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CBN
Nigeria's foreign exchange (FX) reserves have maintained a one-month dip streak. The latest figures from the Central Bank of Nigeria (CBN) show the reserves reached a new low of $32.12 billion on April 17, 2024. The reserves dropped by $2.33 billion in 31 days, from $34.45 billion on March 18, 2024.
Recall that on March 28, 2024, the CBN revised the minimum capital requirements for banks. And since then, the market capitalization of banking stocks in the NGX has declined by 26.7%. Between March 28 and April 18, the cumulative market cap of banking stocks in the NGX declined from N8.08 trillion to N6.34 trillion.
The Nigeria Customs Service (NCS) has reduced the exchange rate for import duties collection from N1238.1 to the dollar to N1,147/$. This represents a decline of N91.1 since the last reduction on April 10th April.
Stakeholders are rallying for Nigeria's removal from the grey list of Financial Action Task Force (FATF), highlighting the significant potential to slash transaction costs and boost remittance flows
The mobile money transactions figure for Q1 2024 represents an 89% growth year on year when compared with the N9.1 trillion transactions recorded in the same period last year.
Amidst the World Bank/IMF Spring Meetings in Washington D.C., the CBN organized a roundtable discussion aimed at bolstering remittance inflows through formal channels into Nigeria.
CBN's ban on foreign currency collateral garners analyst support for economic stability and FX liquidity boost
The Central Bank of Nigeria (CBN) has issued a new directive to all Deposit Money Banks (DMBs) introducing a reduction in the loan-to-deposit ratio (LDR) to 50%.
The Association of Bureau De Change Operators of Nigeria (ABCON) said that as of Tuesday, the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$.
The exclusion of retained earnings from the computation of minimum capital by the CBN is likely to lead to increased dividend payouts by banks over the next few years.
From January to March, there was a steady rise in the amount of payment transactions carried out over the various electronic channels of banks and fintechs in the country.
Nigeria's foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $1.84 billion in 26 days, amidst the Central Bank of Nigeria's (CBN) robust efforts to stabilise the naira.