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Central Bank of Nigeria

Nigeria’s inflation rate climbed to 29.90 per cent in January 2024 from 28.92 per cent recorded in the previous month. The 0.98 per cent increase shows that the inflation rate in the country is yet to slow down. The National Bureau of Statistics revealed this in its ‘Consumer Price Index published on Thursday. The development […]

Pressure on Nigeria’s foreign exchange market eased significantly on Wednesday as commercial banks responded to the Central Bank of Nigeria’s (CBN) 24-hour ultimatum to sell excess dollars. Banks offloaded dollars into the official market, leading to an 85.36% increase in dollar transactions compared to the previous day. This surge in activity pushed the daily foreign […]

Bureau de Change (BDC) operators in Abuja have pulled down their shutters, citing a critical shortage of US dollars. This announcement, made by association chairman Abdulahi Dauran, comes as the Nigerian Naira continues to depreciate against the greenback. The Naira hit an all-time low of N1,482 per dollar on the official market on Tuesday. Meanwhile, […]

In a swift move to stabilize three struggling banks, the Central Bank of Nigeria (CBN) has dissolved their boards and appointed new executive directors to lead them forward. Announced in a statement this morning, the appointments are effective immediately. Union Bank: Yetunde Oni, previously the first female CEO of Standard Chartered Bank in Sierra Leone, steps in […]

Just 21 days remain until the Central Bank of Nigeria’s (CBN) deadline for all bank customers to obtain a Bank Verification Number (BVN). Encouragingly, data from the Nigerian Interbank Settlement System (NIBSS) shows a surge in registrations, bringing the total number of BVN holders to over 60.2 million. This marks a significant jump of 2.6% […]

Despite billions of naira pumped into boosting Nigerian rice production, the cost of local rice has skyrocketed, with a kilogramme jumping a staggering 73.2% in just one year. This spike comes as a bitter pill for Nigerians who rely on it as a staple food, and throws into question the effectiveness of government efforts to […]

Mergers and acquisitions loom as Nigeria’s Deposit Money Banks brace for another round of recapitalization in line with the country’s $1 trillion economy target. Last week, the Central Bank of Nigeria Governor, Olayemi Cardoso, in his speech at the 50th-anniversary dinner of the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos, announced plans to recapitalize […]