The Central Bank of Nigeria has extended the suspension of cash deposit processing fees until 31 March 2025, from the previous 30 September 2024, deadline. The CBN disclosed this in a letter to banks and other financial institutions in the country signed by its Director of Banking Supervision, Adetona Adedeji, on Friday in Abuja. It also directed the suspension of …

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to stop increasing the monetary policy rate and instead explore a monetary-fiscal option to bring down inflation. In a statement on Thursday, the Director General (DG) of MAN, Segun Ajayi-Kadir, said the recent hike in interest rate to 27.25 per cent would worsen the already …

The stock market, on Thursday, reversed some gains from its previous sessions, indicating a loss of N267 billion from the portfolios of investors. Selloffs in MTN Nigeria, Oando Plc, United Bank For Africa (UBA), Fidelity Bank, FCMB Group, alongside Cadbury and United Capital, amongst other declined stocks, drove the market to a negative terrain. Specifically, the market capitalisation closed at …

In a move aimed at bolstering the foreign exchange market and meeting retail demand for eligible invisible transactions, the Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau De Change (BDC) operators. The Acting Director of the Trade & Exchange Department of the CBN, Dr. W.J. Kanya confirmed that each eligible BDC will receive an …

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent. The monetary policy rate is the baseline interest rate in an economy. Every other interest rate used within an economy is built on the MPR. Addressing journalists at an ongoing press briefing …

The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,645 per dollar on Wednesday. Similarly, the Naira depreciated to N1,544.02 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,544.02 per dollar from N1,539.65 per dollar on Wednesday, indicating N4.37 depreciation for …

The Naira yesterday depreciated to N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,656.49 per dollar from N1,546.51 per dollar last week Friday, indicating N109.98 depreciation for the naira. Meanwhile, Naira appreciated to N1,640 per dollar from N1,660 per dollar last weekend. Consequently, the …

Nigerian banks and discount houses borrowed N3 trillion from the Central Bank of Nigeria (CBN) through the Standing Lending Facility within a week, according to a report by Afrinvest Research. The lenders and discount houses, however, deposited N493.6 billion through the Standing Deposit Facility within the same period. According to the report, the spike in borrowing resulted in a 4.7 …

The domestic bourse, on Thursday, rebounded with N178 billion profit, following gains from Tier-one banks, as well as some large and medium capitalised stocks. Investors’ renewed interest in Guaranty Trust Holding Company (GTCO), FBN Holdings, Access Corporation, Nestle, Transnational Corporation and Oando Plc, among other advanced equities drove the market up. The market capitalisation, having opened at N55.576 trillion, added …

The Central Bank of Nigeria has directed all Payment Service Providers to route all transactions from PoS terminals at merchant and agent locations — physical or electronic — through an approved CBN Payment Terminal Service Aggregator. It also issued a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point of Sale transactions. This move aims to …