IMF Seeks Unified Exchange Rate For Naira         The International Monetary Fund (IMF) has urged the Central Bank of Nigeria (CBN) to get the country a unified exchange rate for the naira. It remained stable at N378 to dollar on the CBN’s official rate. The naira was on...

Parallel Market Responds To Devaluation, As Dollar Trades At N500       The parallel market has responded to the fresh devaluation of the naira amidst growing foreign exchange illiquidity. The local currency weakened to N500/$ at the black market at the weekend. The Central Bank of Nigeria (CBN)...

Export Proceeds, Remittances Diverted To Parallel Markets Weakening Naira         The continued diversion of export proceeds by exporters and diaspora remittances inflows to the parallel market are responsible for the ongoing depreciation of the naira against the dollar, global forex dealers have said. Trading Desk Manager, AZA,...

Naira Continues Further Decline       The naira depreciated against the dollar across the official and parallel markets yesterday with many pundits predicting further decline of the national currency. At the official Investors and Exporters (I & E) Window, naira declined by 2.0 per cent to N393.25 per...

CBN To Banks: Cut Service Cost         The Central Bank of Nigeria (CBN) has advises banks and other financial institutions to reduce the cost of providing banking services to their customers, especially the underbanked and unbanked within the society. CBN Director, Payment System Management Department, Musa Jimoh...

Total Credit To Economy Now N19.5trn - Emefiele         Total credit to the economy rose to N19.54 as of the end of November 13, according to the Central Bank of Nigeria. The CBN Governor, Godwin Emefiele, who disclosed this after the Monetary Policy Committee meeting on Tuesday,...