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CENTRAL BANK OF NIGERIA
News and analysis about Central Bank of Nigeria
Currency traders have linked the recent depreciation of the naira at the parallel market to the supply challenges in the foreign exchange market and the huge demand for forex as a result of payments to contractors by the Federal Government agencies.
Credit to Nigeria’s private sector fell to N76.12 trillion in June 2025, marking the fourth time this year that lending to businesses and individuals has declined.
The Naira fell to its weakest level in more than a week on the parallel market on Tuesday, trading at N1,565/$1.
Currency traders have attributed the recent performance of the naira and the relative stability of the foreign exchange (forex) market to the excess dollar supply and the activities of the security agencies against forex speculators and hoarders.
The naira converged on Monday, as the local currency stabilized in the parallel market while increasing slightly in value in the official market.
The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to reconsider its monetary policy stance and implement a rate cut to ease inflation and revive growth in the real sector, especially manufacturing and agriculture.
TAJ Bank Ltd suffered another system glitch in March this year, leading to unauthorized transfers of a staggering N957.4 million to several accounts in 26 banks and fintech platforms.
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, the apex bank itself, and its former legal director have reached a settlement with Melrose General Services over a contempt suit (committal to prison) related to consultancy services associated with a Supreme Court judgment on the Paris Club Refund.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that Nigerians are regaining confidence in the naira, crediting this development to a combination of fiscal discipline and targeted monetary reforms.
Businesses across Nigeria have identified high interest rates as the single most pressing constraint to their operations in June 2025, surpassing even insecurity and chronic power supply issues, according to a new report by the Central Bank of Nigeria (CBN).
The naira edged toward N1530/$ in the unofficial market at the start of the first trading session of the week.
As the Central Bank of Nigeria (CBN) prepares for its 301st Monetary Policy Committee (MPC) meeting, a recent survey has revealed that most Nigerians are calling for a reduction in interest rates.