When the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained the Monetary Policy Rate (MPR) at 26.5 per cent following its 305th meeting, the decision reflected more than caution.

CBN Increases Foreign Tuition Limit to $25,000   The Central Bank of Nigeria (CBN) has increased the maximum foreign exchange remittance for tuition payments by Nigerian students studying abroad to $25,000 per semester, up from the previous cap of $15,000. The adjustment is contained in the CBN...

The recent redeployment of the Central Bank of Nigeria’s four Deputy Governors may have appeared to many as a routine administrative exercise.

CBN Releases Fourth Edition of FX Manual to Stabilise Market The Central Bank of Nigeria (CBN) has released the fourth edition of its Foreign Exchange Manual, aiming to stabilise the FX market through clearer rules, transparency, and stronger compliance. CBN Governor Olayemi Cardoso said: “Foreign exchange...

The Central Bank of Nigeria (CBN) has unveiled plans to bring ₦2.83 trillion currently outside the banking system into formal financial channels by 2028.

For much of the period following the appointment of Olayemi Cardoso, Nigeria’s foreign exchange market faced more than a liquidity shortage.