Currency Outside Nigerian Banks Drops to N3.66 Trillion in July, Largest Decline of 2024
The amount of currency circulating outside Nigeria's banking system experienced a significant drop in July 2024, decreasing to N3.66 trillion. ...
Tag: CBN
Naira Nears N1,600/$1 as Daily Forex Turnover Hits 2024 Low
The Nigerian foreign exchange market is experiencing a significant downturn, with the average daily forex turnover hitting its lowest point ...
Nigeria’s Capital Outflows Surge to $1 Billion in April 2024, Driven by Capital Reversals
In April 2024, Nigeria experienced a notable surge in capital outflows, reaching a total of $1 billion, marking a significant ...
Nigeria’s FX Turnover Hits $7.4 Billion in July, Reflecting Increased Trading Activity
Nigeria's foreign exchange (FX) market experienced a significant boost in trading activity in July 2024, with a turnover of N11.48 ...
CBN Adjusts Customs Duty Exchange Rate, Reduces Costs for Importers
The Central Bank of Nigeria (CBN) has implemented a new exchange rate for calculating customs duties, offering relief to importers ...
Naira Rebounds in Official Market but Struggles in Parallel Market
The Nigerian naira made a notable recovery in the official market on Wednesday, August 21, 2024, after a sharp depreciation ...
Inconsistent Dollar Supply by CBN Hinders Naira Recovery, Say BDC Operators
Currency traders have blamed the persistent depreciation of the naira and the volatility in Nigeria's foreign exchange (FX) market on ...
FX Turnover Drops by 21% in Early August Amid CBN’s Retail Dutch Auction
The Nigerian foreign exchange (FX) market witnessed a significant downturn in turnover during the first two weeks of August 2024, ...
CBN Governor Praises IFRS Adoption for Boosting Nigeria’s Banking Sector Growth
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the significant growth in Nigeria’s banking ...
Fitch Downgrades Union Bank’s Credit Rating Amid Capital Adequacy Concerns
Fitch Ratings has downgraded the long-term issuer default ratings (IDR) of Union Bank of Nigeria, citing concerns over the bank's ...
