Nigeria’s External Reserves Plunged Despite Intensified Intervention   The Central Bank of Nigeria (CBN) increased intervention in the foreign exchange market not withstanding, Nigeria’s external reserves depreciated by $866.2 million or 2.26 per cent in October 2022 to $37.39 billion from $38.255 billion it opened in...

JUST IN: Fintechs May Crash Commercial Banks - CBN Raises Alarm   The Central Bank of Nigeria (CBN) has raised the alarm that Financial Technology initiatives or companies popularly called FinTechs will soon start doing better than traditional banks and may run the latter out of...

Forex: Turnover In I&E Drops By 69% To $1.5bn   The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell 69 percent, year-on-year (YoY), to $1.5 billion in October 2022, from $4.88 billion in October 2021. No...

Naira Heads To N1,000/$ As Scarcity Worsens     The rate at which the naira, is depreciating against the dollar shows that it could fall to N1,000/$ before the end of next month, traders said Tuesday. According to the traders, this is due to shortage of the greenback,...

CBN Destroys Over N6trn Banknotes Under Buhari's Administration   The Central Bank of Nigeria is expected to have destroyed over N6tn worth of mutilated and old banknotes when the regime of President Muhammadu Buhari expires in May 2023. Already, data obtained from the annual reports of the...

CBN Has My Backing To Redesign, Replace Naira Notes - Buhari   President Muhammadu Buhari has reacted to the plan by the Central Bank of Nigeria ( CBN) to redesign and replace N1,000, N500 and N200 notes, effective Decemebr 15. The President, according to a release issued...