The Central Bank of Nigeria’s Monetary Policy Committee has decided to keep the country’s interest rate at 27.50 percent as of January, unchanged from November of the previous year, in light of a decrease in inflation. Additionally, the Cash Reserve Ratio (CRR) remains at 50 basis points, the liquidity ratio (LR) is set at 30…
The Central Bank of Nigeria (CBN) has released new guidelines regarding the sale of foreign exchange (FX) to Bureaux De Change (BDC) operators. These details were provided in a statement from the CBN’s Trade and Exchange Department on Wednesday. This move follows the CBN’s previous authorization that granted temporary access to existing BDCs to participate…
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 Central Bank of Nigeria (CBN) has confirmed that there is no deadline for the circulation of the old N200, N500, and N1000 banknotes. CBN spokesperson Sidi Ali Hakama made this announcement in a statement released on Thursday. This clarification comes in response to rumors suggesting that the old Naira notes would no longer be…
A survey conducted by the Central Bank of Nigeria (CBN) reveals that consumers are planning to cut back on their savings and investments in the upcoming months due to rising prices of goods and services relative to their income. In its ‘Household Consumer Expectation Survey Report (CES)’ for August 2024, the central bank noted that…
The Central Bank of Nigeria (CBN) has instructed all Payment Service Providers to ensure that all transactions from point-of-sale (PoS) terminals at merchant and agent locations, whether physical or electronic, are processed through an authorized Payment Terminal Service Aggregator. This directive was announced on Thursday in a circular signed by Oladimeji Yisa Taiwo, representing the…
The Central Bank of Nigeria (CBN) has raised its Standing Lending Facility (SLF) rate to 31.75% in a bid to enhance stability in the financial sector. This announcement was made in a circular released on Monday by Omolara Duke, the director of the Financial Market Department, which also lifted the suspension on the SLF. Additionally,…
The Central Bank of Nigeria (CBN) has reported that business enterprises are hopeful for an economic improvement over the next six months. This finding comes from the CBN’s Business Expectation Survey (BES) for July. However, the survey also indicated that businesses anticipate a depreciation of the Naira in the third quarter of the year. The…
The Central Bank of Nigeria (CBN) announced that it sold a total of $876.26 million to end users through 26 successful banks, with a cut-off rate set at N1495 per dollar. This sale marks the beginning of the bank’s latest Retail Dutch Auction System. In a statement released on Wednesday, signed by Omolara Duke, the…
The Central Bank of Nigeria has disclosed that it is targeting a $1 trillion economy by 2030 while re-stating its commitment to ensure economic stability. The governor of the apex bank, Olayemi Cardoso, gave this disclosure on Friday in Abuja while presenting the 2024 half-year report of activities of the bank to the Senate Committee…
