CBN Predicts N31.787trn Inflow from Diaspora Remittances   The Central Bank of Nigeria (CBN) has made a bullish forecast, predicting that diaspora remittances will surge to a record N31.787 trillion once the fourth-quarter 2024 numbers are finalized. The substantial increase in diaspora remittances was attributed to the...

CBN's Policies Saved Nigeria from 42.81% Inflation - Cardoso   The Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, revealed that the bank's strategic policy interventions prevented inflation from skyrocketing to 42.81% by December 2024. He also projected that diaspora remittances would rise to N31.79tn...

How Far Can CBN FX Code Go? By Rahma Olamide Oladosu   The Central Bank of Nigeria’s (CBN) announcement of the Nigerian Foreign Exchange (FX) Code marks a significant milestone for the country’s banking sector. With the FX market being a cornerstone of Nigeria’s economy, the...

Nigeria's Foreign Exchange Reserves Drop $832m in Just Two Weeks   Nigeria's foreign exchange reserves experienced a substantial decrease in the first three weeks of January, plummeting by $832.62 million from January 6 to January 21. This sharp decline underscores the ongoing challenges in Nigeria's foreign...

Currency in Circulation Hits N4.8trn Amidst Cash Crunch   The total currency in circulation in Nigeria reached N4.8 trillion in November 2024, up 7% from the previous month and representing an all-time high. Also, currency outside banks grew significantly in the same month hitting an all-time high of N4.6...

Net Forex Inflow Decreased by 2.97% in Q3 – CBN The net foreign exchange inflow to the Nigerian economy in the third quarter of the year decreased by 2.97 per cent to $14.46bn from $14.89bn in the preceding quarter. This was released by the Central Bank...