Crude Oil Rises to $84/barrel Amid Fuel Hike Speculation Brent, the international benchmark for crude oil, rose to a high of $84/barrel on Wednesday, fuelling speculations that Nigeria might witness another hike in the pump price of Premium Motor Spirit, popularly called petrol, in the...

Naira Gains, Closes At N791/$ In Official Market   The naira yesterday recorded marginal gain of N1 to close at N791/$ in the official Investors and Exporters (I&E) window. The local currency closed at N792/$ at the official window on Monday however continued depreciation at the parallel...

New Naira: Gradual Phasing Out Of Old Notes Continues, Says CBN   The Central Bank of Nigeria (CBN) has reaffirmed its commitment to gradually phase out the old N200, N500, and N1,000 naira notes while issuing new currencies. This announcement was made by the acting governor of...

No Plan to Unify Exchange Rate - CBN   The Central Bank of Nigeria (CBN) has denied that its recent forex liberalisation policy was aimed at unifying the exchange rate. Fielding questions from journalists after the two-day Monetary Policy Committee (MPC) meeting on Tuesday, the acting CBN...

UPDATE: Why we Raised Interest Rate to 18.75 Percent - CBN The Central Bank of Nigeria (CBN) has explained why it raised lending rate (MPR) by 25 basis points, from 18.50 percent in May 2023 to 18.75 percent in July as it battles inflationary pressure. Addressing...

CBN Raises Interest Rate to 18.75% The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 25 basis points to 18.75 per cent. The Acting CBN Governor, Folashodun Shonubi, disclosed this while reading the communiqué of the...