MONEY MARKET

The Central Bank of Nigeria (CBN) Thursday resolved to retain the Monetary Policy Rate (MPR), the benchmark interest rate, at 27.50 per cent with the asymmetric corridor of +500/-100 basis points around the MPR. The apex bank, also left all monetary policy tools unchanged, including the Cash Reserve Ratio (CRR)...

The Central Bank of Nigeria has issued a directive to bank directors with non-performing insider-related loans to step down immediately while ordering banks to commence remediation of the loan default of the affected individuals through collateral forfeiture. “Directors with non-performing insider-related facilities are required to step down immediately from the...

The Central Bank of Nigeria (CBN) has warned that it will sanction banks that force customers to withdraw less than N20,000 per transaction from Automated Teller Machines (ATMs) despite having sufficient funds and requesting a higher amount. This was disclosed in a Q&A explainer released by the apex bank following...

The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025. A circular, signed by John Onojah, the acting Director of the Financial Policy and Regulation Department, explained that the revised charges aim to address increasing operational...

The Central Bank of Nigeria (CBN) has rescheduled the 299th meeting of its Monetary Policy Committee (MPC). The apex bank shifted the meeting which was initially scheduled for February 17 and 18 to February 18 and 19. The CBN announced the change in a statement on Monday. The statement read:...

The Central Bank of Nigeria (CBN) has issued new guidelines permitting Bureau de Change (BDC) operators to purchase up to $25,000 weekly from Authorised Dealer Banks (ADBs) to meet retail market demand for eligible invisible transactions. The directive, contained in a circular from the Trade and Exchange Department, also outlines...

CBN extends FX sale period to BDCs THE Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators until May 30. This aims to better serve retail market demands. The apex bank disclosed this in a circular, signed by Dr W....

Representing an N20 increase within a day, the Nigerian naira appreciated against the U.S. dollar in the parallel market on Friday, closing at N1,610/$1. The naira closed at N1,630/$1 on Thursday. The euro also saw a drop, closing at N1,655/€1, marking a 0.91% appreciation of the naira against the European...

...begins final settlement of $7bn FX backlog           The Central Bank of Nigeria (CBN) has called on deposit money banks and all market participants to embrace the principles of the Nigeria Foreign Exchange (FX) Code wholeheartedly, cautioning that any individual or institution that violates the FX...

The Central Bank of Nigeria (CBN) says it will tomorrow, the 28th day of January, 2025, launch the Nigerian foreign exchange (FX) code as a guideline to promote the conduct of authorised dealers in the forex market. CBN In a statement announced that it approved the release of the code,...