CBN reduces banks’ LDR to 50%
The Central Bank of Nigeria has announced a review of the loan-to-deposit ratio (LDR) for banks, from 65 percent to 50 percent to align with the current monetary tightening. LDR is used to assess a bank’s liquidity by comparing its…
Nigeria’s FX reserve dips by $1.02 billion in 18 days on CBN’s naira defence
Nigeria’s foreign exchange (FX) reserve has experienced a sharp decline of about $1.02 billion within 18 days, as the Central Bank of Nigeria (CBN) continues its aggressive defence of the naira. As of April 4, 2024, the FX reserves stood…
CBN sells dollars to BDCs at N1,251/$1
The Central Bank of Nigeria on Monday disclosed that it sold $10,000 to each Bureau De Change operators at a rate of N1,251 per U.S. dollar. The bank disclosed this in a circular addressed to the President of the Association…
CBN raises interest rate by 400 basis points to 22.75% to tackle inflation
On Tuesday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent. CBN governor Yemi Cardoso, who chairs the MPC,…
CBN issues stricter guidelines for BDCs, other FX stakeholders
The Central Bank of Nigeria (CBN) has issued a draft of revised Regulatory and Supervisory Guidelines for all Bureau de Change (BDC) Operators and stakeholders in the financial services industry. The guidelines which seek to enhance the regulatory framework for…
CBN: Foreign oil firms prohibited from 100% repatriation of FX revenue
The Central Bank of Nigeria (CBN) has prohibited International Oil Companies (IOCs) from repatriating all their foreign exchange earnings to their parent companies abroad. Commencing immediately, the policy restricts foreign oil firms from repatriating 50 percent of their proceeds in…
eNaira adoption surges as value in circulation rises 302% to N10bn
The value of eNaira in circulation rose by 302 per cent in nine months to N10.26 billion at the end of September reflecting increased adoption of Africa’s Central Bank Digital currency. It was also gathered that the increased adoption was…
Nigeria Fails To Meet Oil Production Targets In 10yrs
Despite having crude oil in abundance, Nigeria has consistently failed to meet oil production targets as stipulated in national budgets over the last 10 years, according to Daily Trust. The country has, over time, maintained a mono-economy with crude oil sales…
Again, CBN Adjusts Exchange Rate to N1,413.62/$1
Amid stakeholders’ rejection of the N1,356.883 exchange rate, the Central Bank of Nigeria (CBN) on Saturday readjusted the exchange rate on the Customs platform to N1,413.62/$1. This review of the exchange rate came less than 24 hours after the CBN…
BREAKING: Naira falls to record low of N1,515 /$1 at the black market
Naira has fallen to a record low of N1,515 per dollar following strong demand on the parallel market, also known as the black market. This represents 1.32% or N20.00 weaker than N1,495 it traded in the morning today according to…