External Reserves Drop by $841m in Three Months   Nigeria’s external reserves fell by $841.75m between July and September, figures obtained from the Central Bank of Nigeria (CBN) revealed. The CBN revealed in its report on the movement of external reserves that the reserves, which stood at...

$10bn Debt: CBN Fails to Meet up with Payment Schedule   Over two weeks after the Central Bank of Nigeria (CBN) promised to clear over $10bn foreign exchange debts owed Deposit Money Bank, the apex bank has yet to do so according to findings. This came as...

Dollar Debts: CBN To Repay Banks, Naira Rebound Likely   The Acting Governor of the Central Bank of Nigeria (CBN) Folashodun Shonubi, has said the apex bank will repay banks all outstanding forward contract debts in the next one to two weeks. Although he did not disclose...

IMF's 3.2% Economic Growth Projection Not Enough For Nigeria - CBN   The Central Bank of Nigeria (CBN) has stated that the 3.2 per cent growth projection by the International Monetary Fund (IMF) is not enough considering the poverty rate which is currently standing at 31...

New Naira: Gradual Phasing Out Of Old Notes Continues, Says CBN   The Central Bank of Nigeria (CBN) has reaffirmed its commitment to gradually phase out the old N200, N500, and N1,000 naira notes while issuing new currencies. This announcement was made by the acting governor of...

CBN Raises Interest Rate to 18.75% The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 25 basis points to 18.75 per cent. The Acting CBN Governor, Folashodun Shonubi, disclosed this while reading the communiqué of the...