The Central Bank of Nigeria (CBN) has announced the sale of $20,000 to each eligible Bureau De Change (BDC) operator in the country at the rate of N1,590/$. The central bank stated that the foreign exchange will offer “extra liquidity to this segment of the foreign exchange market” in a circular dated September 25, 2024,…
The Central Bank of Nigeria has further raised its Monetary Policy Rate(MPR) by 50 basis points to 27.25 percent from 26.75 percent “to moderate inflation” at 32.15%. “There is no economic model that portends to take people out of poverty when inflation is accelerating at the level we have seen. There is none. And for…
The Central Bank of Nigeria has clarified the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines For Fiscal Years 2024 – 2025 paper released on Tuesday, September 17, 2024. According to the statement, the apex bank also withdrew the document, adding that this action was taken to reduce the possibility of future misrepresentations or misunderstandings…
This is because food inflation is over 40% and the overall inflation rate is 33.40 percent according to the National Bureau of Statistics (NBS) most recent data. According to the CBN report, the survey, which had a 99.7% response rate, was conducted from July 22 to July 26, 2024. The NBS master sample list, which included 1,665 homes across the 36 federation states and the Federal Capital Territory, was used to determine the sample size. According to the Household Expectations Survey data the CBN made available on its website, many Nigerians plan to reduce their consumption of non-essential commodities over the course of the next three to six months. However, throughout the next six months, they want to spend 54.9% of their income on food.
The ban on banks borrowing through its window, the Standing Lending Facility (SLF), has been lifted by the Central Bank of Nigeria (CBN). In response to the choices reached during the bank’s 296th Monetary Policy Committee (MPC) meeting, the top bank also set the loan rate at 31.75 percent. In a statement dated August 26,…
Remittance inflows have increased significantly, according to the Central Bank of Nigeria (CBN), hitting $553 million in July 2024, a 130% increase from the same period in 2023. The amount was the biggest monthly total inflows on record, according to a statement released on Tuesday by Hakama Sidi Ali, Ag. Director, Corporate Communications at Apex…
A statement signed by its Ag. Director, Corporate Communications, Hakama Ali On Tuesday, said the reports, including the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other macroeconomic indicators, will provide stakeholders with timely and accurate insights into the country’s economic performance. It said, “The reintroduction of these reports, part of…
The Central Bank of Nigeria (CBN) has sold $876.26m to end users whose bids were submitted by some 26 banks. The action aims to support the declining value of the naira, according to a circular issued by the apex bank on Wednesday. The situation coincides with the naira being under pressure from summertime tourists and…
The Central Bank of Nigeria’s most recent statistics shows that for the first five months of this year, the country’s debt service costs totaled approximately N2.2 billion. This represents over half of the $4.8 billion Fitch Ratings estimated for the full year in a report predicting Nigeria’s external debt servicing to increase to $5.2 billion…
