The Central Bank of Nigeria (CBN) has successfully raised ₦598.33 billion through the sale of Nigerian Treasury Bills (NTBs) in its latest auction, reflecting strong investor appetite driven by excess liquidity in the financial system. The bulk of the proceeds—approximately ₦482.62 billion—came from the 365-day tenor, which garnered the highest demand and accounted for nearly…
In response to mounting global economic turbulence and a sharp dip in the value of the naira, the Central Bank of Nigeria (CBN) has stepped in with a $197.71 million injection into the foreign exchange market. The intervention, announced on Saturday, is aimed at shoring up liquidity and maintaining stability in Nigeria’s FX ecosystem. The…
The Central Bank of Nigeria (CBN) has issued a directive requiring all participants in the foreign exchange (FX) market to submit a compliance report on adherence to the Nigeria FX Code by January 31, 2025. This initiative is part of the apex bank’s ongoing efforts to promote ethical practices, enhance governance, and ensure transparency in…
The Central Bank of Nigeria (CBN) has taken a significant step toward enhancing transparency and ethical practices in the country’s foreign exchange market. The apex bank recently announced the approval of the Nigerian Foreign Exchange (FX) Code, a comprehensive guideline designed to promote ethical conduct among authorized dealers in the FX market. According to a…
In a bold move to reinforce its cash circulation policies, the Central Bank of Nigeria (CBN) has imposed fines of ₦150 million on several Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes via automated teller machines (ATMs) during the busy yuletide season. The penalties reflect the CBN’s commitment to maintaining…
The Central Bank of Nigeria (CBN) attributed this steady expansion to improvements in the non-oil sector, restrictive monetary policies to moderate inflation, and enhanced security measures in oil-producing regions.
In a significant move to overhaul Nigeria’s foreign exchange (FX) operations, the Central Bank of Nigeria (CBN) has introduced revised guidelines for the Nigeria Foreign Exchange Market (NFEM).
Nigeria’s external reserves have surged to a 22-month high of $37.31 billion, marking a significant inflow of foreign currency into the nation’s economy. Data from the Central Bank of Nigeria (CBN) shows that as of September 18, 2024, the reserves reached their highest level since November 4, 2022, when they stood at $37.36 billion. This…
The Central Bank of Nigeria (CBN) has announced plans to expand the use of its digital currency, eNaira, to facilitate payments into government accounts and streamline transactions for Ministries, Departments, and Agencies (MDAs). This initiative will enable MDAs to manage vendor and beneficiary payments using the eNaira, marking a significant step toward integrating digital currency…
The package consists of a 20-year term loan specifically designed to support the post-merger stability of the new financial institution.
