The Central Bank of Nigeria (CBN) will sell $500 million to help improve dollar liquidity, traders said a day after the bank effectively devalued the Naira for retail currency sales. Nigeria has been running short of dollars as its oil revenues have fallen along with...

The Federal Government is to set up a $50bn Biofuels Industry Equity Fund to be used in developing biofuels and making them accessible to the citizens in commercial quantities, the Central Bank of Nigeria has said. According to the CBN, the initiative is part of...

The country’s manufacturing activity fell to 48.2 index points in January 2017, down from 52.0 recorded in December, the Central Bank of Nigeria said in its latest Purchasing Managers’ Index. The report showed that while the manufacturing PMI dropped to 48.2 index points, the non-manufacturing...

The Central Bank of Nigeria has stated that no amount of criticism and blackmail from “self-centred individuals” would make it change its current flexible foreign exchange rate policy. The apex bank said this in a statement titled: ‘Nigeria’s current economic situation: Our case’, signed by...

The nation’s external reserves closed last year with a total balance of $25.84 billion - 30 December - showing a decline of $3.22 billion compared with $29.06 billion it stood as at December 31, 2015. The figure from the Central Bank of Nigeria (CBN) indicates...

The nation’s foreign exchange reserves have risen further to $25.4bn, according to the latest data obtained from the website of the Central Bank of Nigeria. In less than one week, the reserves rose by almost $300m from $25.084bn recorded on December 16, 2016 to $25.361...