The Central Bank of Nigeria (CBN) has quashed rumors circulating in the media about plans to convert $30 billion domiciliary deposits to naira. This clarification comes in the wake of speculations suggesting that such a move was being considered to stabilize Nigeria’s currency, which recently experienced its worst performance in […]
The Central Bank of Nigeria (CBN) has announced the completion of settlement of foreign exchange (FX) owed to all foreign airlines operating in the country. The apex bank said the final tranche of $64.44 million brings the total disbursements to airlines to $136.73 million, thereby clearing all verified claims within […]
The central bank of Nigeria have announced that 92% of the currency in circulation (CIC) is outside the banking system as of November 2023. According to the apex bank, this surge is marking a notable rise from the 86% recorded in October 2022, just before the CBN’s naira redesign policy […]
The Central Bank of Nigeria (CBN) has announced the approval of the Africa Stablecoin Consortium (ASC) to pilot the cNGN stablecoin in its regulatory sandbox. The new stablecoin, a compliant Nigeria Naira (cNGN), is set to be launched on February 27, 2024. The ASC is a collaboration of Nigerian banks […]
In a bid to combat the naira’s ongoing decline, the Nigerian House of Representatives has proposed adopting the Chinese Yuan (CNY) as an official foreign exchange reserve currency. This proposal, if implemented, would mark a significant shift in Nigeria’s currency strategy and potentially strengthen ties with China. The motion, championed […]
The Supreme Court has today ruled that both the old and the new naira notes of N200, N500 and N1,000 will remain valid legal tenders until further notice. This was announced in a ruling by a seven-man panel led by Justice Inyang Okoro where the apex court ordered the old […]
Former Central Bank of Nigeria (CBN) Governor, Emefiele, embroiled in a procurement fraud trial, has secured bail amounting to N300 million from a Federal Capital Territory High Court in Abuja. Justice Hamza Muazu, in his ruling, mandated sureties to possess Certificates of Occupancy and titles within Abuja’s Maitama District. Emefiele […]
The Central Bank of Nigeria (CBN) has cleared matured foreign exchange (FX) forwards for select banks. This means that the banks have been paid the naira equivalent of the matured FX contracts. The CBN began clearing matured FX forwards in July 2023. This was in response to a backlog of […]
