The naira began the new month on a positive note, rising to N1,278.58 against the US dollar from N1,309.39 per dollar last Thursday. This is an increase of N30.81 at the end of trading activity. According to FMDQ Securities statistics, the Nigerian Autonomous Foreign Exchange Market’s indicative exchange rate has fallen below the N1,300 ceiling … Read more
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar. According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar. On Tuesday, total turnover was $245.58 million, up from $222.15 million on … Read more
The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has announced a significant increase in the benchmark interest rate in a move aimed at tackling rising inflation. The new Monetary Policy Rate (MPR) now stands at 24.75% up from the previous rate of 22.75%. Speaking to journalists after the MPC meeting, CBN Governor Yemi … Read more
The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), disclosing that each BDC has been allocated $10,000 at a rate of N1,251 per dollar. According to the circular, which was issued on Monday, BDCs are required to sell the assigned dollars to qualifying clients at a cost no … Read more
Zenith Bank Plc, one of Nigeria’s leading banks, has named Dame (Dr.) Adaora Umeoji as its next Group Managing Director/Chief Executive Officer. She succeeds Dr. Ebenezer Onyeagwu, whose five-year stint as GMD/CEO has ended. According to a statement made by the bank on Tuesday, her nomination as GMD/CEO is consistent with the bank’s succession plan. … Read more
Nigeria’s inflation rate increased to 31.70 percent in February from 29.90 percent in January 2024. This amount represents a 1.80 percent increase, according to the National Bureau of Statistics’ latest CPI and inflation data, which was released on Friday. This implies that the average price level increased at a faster rate in February 2024 than … Read more
The Federal Government, FG, has asked cryptocurrency trading firm, Binance, for information on its top 100 users in Nigeria as well as all transaction history for the past six months. According to the Financial Times, the request was made to establish the negotiations between Binance and Nigeria. In the report, the Office of the National … Read more
The Central Bank of Nigeria, CBN, has reduced the exchange rate for computing the country’s customs charges by 5.3 percent following the naira’s stability against the dollar. According to the Nigeria Customs Service’s official trade portal, the tariff rate has been reduced from N1630.159/$ to N1,544.081/$. This represents a 5.3% decrease from the previous rate … Read more
The Central Bank of Nigeria (CBN) said it has concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise. In a statement on Monday, the apex bank said investors were over-subscribed for the exercise which was completed on March 1, 2024. The CBN offered … Read more
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), claims that he and his team are not to blame for the country’s current economic troubles. He made this statement on Tuesday in Abuja during the apex bank’s first Monetary Policy Committee (MPC) meeting since taking office in September 2023. The governor of the … Read more