Just in: Naira Crashes to N710 to a Dollar The Nigerian naira has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex. Checks by Economic Confidential on Wednesday showed the current parallel market rate pegged at...

Emefiele Says Exporters Got N20bn Rebate From RT200FX   The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that the bank paid eligible exporters over N20bn rebates in the second quarter of implementing the RT200 FX programme for exports worth $600m. He disclosed this during a...

CBN To Sanction Customers Converting Naira To Dollar   The Central Bank of Nigeria (CBN) yesterday read the riot act to bank customers, especially politicians, converting naira to the dollar as electioneering spending spike. The CBN, which also raised interest rate from 13 per cent to 14...

$10bn Spent Annually On Education, Medical Tourism - Emefiele   The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele yesterday said $10 billion is spent annually on medical and education tourism. Speaking during the Monetary Policy Committee (MPC) meeting in Lagos, he said education and health sectors...

Nigeria’s Inflation Exceeds World Bank Projection By 20%   Despite raising its Monetary Policy Rate (interest rate), Nigeria’s inflation rate is now 20 per cent above the World Bank’s projection of 15.5 per cent. In its recent ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business...

CBN Must Act Now To $450m Trapped Funds - FG The National Association of Nigeria Travel Agencies, NANTA, has called on the Federal Government and the Central Bank of Nigeria, CBN to intervene in releasing the trapped funds of foreign airlines operating in Nigeria which...