CBN Orders Banks to Complete Payment System Upgrade by Oct. 31 The Central Bank of Nigeria has issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals...

Naira Holds Firm Against Dollar in Black Market The naira maintained its position against the US dollar on Monday, August 25, in Nigeria’s parallel foreign exchange market. Traders in major cities such as Lagos, Abuja, Port Harcourt, and Kano reported a buying rate of ₦1,540/$ and...

According to data from the Central Bank of Nigeria (CBN), this marks the first time since 2021 that the country’s reserves have crossed the $41 billion threshold, signaling renewed stability in external buffers.

Naira Holds Firm Against Dollar in Black Market The naira remained steady against the US dollar on Wednesday, August 20, retaining it's strength in the parallel market. Currency traders in Abuja told Economic Confidential that the naira exchanged at ₦1,535/$ for buying and ₦1,545/$ for selling,...

Naira Falls Against Dollar in Black Market The naira weakened against the US dollar on Monday, August 18, losing ₦5.33 in the parallel market. Currency traders in Abuja told Economic Confidential that dollar demand spiked over the weekend, putting fresh pressure on the local currency. The...

The Central Bank of Nigeria (CBN) has organised public engagement to sensitise critical stakeholders and the public on how the Bank’s policies and innovations can enhance livelihoods and contribute to the country’s economic growth.