The Central Bank of Nigeria (CBN) released $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1, as of 30 June 2024) to Nigerians for the importation of food items in the second quarter of 2024. The amount is a reduction of $142.48 million or 20.6 per cent from $689.88 million recorded in the first three months of 2024 …

The Naira yesterday depreciated to N1,710 per dollar in the parallel market from N1,690 per dollar on Wednesday. Similarly, the Naira depreciated to N1,660.49 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,660.49 per dollar from N1,659.69 per dollar on Wednesday, indicating 80 kobo depreciation …

The value of the naira depreciated at the unofficial market on Wednesday as it traded at 1,705/dollar, according to Bureau De Change (BDC) operators in Lagos and Abuja. A BDC operator in Lagos, Aliyu Sani, told The PUNCH that he sold dollars for N1705, and bought at 1,695/$. In Abuja, the rate was lower at N1,700. A currency trader, Suraju …

The Central Bank of Nigeria (CBN) facilitated the remittance of approximately $600 million through International Money Transfer Operators (IMTOs) in one year, the apex bank Governor, Olayemi Cardoso broke the news yesterday. He spoke at a ‘fireside’ event at the ongoing Nigeria Economic Summit (NES30), organized by the Nigeria Economic Summit Group (NESG). Policymakers, economists, and industry stakeholders were in …

The Naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024. This is according to the latest edition of Africa’s Pulse, a new report by the World Bank. As of the end of August 2024, the Naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr …

The Central Bank of Nigeria (CBN) has urged banks in the country to make significant investments in cybersecurity to safeguard depositors’ savings from hackers. Dr. Adetona Adedeji, Acting Director of Banking Supervision, made this call during a panel discussion on “Fiscal and Monetary Policy Reforms: Removing Barriers to Private Sector Investment” at the ongoing Nigeria Economic Summit in Abuja. He …

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasised the untapped potential of the capital market in addressing Nigeria’s significant infrastructure deficit. Agama pointed out that the capital market, which has played a key role in mobilizing funds for various sectors of the economy, can similarly be leveraged to finance the country’s infrastructure needs, …

The Federal Government has generated N103.7 billion in revenue from the Electronic Money Transfer (EMT) Levies in the first half of 2024. According to data from the Central Bank of Nigeria’s (CBN) statistical bulletin, this represents a 7.55 per cent increase compared to the N96.44 billion collected during the same period in 2023 of last year. This figure shows the …

The Naira today appreciated to N1,690 per dollar in the parallel market from N1,670 per dollar on Thursday. Similarly, the Naira depreciated to N1,641.27 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,641.27 per dollar from N1,622.57 per dollar on Thursday, indicating N18.7 depreciation for …

A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one. According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for …