Naira Slides As Forex Reserves Drop Third Consecutive Time   The naira depreciated to N588 per dollar at the parallel market as the nation’s foreign exchange (forex) reserves dropped for the third consecutive time. Trading reports at the weekend showed that naira depreciated by 0.9 per cent...

'Nigerians Spend $39.66bn On Foreign Education, Medical Tourism'   Nigerians spent a total of $39.66bn on foreign education and healthcare-related services between 2010 and 2020, according to the Central Bank of Nigeria data. According to CBN’s Balance of Payments, Nigerian parents and guardians paid about $28.65bn for...

Foreign Reserves Shed $975.7m Year-to-date   Nigeria’s foreign reserves continued its downward slope, a trend formed towards the end of last year after it failed to sustain a momentary recovery witnessed in October. The gross figure, which has remained a consistent gradual depletion in the past five...

Customs, CBN Clash Over E-valuation Of Imports, Exports   The Nigerian Customs Service has refuted media reports which claimed that the service has adopted the e-evaluator and e-invoicing for importers and exporters introduced by the Central Bank of Nigeria. In a statement released on Thursday via the...

Senate Confirms CBN’s Monetary Policy Committee Members   The Senate, on Wednesday, confirmed the nominations of seven members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN). The confirmation of the nominees followed the consideration of a report by the Committee on Banking, Insurance...

Reinforce The Use Of Coins, Reps Urge CBN   The House of Representatives has urged the Central Bank of Nigeria to “reinforce the use of coins as a legal tender and ensure that banks comply with the use of coins to the fullest.” Members of the House...