Banking and Finance

The Central Bank of Nigeria (CBN), fulfilling its pledge to clear the backlog of foreign exchange owed to foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines. Confirming…

The Central Bank of Nigeria (CBN) has warned all authorised dealers in the foreign exchange market against reporting inaccurate and misleading information on transactions concluded in the financial market. In a circular to all market dealers, the central bank stated that ongoing investigations have revealed…

The Central Bank of Nigeria (CBN) has released US$500 million to various sectors to further address the backlog of verified foreign exchange transactions. This comes barely a week after the apex bank paid approximately $2.0 billion to settle outstanding commitments across manufacturing, aviation,…

The pump prices of Premium Motor Spirit (PMS) petrol will moderate this year as government and private-owned refineries begin operation, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso has said. Cardoso spoke on Wednesday, January 24, 2024 at the launch of the Nigerian…

Nigerians spent $1.58bn on health tourism, foreign education, and other personal matters in six months, data from the Central Bank of Nigeria have revealed. The data from the apex bank’s Balance of Payment compilation spanning the first six months of 2023 showed that…

The Central Bank of Nigeria (CBN) has held a two-day strategic session for members of the Monetary Policy Committee (MPC) meeting, preparatory to their first meeting under the tenure of Mr. Olayemi Cardoso as Governor, scheduled for Monday, February 26 and Tuesday,…

The Central Bank of Nigeria (CBN) says it paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities. The apex bank said it has also cleared up the entire…

Fitch Ratings has placed Union Bank of Nigeria Plc’s (UBN) Issuer Default Ratings (IDRs), Viability Rating (VR) and National Ratings on Rating Watch Negative (RWN). The RWN follows the Central Bank of Nigeria’s (CBN) announcement on 10 January that it had dissolved the…