CBN FX Reforms Deliver Record $844m Single-day Trade Turnover in Nigeria’s foreign exchange market jumped to $844 million on February 3, the highest level of trades since June 2, 2022, according to data compiled by the FMDQ Securities Exchange Ltd. The amount is three times more...

CBN Reveals Action Plan to Revive Economy The governor of Central Bank Nigeria (CBN), Olayemi Cardoso, has highlighted some action plans the apex bank wants to embark on in order to help boost the economy. Cardoso highlighted some of the plans in his interview with Arise...

$2.4bn FX Backlog Was Marred by Infractions, CBN Governor Says The governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that about $2.4bn of the $7bn foreign exchange backlog he met when he got into office were from non-existing entities, requests without...

Dollar Supply Rises by 180% in FX Market as Banks Sell $440m Dollar supply in the official foreign exchange market rose by 180.59 percent to $440.13m on Friday. This is as the naira closed the week at N1435.53/$ on Friday after what was a turbulent week. According...

CBN MPC Meeting: Cardoso's Bid to Restore Stability, Sanity in Financial System, by Abdulrahman Abdulraheem   The mandate of the Central Bank of Nigeria (CBN) is derived from the 1958 Act of Parliament, that established the Bank. The Act has been amended six times since then...

CBN Reacts to Alleged Conversion of $30bn Domiciliary Deposits The Central Bank of Nigeria (CBN) has reacted to the alleged plan by the Federal Government to convert $30bn domiciliary deposits to Naira. The apex bank described the reports published by news outlets (not Economic Confidential) as...