Tag
CBN
The International Monetary Fund (IMF) has advised the Central Bank of Nigeria to as a measure to rein in on inflation mop up excess liquidity in the economy through raising OMO bill of up to N2 trillion in the next 12 months.
The Central Bank of Nigeria (CBN) has announced significant reforms in the foreign exchange market, signaling a stride towards a market-driven exchange rate mechanism, potentially paving the way for a free float of the Naira.
The CBN in a circular dated February 8 has removed the ±2.5% cap spread on interbank FX transactions. The circular also notes that restrictions on the sale of interbank proceeds have also been removed.
International transfers through international money transfers operators (IMTOs) will be paid out in naira in line with recent guidelines from the Central Bank of Nigeria (CBN).
CBN says Nigeria lost around $1.4 billion over the restriction of forex to 43 items by the Central Bank under Godwin Emefiele.
Governor Yemi Cardoso has disclosed that the foreign exchange market received a boost of over $1 billion in liquidity in the past few days.
NNPCL and the CBN have reached an agreement to establish specific boundaries governing the management of the oil firm’s revenue.
Forex turnover dropped by 56.17% to $203 million as the Nigerian naira gained against the dollar marginally on Wednesday, February 7th, 2024 at the official market.
Despite challenges surrounding their mode of operations, especially concerning debt recovery, loan apps or digital money lenders continue to play significant roles in the informal sector of the economy by providing quick and easy loans for Nigerians.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured that Nigeria’s inflation rate will drop to 21.4% in 2024 amid the rising prices of foodstuff and other commodities.
Yemi Cardoso, has said that the amount spent on foreign education and medical tourism contributes to Nigeria’s foreign exchange challenges.
The Naira gained against the dollar on Monday, 5th February 2024 at the both official market and the black market.