The Central Bank of Nigeria (CBN) says banks facilitating illicit flow of mint naira notes will face N150 million fine per branch. In a circular signed by Solaja Olayemi, the acting director of currency operations department, the CBN expressed concern over…
The Central Bank of Nigeria (CBN) has reassured the public that both the old and redesigned naira notes will continue to serve as legal tender without any deadline. In a statement on Friday, Hakama Sidi Ali, CBN’s acting director of…
The naira on Thursday recovered by N25 on the parallel market also known as black market, following a moderation in demand for dollars. The naira traded at N1,690 per dollar on Thursday compared to N1,715 on Wednesday due to moderate…
…Arrest three suspects Olawale Afolabi The Nigeria Police Force (NPF) has announced the seizure of counterfeit currencies valued at N129 billion in Kano state. In a statement issued on Tuesday, Muyiwa Adejobi, the NPF spokesperson, revealed that three suspects, identified…
Currency traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have warned that forex speculators will resist the rapid appreciation of the naira to cover their losses. They, however, urged the Central Bank of…
The Nigerian naira posted strong gains against the European currency at the parallel market on the weekly spectrum amid ongoing reforms in Nigeria’s foreign exchange market and political uncertainty in Europe. The Euro is losing significant support (N1690/€) against the…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has provided details on the bank’s approach to restoring the true value of the Naira. Speaking at the 59th annual bankers’ dinner organised by the Chartered Institute of Bankers…
The naira slumped further against the dollar at the foreign exchange market to end the week on a negative note. FMDQ data showed that the naira weakened to N1,652.25 per dollar on Friday from N1,645.45 recorded on Thursday, posting a…
The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have announced a partnership and collaboration which aims to increase local currency financing for Nigeria’s priority sectors, addressing a critical gap in funding for key areas such as…
The Naira closed the week stronger on Friday at the official market, trading at N1,600 to the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N1.20. This represents a 0.07 per cent…
