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...

Former CBN Governor, Emefiele Arrested by EFCC Former Governor of the Central Bank of Nigeria, Godwin Emefiele, is currently being detained in the custody of the Economic and Financial Crimes Commission (EFCC). Emefiele, who is currently being interrogated at the National Headquarters of the anti-graft agency,...

Senate Passes Bill to Reduce CBN Governor’s Power The Nigerian Senate has passed two bills for an Act to amend the Central Bank of Nigeria (CBN) Act and other related matters thereto, 2023, and an Act to amend the CBN (Establishment) Act 2007 to make...

Inflation Drives Money Supply to N66.4trn in 2023 - CBN The Central Bank of Nigeria (CBN) data shows that Nigeria’s total money supply (M2) grew to N66.4 trillion, from N65.15 trillion recorded in August 2023 amid inflation concerns and naira devaluation. This represents a 1.91 per...