Naira Hits Strongest Level Yet at ₦1,452/$ as FX Inflows Boost Market Confidence
The naira on Monday appreciated to a record high of ₦1,452.79 per dollar at the official foreign exchange market — its strongest performance since the Central Bank of Nigeria (CBN) launched the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. This represents a 14.34 percent gain, or ₦208.33, from the ₦1,661.12 recorded when EFEMS […]
CBN Launches Updated Rulebook for Agent Banking Services
The Central Bank of Nigeria (CBN) has introduced a comprehensive and updated set of regulations governing agent banking operations nationwide. Effective April 1, 2026, this new framework supersedes all prior CBN circulars and guidelines concerning agent banking. The primary goals of this overhaul are to: establish and enforce minimum operational standards for the sector, enhance […]
Nigeria’s Current Account Rises to $5.28bn in Q2 as Reserves Reach Six-Year High
The Central Bank of Nigeria (CBN) has announced that the nation’s current account surplus climbed to $5.28 billion in the second quarter of 2025. This information was detailed in a ‘Frequently Asked Questions’ document released on its official website. The regulator indicated that this substantial rise is evidence of a more robust external sector and […]
Naira Hits N1,493/$ After CBN Rate Hold
The Nigerian naira weakened sharply against the US dollar on Tuesday, September 23, 2025, trading at N1,493 per dollar. This marked a 0.27% drop from the previous day’s rate of N1,489/$ at the Investors and Exporters (I&E) window. The decline followed the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting, which ended on […]
Naira Gains 0.7%, Ends Week Strong
The Naira closed the trading week on September 19, 2025, with a 0.7% gain against the U.S. Dollar at the official Investors and Exporters Window, supervised by the Central Bank of Nigeria (CBN). The currency appreciated to N1,487.89 per Dollar, up N11.08 from Thursday’s rate of N1,498.97, offering a hopeful sign for Nigeria’s economy after […]
CBN Governor Warns Against Naira Abuse, Lists Reforms
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to Nigerians against the abuse of the nation’s currency, reiterating that practices such as spraying, hawking, and mutilation of the naira remain strictly prohibited. The warning, delivered on Thursday, September 18, 2025, at a CBN Fair in Kaduna, underscored […]
Central Bank Targets Cybercrime, AI Risks With Fresh Compliance Division
The Central Bank of Nigeria (CBN) has created a new compliance department as part of its reforms to improve supervision in the country’s financial system. In a circular released on Thursday, the apex bank said the unit was established in the first quarter of 2025 and became fully operational in the second quarter. According to […]
Naira Hits Six-Month High at N1,514.86/$ as FX Liquidity, Reserves Improve
The naira strengthened to a six-month high of N1,514.86 per US dollar at the official foreign exchange (FX) market on Thursday, buoyed by rising market liquidity, improved FX inflows, and robust external reserves. This marks the highest level the local currency has traded since March 6, 2025, when it appreciated to N1,512.30 per dollar, according […]
Nigerian Association of Nigerian Travel Agencies Slams Foreign Airlines Over Dollarisation Of Airfares
The National Association of Nigerian Travel Agencies (NANTA) has intensified its criticism of foreign airlines selling tickets in US dollars within Nigeria, framing the practice as not only economically damaging but also a violation of national sovereignty. NANTA President Yinka Folari’s remarks highlight several key concerns. Folarin argues that dollar-denominated ticket sales undermine Nigeria’s monetary […]
CBEX Collapse: Senate Launches Investigation into Rampant Ponzi Schemes
The Senate has initiated a comprehensive investigation into the alarming proliferation of Ponzi schemes across the country. This decision comes in the wake of the reported collapse of the Crypto Bullion Exchange (CBEX), which is alleged to have defrauded investors of over ₦1.3 trillion. The move was prompted by a motion introduced by Senator Adetokunbo […]
Rising Input Costs Sparks CBN’s Inflation Warning
The Central Bank of Nigeria (CBN) has raised concerns over a possible spike in inflation as businesses struggle with soaring production costs. While companies have so far absorbed these expenses rather than raising prices for consumers, the CBN warns that this trend may soon reverse, leading to higher inflation that could strain household budgets. This […]
Rivers State Government Hails Appeal Court Judgment on Fund Release
The Rivers State Government is celebrating a major victory after the Appeal Court overturned a Federal High Court verdict that had blocked the Central Bank of Nigeria (CBN) and the Accountant General of the Federation from releasing funds to the state. The Appeal Court’s Abuja division made the ruling on Friday, reversing the earlier judgment […]