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CBN
Nigeria’s external reserves have increased yet again, reaching $35.05 billion as of July 8, 2024.
The exchange rate for import duties by the Nigeria Customs Service (NCS) continues to rise as it hits N1549 to the USD according to the latest check on the customs exchange rate portal. This represents an increase of N37 from the previous rate of N1512/$.
The amount of currency outside the Nigerian banking system has reached a new all-time high of N3.71 trillion in May 2024.
Financial analysts have forecasted a likely pullback in the stock market during the second half of 2024, following a peak in the first half of the year.
The Central Bank of Nigeria (CBN) has faulted the Binance cryptocurrency platform for carrying out deposits and withdrawal services meant for banks and other authorized financial institutions on its platform, without authorization.
In May 2024, the Nigerian pension industry maintained its uptrend, reaching an all-time high of N20.23 trillion.
The Nigeria Customs Service exchange rate for import duties collection has risen to N1508/$- the highest in the past three months dating back to 21st March, 2024.
The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and authorized forex dealers, emphasizing the mandatory acceptance of old and lower denominations of United States Dollar (USD) bills from customers.
The President of the Dangote Group Industries Ltd, Alhaji Aliko Dangote has stated that no economic growth will happen unless the bank interest rate at 30% declines
Rising U.S. yields bolstered the dollar index while adding pressure on inflation-prone currencies like the Nigerian naira.
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has warned that extending the capital component of the 2023 budget to December may increase the money supply in circulation and undermine the Central Bank’s efforts to control inflation.
Nigeria’s money supply (M3) has surged to nearly N100 trillion, hitting a new peak of N99.24 trillion in May 2024.