Free Float: Naira Depreciates Further to 702/$ The naira traded at 702.19/dollar at the close of business on Thursday, as the Central Bank of Nigeria has allowed for a free float of the national currency against the dollar and other global currencies. This means that the...

JUST IN: Naira Hits N755/$ as CBN Reportedly Directs Banks to Trade Freely   The Naira is currently trading at N750-N755 per dollar at the Investors and Exporters (I&E) window due to a new policy of the country's monetary authorities. According to sources familiar with the development,...

Banks Maintain Ratio At Above 30% Despite Liquidity Crunch ‌ Amid tighten monetary policy by the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) operating in Nigeria reported mixed Liquidity Ratio (LR) above the regulatory requirement in the 2022 financial year. Also, Capital Adequacy Ratio (CAR)...

FG Spent N408.5bn On Debt Servicing In February   The Federal Government spent 85.37 per cent of its revenue servicing debt in February. The Central Bank of Nigeria, in its monthly economic report for February 2023, noted that the Federal Government had a retained revenue of N478.57bn...

Tinubu Suspends CBN Governor From Office President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect. This is contained in a statement by Willie Bassey, Director, IInformation office of Secretary to the Government of the Federation. This is...

Net Forex Inflows Hit $5.15bn In Two Months   The net foreign exchange inflows through the economy rose year-on-year (YoY) by 22 percent to $5.15 billion in the first two months of 2023 (2m’23) from $4.22 billion in the corresponding period of 2022. Data from the Central...