Naira Depreciates to 1,523/$ at Official Market   The naira depreciated at both the official and parallel markets on Monday. At the official, Nigerian Autonomous Foreign Exchange Market, the naira dropped to 1,523.85 per dollar, depreciation from the previous close of 1,509.67 to the American greenback. NAFEM is...

Pension Funds Increase by 2.23% in May – PenCom The value of pension funds in Nigeria increased by 2.23 per cent month-on-month to cross the N20tn mark to N20.23tn in May 2024. According to the unaudited report on the pension funds industry portfolio for the period...

Dangote Flays CBN’s 30% Interest Rate Chairman and Chief Executive of the Dangote Group, Aliko Dangote, has criticised the latest increment of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). While addressing the audience during the opening session of a...

Non-bank Transactions Surge Threatens W’Africa’s Financial Stability – Cardoso The Governor of the Central Bank of Nigeria, Yemi Cardoso, has raised concerns about the growing volume of financial transactions by non-bank and Other Financial Institutions, saying they pose significant risks to the stability of the...

Nigeria’s Money Supply Nears N100trn in May Nigeria’s money supply (M3) has surged to nearly N100 trillion, hitting a new peak of N99.24 trillion in May 2024. The latest money and credit statistics data from the Central Bank of Nigeria (CBN) reveals a month-on-month (M-o-M) increase...

CBN Parleys OPS to Boost Productive Sector The Central Bank of Nigeria (CBN) recently hosted a dialogue between the Organised Private Sector (OPS) and relevant stakeholders to explore strategies for enhancing Nigeria’s productive sector. The meeting held at the bank’s Lagos office focused on exploring how...