CBN Set to Revive eNaira, Expand Digital Financial Services The Central Bank of Nigeria (CBN) is working on reviving the eNaira project as it reaffirms its commitment to building trust and expanding digital financial services access in the country. Nigeria’s Central Bank Digital Currency, eNaira, was...

Naira Weakens to ₦1,555/$ in Black Market Amid Rising Dollar Demand The naira slipped further against the US dollar on Wednesday, August 13, reversing some of the gains recorded in the parallel market earlier in the week. Currency dealers in Abuja told Economic Confidential that high...

CBN Trains Manufacturers, Others on Alternative Payment Channels  The Central Bank of Nigeria has reaffirmed its commitment to expanding financial inclusion and driving economic growth by promoting the adoption of alternative payment channels. The apex bank expressed this commitment at a sensitisation exercise termed ‘CBN Fair’...

‎Black Market Reopens as Naira Gains ₦10 to Trade at ₦1,550/$ ‎Trading in Nigeria’s parallel market resumed on Monday, August 11, after a week-long suspension triggered by the naira’s persistent depreciation against the US dollar. The pause, which began on August 4, came after the...

CBN to Take Legal Action Against FX Contract Defaulters Post-Audit   The Central Bank of Nigeria (CBN) has disclosed that it is considering legal actions against the violators of the foreign exchange forward contracts after the completion of a forensic audit of those contracts. CBN indicated this...

CBN Clamps Down on FX Rules Violators after Forensic Audit The Central Bank of Nigeria has concluded a forensic audit into undelivered foreign exchange forward contracts and is now reviewing appropriate legal action against violators of FX rules and regulations. The CBN announced that it will...