Currency Outside Banks Increases by 66% – CBN Currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year. This is according to the Money and Credit Statistics data...

FG Offers Nine-month Window for Forex Deposit without Tax, Scrutin The Federal Government on Thursday announced a nine-month programme beginning on October 31, 2024, that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny. It said the new initiative aims to...

Naira Weakens Further as FX Turnover Declines by 71%   The naira fell on Monday at both the official and black markets to 1670.75/$ and 1748/$, respectively, as the daily foreign exchange turnover in the official market dropped by 71 per cent to $81.17m. This comes amid...

CBN, IFC Agree on $1bn Investments in Major Sectors   The International Finance Corporation (IFC) a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have announced an agreement to scale up local currency financing, unlocking over $1bn in investments across key...

Nigeria Eyes $1bn Monthly from US Diaspora Bond – Cardoso Nigeria is contemplating launching a diaspora bond in the United States in a bid to achieve monthly remittance inflows of $1 billion. Central Bank Governor (CBN), Olayemi Cardoso, disclosed this during an interview with Reuters on...

Old Naira Notes to Circulate Indefinitely The Central Bank of Nigeria (CBN) says Nigerians should disregard claims that the old naira notes will cease to be legal tender on December 31, 2024. In a statement on X on Thursday, Sidi Ali Hakama, acting director, corporate communications,...