Naira Relapses To N500/$1 Despite Marginal Gains     The naira yesterday depreciated to N500/$1 after recording marginal gain against the greenback at the weekend. The naira closed last week at N498/$1, N2 weaker than current position of the local currency. Also, foreign exchange (forex) reserves have dropped to...

Import Crisis Looms As External Reserves Hit 13-month Low     Nigeria’s economy could be leaning against the wind as the country’s external reserves fell to a 13-month low last week, tumbling quickly to $30 billion, the level it was between 2015 and 2017. Last Thursday, the figure...

DisCos Get CBN Loans To End Liquidity Crisis       The Central Bank of Nigeria is now providing loans to electricity distribution companies to cover the collection and operational expenditure shortfalls of the firms and halt the liquidity crisis in the country’s power sector. The Discos are mainly...

Senate In Talks With CBN On Offshore Banking Licence       The Senate Committee on Trade, Industry and Investment has promised to ensure that the Central Bank of Nigeria grants the permit for the establishment of offshore banks to free trade zone operators and businesses. The committee said...

In Two Months, External Reserves Fall By $1.4bn     The country’s external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May...

Travellers To Access $4,000 As CBN Boosts Forex Supplies   Nigerians travelling abroad can access a maximum amount of $4,000 foreign exchange from the banks following the Central Bank of Nigeria’s announcement to increase forex supplies. Sources from some of the banks said those travelling on business...