Some Banks Settle USSD Debt as Deadline Elapses At least five of the nine banks owing telecommunication companies N160 billion for the Unstructured Supplementary Service Data (USSD) have made some form of payment after the Nigerian Communications Commission (NCC) set a January 27 disconnection deadline. In...

How Far Can CBN FX Code Go? By Rahma Olamide Oladosu   The Central Bank of Nigeria’s (CBN) announcement of the Nigerian Foreign Exchange (FX) Code marks a significant milestone for the country’s banking sector. With the FX market being a cornerstone of Nigeria’s economy, the...

CBN Sells N756bn Treasury Bills – Afrinvest The Central Bank of Nigeria (CBN) sold Treasury bills worth N756bn last week following a subscription at its primary auction. The apex bank offered N530bn across 91-day, 182-day, and 364-day maturities, with oversubscription primarily driven by long-dated bills. Out of...

Food Import Gulps $1.8bn in Nine Months – CBN The Central Bank of Nigeria allocated $1.87bn for food imports in the first nine months of 2024, representing a $235.11m increase compared to the $1.64bn recorded in the same period of 2023. This marks a 14.37 per...

CBN Survey Reveals Optimistic Outlook for Naira in 2025   According to the Central Bank of Nigeria's (CBN) December 2024 Business Expectations Survey (BES), a significant majority of respondent businesses expressed a positive outlook on the nation's macroeconomic prospects, indicating a growing sense of optimism among Nigerian firms. Precisely,...

Nigeria's Foreign Exchange Reserves Drop $832m in Just Two Weeks   Nigeria's foreign exchange reserves experienced a substantial decrease in the first three weeks of January, plummeting by $832.62 million from January 6 to January 21. This sharp decline underscores the ongoing challenges in Nigeria's foreign...