Naira Abusers Risk Six Months In Jail, CBN Warns       The Central bank of Nigeria has warned that that abusers of the naira at social events risk imprisonment or an imposition of fine. The CBN noted in a statement issued on Tuesday that according to the bank’s...

CBN Distributes Inputs Worth N820m To 3,102 Rice Farmers       The Ekiti State Commissioner for Agriculture, Dr Olabide Adetoyi, said on Tuesday that farm inputs worth over N820m had been distributed to 3,102 rice farmers in the state under the Central Bank of Nigeria/Rice Farmers Association...

COVID-19, Others Responsible For Naira Depreciation — CBN       The Central Bank of Nigeria (CBN) has disclosed that, COVID-19, shortage in foreign exchange (forex) supply and other factors led to the sharp depreciation of the Naira against the US Dollar. CBN Deputy Governor, Corporate Services, Edward Adamu...

Foreign Reserves Decline Again After Rising To $33.59bn       The foreign exchange reserves in Nigeria have started declining again after rising to $33.59bn, the highest level in more than a month. The forex reserves, which fell to a record low of $33.09bn on July 12, had gained...

Six Banks Earn N14.2bn From Account Maintenance Fee       A breakdown of the half year unaudited financial statements of six banks that have their result to the Nigerian Exchange Limited has shown that they realized N14.2 billion, up from the N9.8bn from account maintenance fee. The amount...

Naira Relapses To N515/$1 As Dollar Scarcity Persists       The naira yesterday lost N5 to close at N515/$1 at the parallel market. The local currency had also lost N5 to close at N510/$1 on Tuesday as dollar scarcity and volatility continued to hold sway in the market. The...