Net Forex Inflow Drops 2% to $7.28bn Q1’23 - Report Net foreign exchange (forex) inflow into the economy fell year-on-year (YoY) by 2.4 percent to $7.28 billion in the first quarter of the year (Q1’23) from $7.46 billion in Q1’22 reflecting challenges in the external...

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...

Hours After Getting Bail, DSS Rearrests Emefiele  The Department of State services (DSS) has rearrested Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN). The operatives of the secret police took custody of Emefiele after a physical fight with officials of the Nigerian...

Electronic Transfer Fees Generate N80.86bn in Q1 - Report Electronic transfer levies have generated N80.86bn for the three tiers of government in the first six months of 2023. This is according to data obtained from the Federation Account Allocation Committee communique for January to June 2023....

FG Borrowing from CBN Rises to N25tn in Q1, 2023 – Report The Federal Government borrowed N1.83tn from the Central Bank of Nigeria through Ways and Means Advances in the first quarter of 2023. This pushed its borrowing from the CBN to N25.36tn in March 2023...