Nigeria’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. According to a statement from the Central Bank of Nigeria (CBN), the increase in reserves reflects…
The naira appreciated by 0.16 percent to 1530.52/$ from 1532.93/$ in the previous trading session on the Nigerian Foreign Exchange Market at the close of trading on Wednesday. Data from the Central Bank of Nigeria showed that the naira traded at a high of 1545/$ and a low of 1500/$, which was lower than Tuesday’s…
The Central Bank of Nigeria (CBN) has urged the Federal High Court Abuja to dismiss a forfeiture case brought by the Economic and Financial Crimes Commission (EFCC) against a N2.7 billion property (located at Plot 781, Cadastral Zone 001, Karmo District) used as collateral to secure a loan from the apex bank through the Nigeria…
The number of dormant bank accounts in Nigeria is over 19.69 million, according to the industry customer account database released by the Nigeria Inter-Bank Settlement System. The data, which tracks monthly account statuses throughout 2024, indicates a steady rise in inactive accounts, coinciding with new regulatory measures by the Central Bank of Nigeria requiring commercial…
The Central Bank of Nigeria (CBN) has announced the removal of the three free monthly ATM withdrawals previously available to customers using other banks’ ATMs. Effective March 1, 2025, customers will now be charged for each withdrawal made from an ATM not owned by their bank. This change impacts the charges outlined in Section 10.7…
Nigeria’s Safety Investigation Bureau (NSIB) says the Allied Air Boeing 737-400 Freighter that crash-landed at Nnamdi Azikiwe International Airport on December 11, 2024 was scheduled to collect cargo for the Central Bank of Nigeria. The bureau stated this in a preliminary report released on Saturday, about two months after it commenced an investigation into the…
The Governor of the Central Bank, Olayemi Cardoso has announced that forensic verification to clear all pending foreign exchange backlogs is now completed and payments will commence soon. During the launch of the foreign exchange code, Cardoso lamented how it took the bank over twelve months to clear the $7 billion foreign exchange backlog in…
The Central Bank of Nigeria (CBN) on Wednesday said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025. The FX code serves as a guideline to the banking industry to promote ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market…
The Central Bank of Nigeria (CBN) has suspended approvals for the extension of export proceeds repatriation on behalf of exporters. This directive, issued through a circular dated January 8, 2025, takes immediate effect. The suspension applies to both oil and non-oil export transactions. According to the apex bank, the move aims to enforce compliance with…
Disengaged staff members of the Central Bank of Nigeria, who were laid off in a mass termination last year, have taken the apex bank before the National Industrial Court of Nigeria in Abuja. In an originating summons filed on July 4, 2024, under the NICN Civil Procedure Rules 2017 and obtained by our correspondent on…
