Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, when the naira was floated, fell to $33.74bn as of …
Read More »Nigeria Attracts $1.4 Billion as Foreign Inflows Increases by 28% in June
Nigeria attracted foreign inflows of $1.41 billion into its currency market in June, the Central Bank of Nigeria, CBN said on Thursday, after it scrapped a multiple exchange rate system that used to keep the naira artificially strong. Nigeria’s central bank lifted restrictions on foreign exchange trading in June and …
Read More »Nigeria Records $952 Million for Foreign Remittances in Six Month – CBN
The total remittances recorded by Nigeria in six months was placed at $952 Million for the first half of the year 2023, the Central Bank of Nigeria has said. The apex bank, CBN disclosed this in its International Payment just released. The half-year 2023 remittances, however, represent a 21% decline compared to …
Read More »High-Risk Jurisdictions: CBN Warns Banks over Russia, Iran, Cameroon Transactions
As a way to protect financial system against problems associated with high-risk jurisdictions, the Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country to be wary of transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic …
Read More »Banks Increase ATM Cash Withdrawal Limit to N200,000 Daily
Months after banks restricted withdrawals on automated teller machines (ATMs), commercial banks in the country are beginning to increase the cash withdrawal limit for customers on a daily basis to N200,000. In an emailed notice to customers yesterday, Zenith Bank said customers can now ‘perform cash withdrawals of up to …
Read More »World Bank Alerts Nigeria, Projects 25% Inflation in Five Months
The World Bank has projected that Nigeria’s inflation may hit 25 per cent in five months as a result of petrol subsidy removal. This projection was contained in the June 2023 edition of the Nigeria Development Update. The World Bank’s projection comes amid the hike in the pump price of …
Read More »NDPB Kicks Against Collection of Customers’ Social Media Handles, Tasks CBN on Data Minimization
The National Commissioner for the Nigeria Data Protection Bureau, Dr Vincent Olatunji has called the attention of the Central Bank of Nigeria to following the principle of data minimization when collecting bank users’ data. Olatunji kicked against the regulation of CBN mandating financial institutions to obtain social media handles, among …
Read More »CBN Lifts Saving, Withdrawal Limit on Domiciliary Accounts
The Central Bank of Nigeria has announced the removal of cash deposit and withdrawal limits on domiciliary accounts. In a statement by the CBN on Sunday, the new regulation allowed domiciliary account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily. Recall …
Read More »CBN Reacts to USSD Disconnection over N120 Billion Debt
The Central Bank of Nigeria, CBN has said that the current dispute between banks and Telcos over non-payment of accumulated Unstructured Supplementary Service Data, USSD debt is due to technical issues regarding the definition of a successful transaction from their perspective. This disclosure contained in a statement issued by the …
Read More »CBN Spends $112m on Debt Servicng in One Month
The Federal Government spent $112.35m on external debt servicing in January 2023. Data from the Central Bank of Nigeria’s Weekly International Payments showed that the amount spent in January was 146.17 per cent higher than the $45.64m spent in December 2022. This occurred as the Federal Government struggled to boost …
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