External Reserves Decline by $1.65bn in Six Months   Nigeria’s foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria (CBN) tried to unify the country’s foreign exchange rates. On June 14, the apex bank asked Deposit Money Banks to remove the...

Naira Steadies At Parallel Market at 1,160/$   The pressure on the foreign exchange (FX) market marginally eased on Tuesday as naira steadied against the United States dollar in the parallel market. According to Aboki FX, the naira sold for N1,160 on Monday and Tuesday respectively. Checks...

In Five Years, Nigeria’s Revenue Declined by $1.4bn   The Governor, Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has revealed that the country’s revenue suffered a significant drop of approximately $1.4 billion, or $275 million annually, between 2015 and 2019 at a time when the...

Banking Consolidation: Mega Banks Boast N10trn Capital Base   As the Central Bank of Nigeria’s proposal to initiate a new banking sector consolidation raises concerns among some industry operators, findings indicate that major banks with foreign subsidiaries currently control N9.6 trillion capital base. This is just data...

Reps Summon Cardoso Over Reversal of Ban on Rice Importation, Others House of Representatives has resolved to summon Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, over the lifting of ban on the importation of rice and 43 other items. Cardoso is expected to appear before...

I'll Clear Dollar Debts, Suspend Intervention Loans - Cardoso   The new Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, has said he will prioritise clearing the apex bank’s backlog of unsettled foreign exchange obligations in the near term. He said this on Tuesday during...