The naira recorded a significant drop against the dollar weekly, from March 28 to April 4, 2025 amid United States of America President Donald Trump’s administration tariffs announcement. The Central Bank of Nigeria’s exchange data in the period under review showed that the naira weakened by N30 per dollar week-on-week. Daily Nigerian Foreign Exchange at … Continue reading Naira records slumps against dollar week-on-week amid Trump’s tariffs
Following a motion of urgent public importance, the House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria. The motion moved by a member, Marcus Onobun, drew the attention of … Continue reading Reps urge CBN to suspend ATM withdrawal charge hike
The Senate Ad-hoc Committee Investigating Ways and Means has slammed the Central Bank of Nigeria, CBN, for frustrating its investigation into the N30 trillion facility provided to the last administration from 2015 to 2023. The chairman of the ad-hoc committee, Senator Jibrin Isah Echoch, made the accusation after receiving an interim report from consultants commissioned … Continue reading Senate accuses CBN of frustrating N30tn ‘Ways and Means’ probe
Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians. This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November. The report showed that the country’s headline or all-items inflation increased by 0.72 percent on … Continue reading Nigeria’s inflation increased above 34% in November 2024
A member of the House of Representatives for Yagba Federal Constituency, Hon Leke Abejide, on Wednesday described President Bola Tinubu as the messiah Nigeria needs. Abejide, who was a guest on Channels Television’s Politics Today, expressed confidence in Tinubu’s administration to turn around the nation’s fortunes. “By the time we get to 2026, they will see … Continue reading House of Reps member says Tinubu is Nigeria’s messiah
There are indications that the Central Bank of Nigeria (CBN) may retire about 1,000 of its employees by December 31, 2024. This is according to a recent report by Daily Trust, which states that the exercise will cost the apex bank N50 billion. The CBN, led by Olayemi Cardoso, described the move as a strategic … Continue reading CBN to cut 1,000 jobs, offer 50bn payoff plan
The Governor, Central Bank of Nigeria, CBN, Mr Olayemi Cardoso, has said that the apex bank under him took the bold step of floating the Naira in the foreign exchange market in order to bring the official exchange rate closer to market reality. About three CBN Governors before Cardoso had toyed with the floatation option when … Continue reading Why CBN floated Nigeria’s naira
The Central Bank of Nigeria, CBN, has sold the sum of USD122,671,000.00 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market. A statement signed by the Bank’s Director in charge of Financial Markets, Dr Omolara Duke, disclosed that USD 67,500,000.00, sixty-seven million, five hundred thousand … Continue reading CBN sells $122.671m to 46 authorised dealers
The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions. The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the … Continue reading Why CBN ended plan to issue cybersecurity levy
Nigerians are holding onto cash at an unprecedented rate with a staggering 94 percent of the currency outside the banking system. This Central Bank of Nigeria (CBN) stated this in its March 2024 Money and Statistics data. The figures paint a concerning picture of declining trust in the banking system and potential risks to the … Continue reading Nigerians hoarding 94% cash – CBN Report
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