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...
Loans to Government Now N42trn – CBN
Data from the Central Bank of Nigeria (CBN) has shown that credit to the public has expanded at a faster rate than credit to the private sector in the past year.
According to the Money and Credit Statistics data...
CBN, IFC Agree on $1bn Investments in Major Sectors
The International Finance Corporation (IFC) a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have announced an agreement to scale up local currency financing, unlocking over $1bn in investments across key...
