By Sodiq Adelakun Nigeria’s external reserves experienced a slight uptick of $1.87 million, thanks to the policies implemented by the Central Bank of Nigeria (CBN) aimed at stabilising the foreign exchange market. This marginal increase of 0.005 percent brought the…
An expert, Prof. Akpan Ekpo, has urged the Central Bank of Nigeria (CBN) to prioritize the currency swap agreement with the Peoples Bank of China (PBoC) in order to reduce reliance on the US dollar for trade. Ekpo, a former…
By Sodiq Adelakun In the first three months of 2023, the Federal Government of Nigeria faced a significant fiscal challenge as its expenditure exceeded revenue by N1.43tn, according to data obtained from the Central Bank of Nigeria (CBN). This figure…
In the first quarter (Q1) of 2023, the Nigerian economy experienced a significant boost in foreign exchange (FX) inflows, according to the Central Bank of Nigeria (CBN). The inflows rose by 17.5 percent to $17.18 billion, compared to $14.62 billion…
By Sodiq Adelakun Data released by the Central Bank of Nigeria (CBN) has revealed that the Federal Government of Nigeria spent $1.17 billion to service its foreign debt in the first half of 2023. The report reveals that in January…
The Central Bank of Nigeria (CBN) has made a significant repayment towards the Nigeria-China currency swap agreement, with 5.10 billion Chinese yuan (CNY) already repaid out of the 6 billion utilised. This repayment comes as the agreement is expected to…
By Sodiq Adelakun In a concerning trend, commercial banks and merchant banks in Nigeria have shown an increasing dependence on the Central Bank of Nigeria (CBN) for liquidity. Recent data from the CBN reveals a significant surge in borrowing from…
Despite efforts by the Central Bank of Nigeria (CBN) to bolster the country’s currency, the Naira continues to face a relentless decline, prompting financial experts to emphasise the need for accelerated productivity as the key to strengthening it. Amidst widespread…
The Central Bank of Nigeria (CBN) has berated American Financial Service Institution, JP Morgan, over its recent estimation of the country’s Foreign Exchange (FX) reserves. CBN director of monetary policy department, Hassan Mahmud, who spoke when he featured on Moneyline…
A Central Bank of Nigeria (CBN) licensed International Money Transfer Operator (IMTO), MoMo Payment Service Bank (MoMo PSB) have announced their strategic partnership to facilitate seamless inbound and outbound transfers across Africa, as well as convenient bill payment services. The…
