In a recent statement, Isa AbdulMumin, Director of the Corporate Communications Department at the Central Bank of Nigeria (CBN), shared the bank’s positive outlook on its monetary policy measures. Speaking in Abuja regarding the latest figures released by the National Bureau of Statistics (NBS), AbdulMumin highlighted the noteworthy results stemming from the bank’s strategies. He Read More…
The Association of Bureau De Change Operators of Nigeria (ABCON) has unveiled the reasons behind the Naira’s resurgence against the US Dollar, highlighting the pivotal role played by the Central Bank of Nigeria (CBN) in bolstering the currency. In a statement released on Sunday in Lagos, ABCON’s President, Alhaji Aminu Gwadabe, pointed out that the Read More…
The Central Bank of Nigeria (CBN) has categorically denied any intentions to redenominate Nigeria’s currency, the naira. This clarification came from Isa AbdulMumim, CBN’s Director of the Corporate Communications Department, in a statement issued on Tuesday in Abuja. There has been a circulation of social media messages suggesting that the CBN is considering the redenomination Read More…
In a significant move, Nigeria’s central bank announced on Thursday its intention to intermittently intervene in the country’s foreign exchange market to enhance liquidity. This decision coincides with the ending of an eight-year ban on 43 previously restricted items from accessing foreign exchange on the official market. The ban had encompassed items such as rice, Read More…
The Association of Bureaux De Change Operators of Nigeria (ABCON) has made a fervent appeal to the Central Bank of Nigeria (CBN) for a significant shift towards digital operations, aiming to democratise and centralise their activities. In an interview on Sunday, ABCON President Alhaji Aminu Gwadabe emphasised the importance of embracing technology in light of Read More…
Nigeria’s international dollar-denominated bonds experienced a decline on Wednesday in response to remarks from the president’s spokesperson, who emphasised that petrol prices need not escalate further. The spokesperson attributed foreign exchange shortages to what he termed “gross mismanagement” at the central bank. Of note, bonds with extended maturity dates witnessed more pronounced drops. The 2051 Read More…
Nigeria finds itself grappling with a severe dollar liquidity crisis within its foreign exchange market, a predicament stemming from years of “gross mismanagement” at the central bank, as underscored by a statement from a presidential spokesperson on Tuesday. President Bola Tinubu’s tenure has ushered in an investigation into the operational practices of the central bank, Read More…
Nigerian central bank governor Godwin Emefiele, currently suspended and detained, faces a 20-count indictment, including the charge of “conferring unlawful advantages,” as revealed by government prosecutors on Tuesday. President Bola Tinubu, a driver of substantial reforms within Africa’s largest economy in over a decade, has initiated an investigation into the central bank under Emefiele’s leadership. Read More…
Nigeria’s central bank is poised to shake up the currency markets with imminent measures, as disclosed by Acting Governor Folashodun Shonubi after his meeting with President Bola Tinubu. Discussions centred on strategies to enhance dollar liquidity within the official market. The backdrop to Shonubi’s meeting is the central bank’s recent announcement of a substantial $19 Read More…
On Thursday last week, the Nigerian Naira experienced a significant drop to an unprecedented low against the US dollar in the unregulated market, as reported by currency traders nationwide. In Lagos, traders near the Ikeja area noted an exchange rate of N935.00 per dollar, while in Abuja, dealers reported trading at N950.00 per $1, a Read More…
