FG Inaugurates Cttee on Naira-based Crude Sale to Local Refineries  The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has officially inaugurated a technical sub-committee tasked with developing the framework for the sale of crude oil to local refineries in naira. This initiative...

Naira Gains Further at Official Market The naira on Monday gained further at the official foreign exchange (FX) market after the Central Bank of Nigeria (CBN) conducted its second retail Dutch auction, selling $815.36 million to 26 banks on Friday. After trading on Monday, the naira...

Nigeria’s Fiscal Deficit Drops 29% Nigeria’s budget deficit has reduced by 29 percent from 2023 as the federal government eyes banks’ realised foreign exchange gains. Data from the latest quarterly statistical bulletin of the Central Bank of Nigeria (CBN) shows that the country’s fiscal deficit fell...

Net FX Inflows Rises 55% to $25.4bn in Six Months – CBN The Central Bank of Nigeria (CBN) has revealed that net foreign exchange inflows rose to $25.4 billion between January and June, marking a 55 percent year-over-year increase. This growth has been driven by a...

Forex Policy: CBN Strengthens Naira with $876m Auction The Central Bank of Nigeria has auctioned $876.26m to end users whose bids were submitted by 26 commercial banks to strengthen the ailing naira. The policy impacted the foreign exchange market on Wednesday as the naira appreciated against...

CBN Approves Merger Of Unity, Providus Banks The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited. The apex bank, in a statement by its acting...