Senate Summons CBN Gov, Finance Minister, Others Over N500bn Loan Disbursement   An ad-hoc committee set up by the Senate to investigate the disbursement of development funds to 36 states of the federation since 2017, has summoned the Minister of Finance, Zainab Ahmed; the Governor of...

Currency Outside Banks Increased By N108.67bn To N2.84trn In October   As the Central Bank of Nigeria (CBN) steps up effort to redesign N200, N500, and N1,000 notes currently in circulation, currency outside the banks added N108.67billion to N2.84 trillion in October 2022 from N2.73 trillion...

CBN Raises Interest Rate To 16.5%   The Monetary Policy Committee of the Central Bank of Nigeria voted Tuesday to increase the benchmark interest rate by 100 basis points to 16.5 per cent, the highest since 2001. The CBN Governor, Godwin Emefiele, disclosed this while reading the...

Naira Redesign: CBN Launches Countdown Clock The Central Bank of Nigeria has launched a countdown clock on its website for the January 31, 2023 deadline for the N200, N500, and N1,000 notes currently in circulation. The apex bank had announced a Naira redesign policy to produce...

Senate Agrees to CBN’s Naira Redesign Policy  The Senate has agreed to provide legislative support to the naira redesign policy of the Central Bank of Nigeria (CBN). Senators had contrasting opinions on the naira redesign, but later agreed to support it after a rowdy debate. On October...

CBN Commits $16.9bn To Forex Market In H1, 2022   The Central Bank of Nigeria (CBN) disbursed about $16.9 billion in its foreign exchange market interventions and statutory obligations in the first half of 2022, H1’22, about 4.0 percent drop against $17.6 billion sold in the...