CBN Pays Another $400m to Clear FX Backlog The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that the apex bank has paid another $400 million dollars backlog to address the overdue foreign exchange forward obligations. He made this known while responding...

CBN Raises Interest Rate to 22.75% as External Reserves Rise to $34bn The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the country's interest rate to 22.75 percent as part of measures to curb rising inflation. Economic Confidential recalls that the...

CBN to Sell $20,000 to BDCs, Pegs Exchange Rate at N1301 to a Dollar The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau de Change (BDC) operators in the country. This was contained in a memo issued on Tuesday and...

CBN Issues Guidelines To Manage Tech Platforms In Banks   The Central Bank of Nigeria (CBN) has issued an Exposure Draft of the Risk-based Cyber Cyber-security Framework and Guidelines for Deposit Money Banks, DMBs and Payment Service Banks, PSBs, in a bid to manage technology platforms...

Again, Naira Falls At Parallel N1,680/$1, Official Rates Gains to N1,582/$1   The naira yesterday experienced a U-turn on its gaining streak as it slightly depreciated at the parallel market to N1,680/$1. However, the official Nigerian Autonomous Foreign Exchange (NAFEM) gained closing yesterday at N1,582.94 signifying an...

Amid FX Crisis, Nigeria Imports 60.4bn Litres Of Petrol In 32 Months With zero local production of petrol in the 32 months spanning January 2021 to August 2023 and amid dwindling FX inflow, Nigeria imported 60.428 billion litres of petrol from Europe. However, data obtained from...