by the current administration under President Bola Tinubu. The affected employees are not taking the […]
Nigeria Hits Record $553 Million in Diaspora Remittances in July
The Central Bank of Nigeria (CBN) recently announced a major milestone in diaspora remittances. Nigerians living abroad sent a record $553 million back home in July 2024, the highest ever for a single month. This is a significant 130% increase from the $240 million recorded in July 2023. The CBN credits this remarkable growth to […]
Nigeria’s Foreign Reserves Rise to $35.77 Billion – CBN
Nigeria’s external reserves have increased to $35.77 billion, up from $33.09 billion at the end of 2023. This information comes from the Central Bank of Nigeria’s (CBN) latest data on the country’s reserve movements. On July 8, Nigeria’s foreign reserves crossed the $35.05 billion mark and continued to rise, reaching $35.77 billion by Thursday. However, […]
Court Decision on Arabic Inscriptions on Naira Notes
In a recent decision by the Federal High Court in Lagos, Judge Yellin Bogoro dismissed a lawsuit challenging the use of Arabic inscriptions on Nigerian Naira notes. The case, filed by Lagos-based lawyer Malcom Omirhobo, raised concerns about the inclusion of Arabic alongside Nigeria’s official languages—English, Yoruba, Hausa, and Igbo. Judge Bogoro emphasized that the […]
The Central Bank of Nigeria sold $122.671 million to 46 authorized dealers to stabilize the foreign exchange market.
The Central Bank of Nigeria (CBN) has executed a sale of $122.671 million to 46 authorized dealers aimed at enhancing stability and reducing volatility in the foreign exchange market. Dr. Omolara Duke, Director of Financial Markets at the CBN, reported that $67.5 million was allocated to 27 dealers, with an additional $55.171 million disbursed to […]
Central Bank of Nigeria Sacks Another 200 staff just weeks after sacking 117.
On Friday, the Central Bank of Nigeria (CBN) dismissed another 200 employees. This is part of an ongoing wave of layoffs at the bank. Between March 15 and April 11, 2024, the bank had already let go 117 staff members. The recent terminations include directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking […]