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CENTRAL BANK OF NIGERIA
News and analysis about Central Bank of Nigeria
Nigeria's credit to the private sector has seen a sharp decline of approximately N9.65 trillion from February to March 2024.
This decline underlines the Central Bank of Nigeria's (CBN) contractionary fiscal stance aimed at curbing inflation and stabilizing the economy.
The global credit ratings agency, Fitch, has estimated that approximately 30% of Nigeria’s external reserves are constituted by foreign exchange (FX) bank swaps.
This disclosure underscores ongoing uncertainties regarding the country’s net FX reserves, exacerbated by opaque entries amounting to nearly $32 billion in FX forwards, over-the-counter futures, and currency swaps listed as off-balance sheet commitments in the Central Bank of Nigeria's (CBN) consolidated financial statement for 2022.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has said that government purchases of palliatives are a contributing factor to rising food prices in Nigeria.
Latest data from the CBN shows that the apex bank released $21.12 billion to different sectors in 2023.
The Central Bank of Nigeria (CBN) has issued another circular to Bureau De Change operators (BDCs), informing them of the direct sales of US dollars to BDCs at a discounted rate of N1,021 per dollar.
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.
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
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.
For eight years, Lydia Haruna (not real name) worked as a senior manager in the Development Finance Department of the Central Bank of Nigeria (CBN). She won awards for recovering over N16 billion from debtors who took cheap loans from the apex bank to farm crops from cassava to cocoa.
Total bail fees imposed by the courts on Godwin Emefiele, former Central Bank of Nigeria Governor, stand at N370 million, according to Nairametrics checks.
The Central Bank of Nigeria (CBN) has banned the use of foreign currency-denominated collaterals for obtaining naira loans, except under specific conditions.
Rice farmers under the aegis of the Rice Farmers Association of Nigeria (RIFAN) have defaulted on about 52% of a N283.01 billion loan.