CBN Raises Alarm over Fake Naira Notes in Circulation The Central Bank of Nigeria (CBN) has raised alarm over the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country. The...

CBN Approves Service Charters to Ease Business Operations  The Governor, Central Bank of Nigeria, Mr Olayemi Cardoso, has approved the CBN’s reviewed Service Charter on ease of doing business. A statement from the CBN on Wednesday revealed that the service charter is a requirement of the...

NIBSS Directs Banks to Disconnect non-deposit Financial Institutions from Transfer List Banks have been asked to disconnect Switches, Payment Solution Service Providers, and Super Agents from the Nigeria Inter-Bank Settlement System Instant Payment Outwards System. The NIBSS disclosed this in a circular dated December 5, 2023,...

FG Raises Exchange Rates For Cargo Clearance To N951/$ The Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$. This is coming barely three weeks after the rate was increased from N757/$ to N783/$. In November,...

External Reserves Decline by $1.65bn in Six Months   Nigeria’s foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria (CBN) tried to unify the country’s foreign exchange rates. On June 14, the apex bank asked Deposit Money Banks to remove the...

FG’s Deficit Spending Increase by 11% to N7.88trn   The Federal Government recorded an 11 per cent, year-on-year, YoY increase in deficit spending to N7.88 trillion in seven months, from January to July, from N7.13 trillion in the corresponding period of 2022. The rise in deficit spending...