Net Forex Inflow Drops By 30% To $2.69bn As Outflow Rose By 53%   The members of the Central Bank of Nigeria’s, CBN, Monetary Policy Committee, MPC, have called on the apex bank to carry out a comprehensive review of the foreign exchange market operations in...

CBN Says Nigerian Economy Contracted In November   The manufacturing and non-manufacturing Purchasing Manager’s Indices for November 2021 remained below the 50 index points at 47.3 and 47.5 index points. PMI readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show a deterioration. The...

CBN Will Spend $8bn Defending Naira This Year - Rewane   The Managing Director of Financial Derivatives Company Ltd and economist, Bismarck Rewane, yesterday, painted a mixed picture of the economy, projecting the Central Bank of Nigeria (CBN) will spend between $8 and $10 billion to...

ABCON To CBN: Allow BDCs Compete For $20bn FX Inflow   Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria, CBN, to remove restrictive controls that make it difficult for Bureaux De Change, BDCs, to compete for the...

CBN May Increase Interest Rate This Year - Report   A new report has said likely stronger dollar demand will convince the Central Bank of Nigeria of the need to tighten monetary conditions as with the trend across global central banks to manage foreign exchange reserve...

IMF To Nigeria: Devalue Currency Further, Raise Interest Rates   The International Monetary Fund has advised emerging economies including Nigeria to allow their currencies to depreciate in response to tighter funding conditions and an imminent policy tightening by the Federal Reserve Bank of the United States. The...