By Seun Ibiyemi Nigeria spent a total of $5.21 billion on servicing external debt in 2025, accounting for more than 72 per cent of the country’s total international payments, according to data released by the Central Bank of Nigeria (CBN). Figures published on the apex bank’s website show that external debt service payments rose from…
By Seun Ibiyemi The Nigerian naira appreciated further at the official foreign exchange market on Wednesday, closing at N1,376.19 to the United States dollar, according to data released by the Central Bank of Nigeria (CBN). Figures published on the CBN’s website showed that the local currency gained N25.20 against the dollar at the Nigerian Autonomous…
By Seun Ibiyemi President Bola Ahmed Tinubu has approved the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), subject to confirmation by the Senate. The appointment, announced on Wednesday, was made in line with Section 8(1) of the Central Bank of Nigeria Act, 2007. Yuguda’s nomination follows the…
By Seun Ibiyemi Amid rising financial crime concerns, the Central Bank of Nigeria has introduced new technology-driven regulations requiring banks and other financial institutions to deploy automated anti-money laundering (AML) systems to strengthen the detection of suspicious financial transactions across the country. The directive was contained in a circular issued on March 10, 2026, to…
By Seun Ibiyemi The Nigerian currency, the Nigerian Naira, recorded a mixed performance on Tuesday as it strengthened slightly in the official market while remaining under pressure in the parallel market amid sustained demand for foreign exchange. Data from the Nigerian Foreign Exchange Market showed that the naira opened trading at about ₦1,398.24 per dollar…
By Seun Ibiyemi The Nigerian currency, the Nigerian naira, recorded mixed performance against the United States dollar in trading on Monday as foreign exchange market volatility persisted. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira traded around ₦1,391 per dollar during Monday’s session, reflecting slight movements as traders adjusted positions in…
By Seun Ibiyemi Nigeria’s currency, the naira, recorded a mixed performance across foreign exchange markets in the week ended March 7, 2026, appreciating slightly at the official window while trading relatively stable in the parallel market. At the official market monitored by the Central Bank of Nigeria, the naira closed the week around ₦1,363 per…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) says 30 banks have met the new minimum capital requirements introduced under its banking sector recapitalisation programme as the March 31 deadline approaches. The Acting Director of Corporate Communications at the apex bank, Hakama Sidi-Ali, disclosed this in a statement issued on Friday in Abuja. According…
By Seun Ibiyemi Nigeria’s currency, the Nigerian naira, recorded mixed performance against the United States dollar on Friday as trading closed with slight fluctuations across the official and parallel foreign exchange markets. At the official market, the naira traded around ₦1,385 to the dollar at the Nigerian Foreign Exchange Market, reflecting mild depreciation compared with…
By Seun Ibiyemi The Nigerian naira recorded a mixed performance against the United States dollar on Thursday as the foreign exchange market continued to respond to fluctuating liquidity and sustained demand for foreign currency. At the official window of the Nigerian Foreign Exchange Market (NFEM), the naira weakened slightly, closing at about ₦1,387.45 per dollar,…
