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Commercial banks operating within the country will now face a 100 million Naira penalty for breaching foreign exchange operational guidelines. The Central Bank of Nigeria announced a strict disciplinary framework to curb speculative trading and stabilise the local currency. Financial institutions that fail to report accurate transaction data or facilitate unauthorized currency transfers will face…
The Nigerian naira maintained relative stability against the United States dollar on Thursday, June 4, 2026, trading within a tight band across both the official and parallel foreign exchange windows as market reforms continued to anchor price discovery. At the Nigerian Foreign Exchange Market (NFEM), the naira was quoted at approximately N1,373.25 per dollar,…
The Nigerian naira lost its recent momentum on the parallel market, dipping to N1,398 against the United States dollar. Bureau de Change operators across major street markets reported the slide following a fresh surge in corporate and retail foreign exchange demand. The minor depreciation halts a brief period of appreciation that had pulled the local…
The Central Bank of Nigeria has abolished pandemic-era restrictions on personal domiciliary accounts following a notable improvement in foreign exchange liquidity. Under the new directive, individual account holders can now deposit and withdraw foreign currency freely without the rigid caps imposed during the global health crisis. The policy reversal signals growing confidence within the apex…
The Nigerian naira gained notable ground against the United States dollar on the parallel market to close at N1,385. Street traders in Lagos and Abuja quoted the rate following a sustained increase in dollar supply across major trading hubs. This appreciation represents a significant recovery from previous lows, where the local currency faced immense speculative…
Nigerian Exchange Group has urged the Central Bank of Nigeria to integrate capital market development directly into its monetary policy framework. Temi Popoola, the chief executive officer of the group, argued that monetary decisions must treat the capital market as a macroeconomic necessity. He noted that the central bank cannot achieve its policy goals without…
The Nigerian naira appreciated slightly against the United States dollar on Monday morning to open the trading week on a positive note. Data from the official foreign exchange market showed the local currency strengthened to 1,370.98 naira per dollar. This subtle gain marks a recovery from the sharper swings observed late last month. Local currency…
The Nigerian Naira maintained relative stability against the United States Dollar during early morning trading across both official and parallel markets. Financial market data on Tuesday showed the local currency trading near N1,370.94 per dollar at the official window. Bureau de Change operators in Lagos and Abuja reported similar tight trading spreads, indicating a temporary…
Foreign capital importation into Nigeria jumped by 182 per cent month-on-month to reach $3.37bn in January. The Central Bank of Nigeria disclosed the sharp increase in its latest monthly economic report, contrasting the data with the $1.25bn recorded last December. Aggressive monetary tightening and attractive local yields motivated the sudden influx of international cash. However,…
Nigeria’s Central Bank has opted to hold its benchmark lending rate steady at 26.5 per cent, resisting pressure from a fresh uptick in inflation and global economic uncertainty that analysts say tilted the policy balance firmly toward caution. CBN Governor Olayemi Cardoso announced the decision on Wednesday at the conclusion of the 305th meeting of…
