The Central Bank of Nigeria (CBN) has injected an additional $500 million into the market to resolve the continuing backlog of confirmed foreign exchange (forex) transactions. This comes only a week after the bank infused nearly $2 billion to satisfy outstanding commitments in the manufacturing, aviation, and petroleum sectors. Mrs. Hakama Sidi Ali, Acting Director … Read more
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has described the Nigerian currency as “undervalued.” Mr Cardoso stated this Wednesday at the Launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report. “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will … Read more
The naira, on Tuesday, depreciated to N1,330/$ at the parallel section of the market. It fell by 3.91 percent or N50 from the N1,280/$ rate recorded on Monday. Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1300 and the selling price at N1,330 … Read more
The Central Bank of Nigeria, CBN, has suspended new applications of loans under the CBN development finance intervention funds programme, Access Bank Plc confirmed in a memo on Monday to its customers. The CBN existing development finance intervention funds program include Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), … Read more
United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share. At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable … Read more
The Central Bank of Nigeria, CBN, has announced that cash withdrawals from accounts formed for virtual and digital asset transactions will be prohibited. Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, the apex bank explained. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for … Read more
The value of the naira had dropped to never-before-seen lows, affecting all aspects of life and driving inflation in the country to decades-high levels. The naira’s value has risen from N450 to the dollar at the official end and N750 to the dollar at the parallel market to selling at N1200 on the streets and … Read more