CBN Addresses Outstanding Balance of $7 billion FX Backlog The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said the apex bank is addressing the long outstanding balance from the $7 billion foreign exchange backlog it inherited from the previous administration. Speaking...

CBN, SEC Sanction Access Bank, UBA, Others for Forex Violations The Central Bank of Nigeria and the Securities and Exchange Commission have sanctioned 10 banks for violations of foreign exchange guidelines and other regulatory offences. These regulatory agencies responsible for overseeing the activities of Deposit Money...

W'Bank Warns of Imminent Interest Rate Rise in Nigeria The World Bank has said that Nigeria, Angola and Sierra Leone, with double-digit inflation and weakened domestic currencies, will maintain a high interest rate for a long period and may even increase it. The bank said that...

Foreign Exchange Net Inflow Rises 67% to $27.6bn in 2024 The net foreign exchange inflows to Nigeria’s economy rose by 67.8 percent to $27.6 billion in the first half of 2024 (H1’24) from $16.44 billion in the corresponding period of 2023. This development was driven by...

Banks’ Deposits Rise 16.5% to N31trn Amidst Economic Hardship  Data from the Central Bank of Nigeria shows that banks’ demand deposits in the first nine months of this year rose by 16.5 percent to N31.08 trillion at the end of August from N26. 68 trillion...

Nigerians Loan on Lending Apps Rise N7.5trn in 2024 - Report The Central Bank of Nigeria says the number of approved digital lenders in the country has surged by 79.77 percent since April 2023, reflecting the rising credit appetite among Nigerians. This, the apex bank revealed...