The Naira yesterday appreciated to N1,660 per dollar in the parallel market from N1,662 per dollar last weekend. The Naira depreciated to N1,550 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), showed that the indicative exchange rate for the naira rose to N1,550 …

The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents. The apex bank disclosed this in a circular issued on Friday, 13 December 2024, signed by the Acting Director of the Currency …

The Central Bank of Nigeria (CBN) has reiterated that all versions of the Naira, including the old and new designs of the N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender indefinitely. In a statement on Friday, CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali debunked …

Only six of the world’s 26 poorest countries are projected to reach middle-income status by 2050, the World Bank said in a new analysis. The rest are likely to remain in poverty unless they significantly boost their economic growth rates. The findings, part of the World Bank’s forthcoming “Global Economic Prospects” report to be published on Jan. 14, 2025, highlighted …

Polaris Bank has achieved yet another milestone by emerging as the Sectoral winner in the Banking and Other Financial Institutions Sector category at the 2024 NECA Annual Employers’ Excellence Awards. The Bank received the sectoral recognition for its innovative HR practice at the NECA’s Excellence Awards, (the 4th edition) which held recently at the Balmoral Convention Centre, Ikeja. The recognition …

The House of Representatives on Tuesday expressed concern over the ongoing cash crunch in commercial banks across the country, calling on the Central Bank of Nigeria (CBN) to address the situation which has disrupted economic activities and caused significant hardship to citizens. This followed a motion of urgent public importance moved by Hon. Uguru Emmanuel. Moving the motion, Emmanuel highlighted …

The Naira today depreciated to N1,585 per dollar in the parallel market from N1,550 per dollar on Monday. However, the Naira appreciated to N1,525 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), showed that the indicative exchange rate for the naira fell to …

The Naira today appreciated to N1,550 per dollar in the parallel market from N1,555 per dollar last weekend. The Naira depreciated marginally to N1,538 per dollar in the official foreign exchange market after recording steady appreciation last week. Data from the Daily Nigerian Foreign Exchange Market (NAFEM) published by the Central Bank of Nigeria (CBN), showed that the indicative exchange …

The Central Bank of Nigeria’s (CBN) electronic payment statistics have shown that, between January and June 2024, 252.06 million transactions, which amounted to N2.19 trillion, were carried out via Unstructured Supplementary Service Data (USSD) codes. This is a significant milestone compared to the full-year data for 2023, which showed that N4.84 trillion was transacted via USSD codes across 630.6 million …

Vice President Kashim Shettima has called on the Central Bank of Nigeria (CBN) and commercial banks to urgently address the growing concerns surrounding high and arbitrary charges imposed by Point-of-Sale (PoS) operators, which he described as an impediment to financial inclusion in Nigeria. Represented by the Special Adviser to the President on Economic matters, Dr Tope Fasua, the Shettima said …