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CBN
Nigerian banks lost a total of N2.09 billion to frauds in Q4 2023 with mobile emerging as the top channel through which the largest amount was lost.
The Central Bank of Nigeria (CBN) has increased the exchange rate for the Customs Service duty collection by N163. The latest exchange rate for customs duty collection has increased from N1,162/$ to N1,327 to the USD.
The Nigerian Naira saw a notable increase in value against the US dollar in the parallel market, reaching N1,350. This marked a 2.20% rise from the earlier rate of N1,380 on the same day.
The Central Bank of Nigeria (CBN), under Yemi Cardoso, has increased the monetary policy rate (MPR) by 600 basis points so far, from 18.75% to 24.75% to combat inflation and foster economic stability.
Some of the fintechs pointed out that the directive may have been misdirected given that most of the accounts involved were commercial bank accounts.
The data also shows that at the end of 2023, active bank accounts stood at 2022.6 million, meaning that about 17 million new accounts have been opened across the banks between January and March this year.
The exchange rate for cargo clearance has dropped below the prevailing official and parallel market rate to N1,164.84 to the dollar according to the latest update on the Nigeria Customs Service’s (NCS) exchange rate portal.
For working-class Nigerians, surviving the monthly onslaught of inflation is tough.
The naira has continued its recovery against the US dollar at the parallel market as it appreciated to N1280/$1 on Saturday
The Acting Director, of the Banking Supervision Department of the Central Bank of Nigeria (CBN), Dr Adetona Adedeji, has affirmed the bank's decision to prioritize combating inflation over tackling rising unemployment rates.
The naira recorded significant depreciation against the haven currency in a matter of few weeks despite the recent decline in the US dollar index, influenced by weak U.S economic data.
The Nigeria Customs Service (NCS)’s exchange rate for import duties collection has risen by 11.0% from N1150/$ to N1277.52/$, according to the latest update on the customs exchange rate window.