Abuja – The Central Bank of Nigeria (CBN) has announced that foreign trade payments through Letters of Credit (LCs) rose to $267.96 million, reflecting a 4.4 percent increase compared to the same period last year. The increase signals growing confidence in Nigeria’s external trade sector, supported by improvements in foreign reserves and ongoing economic reforms.
In a notable gesture aimed at boosting emergency response capacity in Bauchi State, the Central Bank of Nigeria (CBN) has donated a motorised fire caddy to the Federal Fire Service (FFS) as part of its corporate social responsibility initiatives. The donation was officially handed over on Tuesday by the Controller of CBN Bauchi Branch, Mr.
The Organised Private Sector of Nigeria (OPSN) has criticised the Central Bank of Nigeria’s decision to maintain the Monetary Policy Rate (MPR) at 27.5 per cent, warning that the current interest rate environment continues to stifle business growth and investment across sectors. The CBN Governor, Mr. Olayemi Cardoso, announced the policy stance during a press
In a landmark move aimed at deepening financial inclusion and reconnecting the Nigerian diaspora with the country’s financial system, the Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has officially unveiled the Non-Resident Bank Verification Number (NRBVN), a secure digital platform that enables Nigerians living abroad to obtain a
The Central Bank of Nigeria (CBN) has officially announced the 300th meeting of its Monetary Policy Committee (MPC), scheduled to hold at the CBN Headquarters, Abuja. The landmark meeting comes at a critical time for Nigeria’s economy as policymakers weigh options to stabilize inflation, manage exchange rate volatility, and sustain recent macroeconomic reforms. According to
The Central Bank of Nigeria (CBN) has announced new measures aimed at simplifying documentation requirements for transactions conducted through the Pan-African Payment and Settlement System (PAPSS). In a circular issued on Monday, April 28, 2025, the apex bank disclosed that individuals making PAPSS transactions up to $2,000 and corporate entities up to $5,000 will now
The Central Bank of Nigeria (CBN) has issued a stern directive to banks, payment service providers, and fintech operators across the country, mandating them to reinforce their sanctions compliance frameworks or risk facing stiff regulatory actions. The directive, contained in a circular dated April 17, 2025, was signed by Amonia Opusunju on behalf of the
In a bid to stabilize the foreign exchange (FX) market, the Central Bank of Nigeria (CBN) on Friday, April 4, 2025, injected a substantial $197.71 million into the market. This move, aimed at ensuring sufficient liquidity and maintaining smooth market operations, underscores the CBN’s commitment to fostering a stable and transparent FX environment. Dr. Omolara
