The Central Bank of Nigeria (CBN) has given the green light for the release of the Nigerian Foreign Exchange (FX) Code. The central bank stated that this code will serve as a framework for the banking sector, aimed at fostering ethical practices among authorized dealers in the nation’s FX market. Additionally, the CBN announced that…
The World Bank Group has clarified the reasons behind its decision to impose a 30-month debarment on two Nigerian firms, Viva Atlantic Limited and Technology House Limited. In a statement released on Monday, the Washington-based institution also noted that the ban extends to their Managing Director and CEO, Mr. Norman Didam. The World Bank indicated…
The Central Bank of Nigeria (CBN) has penalized at least nine Deposit Money Banks for their inability to provide sufficient cash at automated teller machines (ATMs) during the holiday season. Each bank has been fined N150 million, resulting in a total penalty of N1.35 billion. The banks were found to be in violation of the…
Bashir Adeniyi, the Comptroller General of the Nigeria Customs Service, announced that the agency generated N6.1 trillion in revenue for 2024, marking a remarkable 90.4% increase from the N3.2 trillion collected in 2023. This information was shared during a press conference held in Abuja on Tuesday. Adeniyi highlighted that the service exceeded its 2024 revenue…
The naira has further depreciated against the dollar in the official foreign exchange market as of Monday. According to FMDQ data, the naira fell to N1,548.89 per dollar on Monday, down from N1,543.03 recorded last Friday. This represents a decline of N5.86 compared to the previous week’s closing rate. In the black market, the naira…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced plans to enter into direct purchase agreements with three Nigerian refineries. This information was shared in a notice on Tuesday, signed by PETROAN’s National President, Billy Gillis-Harry, and Secretary, Adedibu Aderibegbe. The notice indicated that the agreements are set to commence on Wednesday,…
The Nigerian Exchange market recorded its first loss in 2025 as investors shed N152 billion following sell-offs of Tier-one banking stocks. .The market capitalization, which opened at N63.203 billion, lost N152 billion, or 0.24 percent, to close at N63.051 billion. Notably, losses by Zenith Bank, United Bank for Africa (UBA), Access Corporation, Oando Plc, Dangote…
The Debt Management Office, DMO, says that the Federal Government has made robust budgetary provisions to offset Nigeria’s foreign and local debt. It was gathered that in the 2025 budget of the Federal Government currently before the National Assembly, the administration of President Bola Tinubu plans to spend N16.327 trillion on its debt obligations, apart…
The Centre for the Promotion of Private Enterprise, CPPE, says Nigeria’s inflation may moderate slightly in 2025. CPPE Executive Director, Muda Yusuf, disclosed this in a statement titled Nigeria Economic Review 2024 and Economic Outlook 2025. The group of economic experts noted that Nigeria’s inflation, which was at 34.60% in November 2024, may slow down….
As of the end of November 2024, the total turnover in the foreign exchange market reached $14.39 billion (N23.95 trillion). This information comes from the FMDQ Markets Monthly Report recently The report indicates that the combined FX turnover for both the spot and derivatives markets was N58.22 trillion and N0.81 trillion, respectively. Notably, the Spot…
