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The Central Bank of Nigeria has kept its benchmark interest rate unchanged at 26.5 per cent following its latest Monetary Policy Committee meeting in Abuja. Central Bank Governor Olayemi Cardoso announced the unanimous hold decision on Tuesday after evaluating lingering domestic risks and global geopolitical market shocks. The apex bank prioritised exchange rate stability and…
Nigeria’s net foreign exchange reserves have surged to approximately forty billion dollars as ongoing monetary reforms begin to yield fruits. Central Bank Governor Olayemi Cardoso announced the milestone at the BusinessDay CEO Forum in Lagos. The dramatic recovery marks a massive rebound from the critically low three billion dollars recorded at the start of his…
The Nigerian Naira held steady against the American Dollar on Thursday, reflecting a brief moment of calm in the country’s foreign exchange market. Data from the official trading portal showed the local currency traded at an average rate of 1,376.50 Naira to one Dollar. This minor gain followed Wednesday’s closing rate of 1,383.50 Naira at…
The naira eased further against the United States dollar on Tuesday, closing weaker in both the parallel and official windows as sustained demand for foreign currency continued to test the relative calm that has defined Nigeria’s foreign exchange market for much of 2026. At the parallel market, the currency weakened to N1,405 per…
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, deepening a regulatory purge that has now shut down more than 200 community lenders in three years. The apex bank announced the decision in a statement issued on Wednesday and signed by its Acting Director of Corporate…
Nigeria’s economy remained firmly cash-driven in May 2026, as the volume of money circulating outside the banking system rose to N5.19 trillion, exposing the limits of the Central Bank of Nigeria’s years-long campaign to wean the country off physical cash. Latest money and credit statistics from the CBN showed that currency outside banks…
More than nine out of every ten naira in circulation remains outside the formal banking system despite aggressive digital payment initiatives. The latest Money and Credit Statistics released by the Central Bank of Nigeria revealed that cash held outside banks climbed to N5.19tn in May. This figure marks a steady increase from the N5.08tn recorded…
The naira opened the week on solid footing, trading at around ₦1,363.41 to the United States dollar at the official window on Monday, June 22, 2026, as the gap between the formal and street markets stayed unusually slim. The figure, drawn from the Nigerian Foreign Exchange Market, reflects the volume-weighted average that the Central…
Nigeria’s gross external reserves climbed to a major high of $51 billion, expanding the state’s financial firepower to defend the local currency. Data published by the Central Bank of Nigeria shows a massive $13.3 billion accretion over the past 12 months. This substantial fiscal cushion marks a complete turnaround from the severe depletion recorded during…
The naira weakened to N1,410 against the United States dollar in the parallel market on Thursday, easing from N1,405 a day earlier, as renewed demand pressure pushed the currency lower across both segments of Nigeria’s foreign exchange market. At the official window, the currency also lost ground. Data from the Central Bank of Nigeria…
