cbn
Nigeria’s Debt Servicing Rises to N6tn, Up 68.8% in H1 2024 — CBN Report
Abuja, Nigeria – Nigeria’s debt servicing costs surged to N6.04 trillion in the first half of 2024, reflecting a significant 68.8% increase compared to the N3.58 trillion spent in the same period last year, according to the latest report from … Continue Reading
CBN Reports Cash in Circulation Hits N4.1 Trillion, with 93% Outside Banking System
According to the CBN’s Money and Credit Statistics, the currency in circulation saw a steady rise from N4.05 trillion in July 2024 to N4.1 trillion in August.
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has reported … Continue Reading
Naira Slips Further: CBN, Currency Traders Releases New $, £ And € Exchange Rates
CBN Struggles to Stabilize Naira as Official Rate Falls to N1,562.66/$1, Parallel Market Hits N1,666/$1
The Nigerian naira started the week on a weaker note, falling against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to … Continue Reading
Central Bank of nigeria Permits International Oil Firms to Sell 50% of Proceeds
The Central Bank of Nigeria (CBN) has announced a new policy allowing international oil companies (IOCs) to sell 50% of their repatriated export proceeds in the Nigerian Foreign Exchange Market.
This decision follows the CBN’s earlier … Continue Reading
Federal High Court Orders Seizure of $1.4 Million Linked to Former CBN Governor
The Federal High Court in Lagos has mandated the interim forfeiture of $1,426,175.14 tied to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, suspected to be proceeds from unlawful activities.
Justice Ayokunle Faji instructed the Economic and … Continue Reading
CBN: OPay, Moniepoint, Others to Resume Onboarding New Customers in Months
The Central Bank of Nigeria (CBN) announced that mobile money operators, including fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers in the next few months.
CBN Governor Olayemi Cardoso made … Continue Reading
IMF Urges Nigeria to Regulate Cryptocurrency Trading Platforms
In its latest staff report released on Thursday, the International Monetary Fund (IMF) has advised Nigeria to implement regulations requiring global cryptocurrency trading platforms to register or obtain licenses to operate within the country. This recommendation comes after … Continue Reading
Senate Committee Supports 0.5% Cybersecurity Levy Despite Public Backlash
Despite widespread public outcry, the Senate Committee on National Security and Intelligence has given its approval to the implementation of the 0.5 per cent cybersecurity levy, as directed by the Central Bank of Nigeria (CBN).
The levy, … Continue Reading
Nigeria Labour Congress Rejects CBN’s 0.5% Cybersecurity Levy, Calls for Policy Reversal
The Nigeria Labour Congress (NLC) has strongly opposed the Central Bank of Nigeria’s (CBN) directive to impose a 0.5% cybersecurity tax on electronic transactions, labeling it as an unjust burden on hardworking Nigerians.
In a statement issued by … Continue Reading
Central Bank Governor Attributes Galloping Food Inflation to Government Palliatives
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has pointed to government purchases of foodstuffs as palliatives as a significant factor contributing to the rapid rise in food inflation within the country.
During the March Monetary Policy … Continue Reading