The Central Bank of Nigeria (CBN) Monetary Policy Committee has raised the interest rate by 50 basis points from 26.25% to 26.75%. The Governor of the CBN, Mr. Olayemi Cardoso, announced this at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC also pegged the Cash Reserve Ratio (CRR) for…
Fuel pump •NNPC mum as dealers insist government still paying subsidy, Reps probe crude shortage •Dangote eyes foreign markets for refinery products, FG meets Kyari, Dangote over dispute With a landing cost of N1,117 per litre for Premium Motor Spirit, popularly called petrol, the monthly subsidy on the commodity has increased to about N707bn, oil…
Nigeria foreign exchange reserve has increased to $35.93bn as of July 18 despite predictions of a slump. This represents a gain of $160 from the previous day’s figure of $35.77bn. The country’s foreign exchange reserves had been steadily increasing over the past two weeks, with a cumulative gain of over $1.2bn. As of July 18,…
The Central Bank of Nigeria (CBN) has announced the approval of the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. In a circular signed by A. A Mahdi, the Acting Director of Trade and Exchange at the CBN, it was disclosed that the sum of $20,000 is to…
The Federal Government has announced the suspension of duties, tariffs, and taxes on some essential food items imported through land and sea borders. The Minister of Agriculture and Food Security, Abubakar Kyari, made this known during a press briefing at the National Press Centre, Abuja on Monday. Kyari disclosed that the listed food items, which…
 A cross-section of residents of the  Federal Capital Territory (FCT), says they can no longer fend for their families due to the rising cost of foodstuff. The residents, who spoke in separate interviews with the News Agency of Nigeria (NAN) on Friday in Abuja, said that eating beans and yam have become a luxury due…
FILE: NLC protest By Adetutu Sobowale Some unions have shut their workplaces to comply with the directive of the two labour unions to embark on an indefinite nationwide strike. On Friday, the organised labour announced that they will be commencing a nationwide indefinite strike due to the refusal of the Federal Government to increase the…
CBN Governor, Dr. Olayemi Cardoso The Central Bank of Nigeria has directed banks to stop charges on cash deposits until September 30, 2024. The apex bank disclosed this in a circular dated May 6, 2024, signed by its Director of Banking Supervision, Adetona Adedeji. Customers of some of the Deposit Money Banks raised concerns that…
The Central Bank of Nigeria on Monday stepped up its fight to boost foreign exchange liquidity in the economy with a new circular mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans within 90 days. The development happened as the naira rose against the greenback at both the…
The Central Bank of Nigeria has again announced the sales of dollars to Bureau De Change operators. It disclosed this in a circular uploaded to its website on Monday. The apex bank said it is set to sell $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more…
