The Central Bank of Nigeria (CBN) will review the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria. This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa. In a circular dated April…
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 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 has revealed that the net foreign exchange flows into the country increased to $25.4bn in the first six months of 2024, a 55 percent increase from the recorded figure year-over-year. The naira finished at the same rate that it closed on Wednesday, N1,596, versus the US dollar, indicating that the…
