Lawmakers Summon CBN, DISCOs, Over Alleged Misappropriation of $321m, N18bn Loan The House of Representatives Public Accounts Committee has summoned the Central Bank of Nigeria (CBN) and 11 Electricity Distribution Companies (DISCOs) in relation to accusations of mismanaging loans amounting to US$321 million and N18.2...

Old Naira Notes Remain Legal Tender Beyond December 31, 2023 - CBN In a recent announcement, the Central Bank of Nigeria (CBN) clarified that the old N200, N500, and N1000 naira notes will continue to be accepted as legal tender even after December 31, 2023. This...

JUST IN: CBN Denies Cash Scarcity, Urges Nigerians to Stop Panic Withdrawals The Central Bank of Nigeria (CBN) has declared as untrue stories of scarcity of cash in some parts of the country which have thrown Nigerians into panic. The CBN in a statement by its...

Naira Strengthens, Exchanges for 815/$ at Official Market   The naira strengthened to N815/$ at the Nigerian Autonomous Foreign Exchange Market( NAFEM) 24 hours after the exchange rate fell to the lowest level ever when it sold N993.8/$, representing a massive 20.5% depreciation. Before now, the lowest...

CBN Denies Plan to Redenominate Naira The Central Bank of Nigeria (CBN) has denied any plans to redenominate or restructure the Naira. The apex Bank in a statement by its spokesman, Isa AbdulMumin, on Tuesday, said the text message going round is the handiwork of fake...

Forex: Nigerians Spend $340.84 on Education in Six Months – CBN   Nigerians seeking admissions to foreign universities spent $340.84m to fund their application between January and June 2023. This figure is according to a data by the Central Bank of Nigeria (CBN) on the amount spent...