Money supply falls to N92.3tn in March – CBN Nigeria’s Money Supply has dropped marginally from N93.9tn in February to N92.3tn in March 2024, according to data from the Central Bank of Nigeria (CBN). Money supply refers to the total amount of monetary assets available in...

Inflation: Imported Food Prices Rise 34% in One Year – NBS The National Bureau of Statistics says the average price of imported food commodities to Nigeria rose to its highest level, reaching 34 per cent in one year between April 2023 and April 2024. According to...

CBN Activates Plan to Double Foreign Remittance The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP). Mrs. Hakama Sidi Ali, the Director of Corporate Communications disclosed this...

Nigeria Records $282m Diaspora remittances in Q1 2024 – CBN Nigeria recorded $282.61 million as total direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024. This is according to data obtained from the website of the Central Bank of Nigeria (CBN) on May...

External Reserve Increases Marginally, Naira Depreciates Further Against Dollar to 1,515/$ The Naira decline persisted on Monday, with further depreciation in the parallel market to 1,515 to a dollar. This represents a 2.97 percent (N45/$1) depreciation when compared to the exchange rate of N1,470 on Friday. The...

Customs Duty Rises to N1,457 per Dollar The exchange rate for import duties collection by the Nigerian Customs Service (NCS) has risen to N1457/$, the highest in just over six weeks, according to checks on the exchange rate portal of the NCS. According to data on...