By Jemimah Wellington, THE NAIRA gained marginal strength against the United States (US) dollar as official figures from the Central Bank of Nigeria (CBN) confirmed an appreciation in value across the foreign exchange market. According to the official trading data released by the CBN on its forex trading portal, the naira closed at N1,421.73 ...
By Jemimah Wellington, JKNewsMedia Correspondent THE CENTRAL Bank of Nigeria (CBN) has warned that careless handling of the naira is raising costs and eroding public confidence in the national currency. During the launch of a nationwide sensitisation campaign in Abuja on Wednesday, the Deputy Governor, Operations Directorate, Bala Bello, caut...
By Jemimah Wellington, JKNewsMedia Correspondent THE CENTRAL Bank of Nigeria (CBN) has announced it will sustain its monetary tightening stance to safeguard stability in the financial system, Governor Olayemi Cardoso has confirmed. Speaking at a fireside chat during the European Business Chamber (Eurocham Nigeria) C-Level Forum, moderated by ...
By Jemimah Wellington, JKNewsMedia Correspondent MODEST GAINS closed August for the Nigerian currency as the Naira advanced against the United States (US) dollar across both the official and parallel markets, supported by improved foreign exchange inflows and a stronger external reserves position. Economic analysts linked the steady performan...
By Jemimah Wellington, JKNewsMedia Correspondent NEW RULES from the Central Bank of Nigeria (CBN) mandate the geo-tagging of every Point of Sale (PoS) terminal in the country within 60 days, with precise GPS coordinates recorded for each active device. In a circular dated 25 August 2025, the regulator directed payment service providers and ba...
By Joke Kujenya FOREIGN EXCHANGE reserves climbed to $41 billion on August 19, setting Nigeria’s strongest position in nearly four years. Data released from the Central Bank of Nigeria (CBN) confirmed the figure as the highest since December 3, 2021. The apex bank’s official report showed an external reserve of $41,001,830,139.96, while net f...
By Ajibola Olaide, JKNewsMedia Correspondent SHARP DECLINES in capital inflows marked the first quarter of 2025, as the Central Bank of Nigeria (CBN) reported a steep drop in both direct and portfolio investments. The contraction signalled growing investor caution and intensified external pressures, triggering widespread pullback across finan...
By JKNewsMedia CONFIRMATION OF full compliance with the country’s new banking capital requirement emerged as Access Bank Plc declared it had exceeded the Central Bank of Nigeria (CBN)’s N500 billion minimum thresholds, making it the first commercial bank with international authorisation to do so. Responding to the CBN’s recent directive halti...
By JKNewsMedia THE CENTRAL Bank of Nigeria (CBN) has strongly refuted misleading publications and social media reports concerning the operations of a regulated financial institution, reaffirming the strength and stability of the Nigerian banking sector. In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi...
By Joke Kujenya CLOSING 2024 with a Balance of Payments (BOP) surplus of $6.83 billion, Nigeria records a dramatic reversal from consecutive deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The Central Bank of Nigeria (CBN) attributed this turnaround to a combination of bold macroeconomic reforms, stronger trade dynamics, and a re...
