SERAP Sues CBN Over Failure to Account for N100bn 'Bad Notes' Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the over N100 billion ‘dirty and...

CBN Sells $148m to Authorised Dealers to Strengthen FX Market The Central Bank of Nigeria (CBN) on Friday disclosed it sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market (NFEM). According to Mrs Hakama Sidi-Ali, acting Director, Corporate...

Foreign Education Allocation Crashes by 83% in 2024, Says CBN Data from the Central Bank of Nigeria’s first-quarter 2024 statistical bulletin, revealed that Nigerians spent $38.17m on foreign education between January and March 2024. The amount spent crashed by 83 per cent from $218.87m recorded in...

JUST IN: CBN Raises Interest Rate to 26.75% Amidst Inflationary Pressures   The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again increased the benchmark interest rate by 50 basis points from 26.25 per cent to 26.75 per cent. This was disclosed by...

ATM Transactions Drop by 13% To N28.2 trn   The value of Automated Teller Machine (ATM) transactions fell year-on-year (YoY) by 13.6 percent to N28.2 trillion in 2023 from N32.65 trillion in 2022. The Central Bank of Nigeria, CBN, disclosed this in its March 2024 statistical bulletin. The...

In Three Months, Forex Inflow Via IMTOs Hits $1.07bn   Foreign exchange inflows from International Money Transfer Operators increased by 38.86 per cent to $1.07bn in the first quarter of 2024, from $770.23m recorded in the same period in the previous year. This was revealed in the...