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  • Despite massive hunger, CBN reintroduces Cybercrime Levy in new guideline

    Despite massive hunger, CBN reintroduces Cybercrime Levy in new guideline

    Despite massive hunger that’s ravaging Nigerians, the Central Bank of Nigeria (CBN) has announced that it will continue enforcing the controversial cybercrime levy at 0.005% on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.

    This levy, which has ignited debate among Nigerians, is mandated by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aimed at bolstering the nation’s cyber security infrastructure.

    The percentage has been reduced from 0.5% earlier announced in May 2024 to 0.005% in the new guidelines.

    In the recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document, the CBN reaffirmed its commitment to this charge, requiring banks and other financial institutions to deduct the levy from all electronic transactions.

    The revenue generated from this levy is directed towards a cybersecurity fund, intended to support measures that safeguard Nigeria’s banking system from the growing threat of cyberattacks.

     

    The document read: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”

    CBN restates minimum cybersecurity baseline for banks, financial institutions
    The guidelines also reaffirm the CBN’s broader commitment to ensuring that banks, Other Financial Institutions (OFIs), and Payment Service Providers (PSPs) adhere to minimum cybersecurity standards.

    These include the appointment of Chief Information Security Officers (CISOs) to oversee cybersecurity issues in compliance with the 2022 risk-based cybersecurity framework.

    The document read: “Pursuant to the circular titled ‘Issuance of Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providers’ referenced BSD/DIR/GEN/LAB/11/25, and dated October 10, 2018, issued by the CBN to combat the increasing cyber security threat in the banking industry, banks and Payment Service Providers (PSPs) are mandated to adhere to the guidelines on the risk-based cyber security framework.

    “Similarly, another framework titled ‘Issuance of Risk-based Cybersecurity Framework and Guidelines for Other Financial Institutions (OFIs)’, referenced OFI/DOA/CON/ACT/004/155, was issued on June 29, 2022. The guidelines specified the minimum cyber security baseline to be implemented by banks, OFIs and PSPs, and mandated the appointment of a Chief Information Security Officer (CISO) to oversee cyber security issues.”

     

    Recall that in May this year, the Central Bank of Nigeria (CBN) ordered banks to enact the process of deduction of cyber security levy to be administered by the office of the National Security Adviser (NSA).

    The apex banks warned that the penalty for defaulting is as prescribed in the amended Cyber Crime Prohibition and Prevention Act which is liable to a fine amounting to no less than 2% of the turnover of the defaulting business and others.

    The introduction of the levy drew the ire of Nigerians who complained that the timing was wrong and added additional costs to businesses operating in the country.

     

    The CBN also withdrew its circular mandating banks and payment service providers to collect and remit the cybersecurity levy as proposed in the Cybercrime Prevention and Prohibition Amendment Act of 2024.

    The withdrawal follows the decision of the Federal Executive Council to suspend the implementation of the provisions of the law citing the need to conduct further reviews.

  • See how fraudsters swept N43bn from Nigerian banks in 91 days

    See how fraudsters swept N43bn from Nigerian banks in 91 days

    The Financial Institutions Training Centre (FITC) has revealed that a whopping N42.6 billion was lost to frauds within the second quarter, (April -June) of 2024.

    The FITC, in its Q2 2024 Fraud and Forgeries report just released, noted that the development is worrisome.

    With the staggering increase in losses to fraud, the Centre advised the banks to enhance their monitoring and auditing procedures.

    According to the FITC, deposit money institutions can utilize AI-driven tools that flag unusual entries or patterns to implement continuous and automated monitoring systems that can detect anomalies or discrepancies in settlement files.

    Additionally, regular unannounced internal audits focusing specifically on settlement processes can be conducted to identify and address any irregularities promptly.

    With a total of about N9.4 billion loss for the whole of last year, the second quarter loss alone is a major leap, a development that analysts say the end of year figures might be mind bugling and worrisome.

    Also, the amount shows an embarrassing increase when compared with the N468.4 million lost in Q1 2024.

    N5.7 billion loss was recorded in Q2 of last year.

    Major channels for the perpetration of these crimes, according to FITC include, ‘miscellaneous and other fraud’ with the largest loss of N41.14 billion or 96.46% of the total amount lost.

    This was followed by losses from fraudulent withdrawals and computer/web fraud, amounting to approximately N781.2 million and N400.7 million, respectively.

    Some analysts last night blamed the ugly development, partly to the growing incidences of insider abuses, ocassioned by the overbearing influences of ‘owner chairmen’ as well as billionaire owners running the institutions through their proxies.

    Also, the rat-race for supremacy and meeting up of some regulatory requirements were identified as contributory factors.

    This is even as the analysts also blame the Central Bank of Nigeria (CBN) for what they regard as ‘supervisory laxity’ ocassioned by what they also attribute to the apex bank’s preoccupation with mundane issues, outside its purview, particularly in recent times.

    “CBN is becoming overtly involved in the management of the economy and leaning more to government bidding than its price and exchange rate stability, among other core mandate. Concentrating more efforts to increasing FDIs, attainment of the proposed $1 trillion economy, may not be the best options as similar efforts and energy should be directed at periodic examinations,” says an analyst.

    Specifically, the FITC report noted that the total amount involved in fraud cases in Q1 escalated from N2.9 billion to approximately N56.3 billion in Q2 of this year.

    The report also revealed that during the second quarter under review,fraudulent activities were carried out through various channels, including ATMs, online platforms like web and mobile banking, bank branches, and point-of-sale (POS) terminals.
    Among instruments used, card fraud recorded a significant decrease, declining by 47.66%. from 21,469 in Q1 to 11,237 in Q2.
    In contrast, fraudulent activity involving cheques and cash increased by 36.67% and 9.09%, respectively, with cheques surging from 30 cases in Q1 to 41 cases in Q2, while the use of cash rose from 209 in the first quarter of 2024 to 228 in the second quarter of 2024.

    Further analysis of the data shows a significant rise in the amount lost across all channels, except for mobile fraud, which recorded a decline.

    In terms of magnitude, losses through bank branch-related channels rose by 31,497%, to a value of N42.2 billion in Q2 from N133.9 million in Q1 2024.

    Additionally, computer/web frauds also saw a monumental increase of 1,560%, with losses growing from N24 million to N400.8 million.
    However, there was no indication of the amount lost due to ATM-related fraud.

    Further advising the financial institutions on ways to curb the menace, FITC said,

    “Access controls should also be strengthened by limiting access to settlement files to only a small, vetted group of authorized personnel given the appropriate clearance and are regularly trained on the latest security protocols.

    “The implementation of multi-factor authentication (MFA) and role-based access controls (RBAC) can aid the reduction of the risk of unauthorized changes to settlement files.”

     

     

     

  • CBN gives directive to start monitoring all PoS transactions

    CBN gives directive to start monitoring all PoS transactions

    The Central Bank of Nigeria (CBN) has ordered payment service providers to begin the tracking of all Point of Sale (PoS) transactions.

    In a circular to all Payment Service Providers (PSPs) on connectivity to payment terminal service aggregators, the apex bank handed a 30-day deadline to PSPs to regularise with Payment Terminal Service Aggregators (PTSA).

    The circular, dated September 11, 2024, was signed by CBN’s Director of Payments System Management, Oladimeji Taiwo.

    “As part of efforts to mitigate the concems regarding channeling all Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL),” the circular partly stated.

    The CBN therefater directed that “acquirers are henceforth required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA)”.

    PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.

    “All licensed Processors must be integrated with both PTSAs, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize 4. All Payment Terminal Service Provider (PTSPs) must ensure that their PoS devices and applications are configured to route transactions through any PTSA, as directed by the Acquirer.

    “All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.

    “Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms.

    The returns mentioned in items (5) and (6) above are expected to be submitted to the Director. Payments System Management Department, not later than seven (7) days after the end of each month.

    “Consequently, you are hereby directed to commence regularisation with the PTSAs and notify the CBN in writing to confirm compliance, within 30 days from the date of this Circular.

    “Please be guided accordingly as non-compliance shall attract appropriate sanctions.”

  • CBN directs payment service providers to begin PoS transaction tracking

    CBN directs payment service providers to begin PoS transaction tracking

    The Central Bank of Nigeria has issued a 30 days ultimatum to Payment Service Providers (PSPs) in the country to adhere to the revised routing instructions for Point of Sale (PoS) transactions.

    The directive was issued in a circular dated September 11, 2024 by Oladimeji Yisa Taiwo, for Director, Payments System Management Department, CBN but published by the apex bank on Thursday, Sept 12, 2024.

    The apex bank said the PSPs must regularise their systems and route all POS transactions through its licenced PTSAs; Nigeria Interbank Settlement System Plc (NIBSS) and Unified Unified Payment Services Limited (UPSL), and inform CBN of their compliance within 30 days from the date of the circular.

    The financial regulator added that all PSPs and PTSAs are expected to submit monthly returns to CBN’s director, payments system management department, not later than seven days after the end of each month.

    CBN urged PSPs and the aggregators to be guided accordingly as non-compliance would attract appropriate sanctions.

    The circular reads, “In order to achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria (CBN) in August 2011, granted a Payment Terminal Service Aggregator (PTSA) licence to Nigeria Interbank Settlement System Plc (NIBSS),” the apex bank said.

    “As part of efforts to mitigate the concerns regarding channelling Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).

    “In furtherance of the above, the CBN hereby directs as follows: acquirers are henceforth required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA).

    “PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.

    “All licensed Processors must be integrated with both PTSAS, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize

    “All Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices. Applications are configured to route transactions through any PTSA, as directed by the Acquirer.

    “All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.

    “Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms.”

    .

  • CBN approves $20,000 for eligible BDCs at N1,580 exchange rate

    CBN approves $20,000 for eligible BDCs at N1,580 exchange rate

    The Central Bank of Nigeria (CBN), says it has approved 20,000 dollars each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar.

    This is according to a statement issued by Dr Williams kanaya, the Acting Director, Trade and Exchange Department of the apex bank.

    “This is to inform the BDC operators and the general public that we are providing more liquidity into the market.

    “To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDCs operator at the rate of N1, 580/dollar. This is to meet the demand for invisible transactions.

    “All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

    “Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN deposit account numbers with them,” he said.

    He said that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano and Lagos for collection of the 20,000.00 dollars.

  • SEE LIST: NDIC to liquidate 87 Nigerian banks revoked by CBN

    SEE LIST: NDIC to liquidate 87 Nigerian banks revoked by CBN

    The Nigerian Deposit Insurance Corporation (NDIC) will, at the expiration of its notice released on August 23, 2024, approach a Federal High Court to grant the order to dissolve 87 microfinance banks and primary mortgage banks in the country.

    The Corporation disclosed this in a statement titled “Notice of intention to terminate liquidation activities” published on its website.

    The statement reads, “NOTICE is hereby given to the General Public that the Nigeria Deposit Insurance Corporation (NDIC), in its capacity as the Liquidator of the under-listed closed Microfinance Banks and Primary Mortgage Institutions, in accordance with the provisions of its enabling law and other relevant laws, will at the expiration of thirty (30) days from the date of this publication present an application to the Federal High Court to obtain dissolution orders of the closed banks and to release/discharge Corporation as Liquidator of the banks.”

    See Affected Banks and their dates of licence revocation

    1. Galilee MFB, Abuja – 26 September 2018

    2. Pinnacle MFB, Abuja – 4 February 2014

    3. Royal Children Heritage MFB, Abuja – 26 September 2018

    4. Savings Corp MFB, Abuja – 26 September 2018

    5. Spec MFB, Abuja – 26 September 2018

    6. Imad MFB, Abuja – 26 September 2018

    7. Ihima MFB, Kogi – 4 February 2014

    8. Liberty MFB, Kogi – 26 September 2018

    9. Ovidi MFB, Kogi – 24 November 2020

    10. New Mercantile MFB, Abuja – 4 February 2014

    11. Altitude MFB, Lagos – 26 September 2018

    12. Bonded MFB, Lagos – 26 September 2018

    13. Hybrid MFB, Lagos – 26 September 2018

    14. Mar-Bonch MFB, Lagos – 26 September 2018

    15. Coral MFB, Lagos – 26 September 2018

    16. Lasu MFB, Lagos – 26 September 2018

    17. Shoreline MFB, Lagos – 26 September 2018

    18. Sovereign MFB, Lagos – 26 September 2018

    19. Wealthbasket MFB, Lagos – 26 September 2018

    20. EDS MFB, Lagos – 4 February 2014

    21. Compass MFB, Lagos – 4 February 2014

    22. Enterprise MFB, Lagos – 4 February 2014

    23. Freegate MFB, Lagos – 4 February 2014

    24. Funds Matrix MFB, Lagos – 4 February 2014
    25. Green Field MFB, Lagos – 4 February 2014

    26. Interglobal MFB, Lagos – 4 February 2014

    27. Kings MFB, Lagos – 4 February 2014

    28. Keystone MFB, Lagos – 4 February 2014

    29. Vinning MFB, Lagos – 4 February 2014

    30. Marvelous MFB, Lagos – 26 September 2018

    31. Santrust MFB, Lagos – 26 September 2018

    32. TSM MFB, Lagos – 26 September 2018

    33. Biztrust MFB, Lagos – 26 September 2018

    34. Gideon Trust MFB, Lagos – 26 September 2018

    35. Ethics MFB, Lagos – 26 September 2018

    36. First Credit MFB, Lagos – 26 September 2018

    37. Gapbridge MFB, Lagos – 26 September 2018

    38. New Gate MFB, Lagos – 24 September 2010

    39. Primate MFB, Lagos – 24 September 2010

    40. Mustason MFB, Lagos – 24 September 2010

    41. Mustard MFB, Lagos – 26 September 2018

    42. Southwest MFB, Lagos – 24 September 2010

    43. Trust One MFB, Lagos – 23 May 2023

    44. Traders MFB, Lagos – 4 February 2014

    45. Citiserve MFB, Lagos – 4 February 2014

    46. SVP MFB, Rivers – 4 February 2014

    47. CKC MFB, Rivers – 4 February 2014

    48. Acorn MFB, Rivers – 4 February 2014

    49. Aracom MFB, Ondo – 4 February 2014

    50. Homeland MFB, Bayelsa – 24 September 2010

    51. First Golden Mercury MFB, Osun – 4 February 2014
    52. Cubic MFB, Edo – 24 September 2010

    53. Solace MFB, Delta – 4 February 2010

    54. Top Mega Trust MFB, Delta – 4 February 2014

    55. Advance MFB, Akwa Ibom – 26 September 2018

    56. Umu-Uma MFB, Anambra – 4 February 2014

    57. First Amalgamated B/S, Kwara – 5 January 2015

    58. Horizon Building Society, Abuja – 6 August 2012

    59. Imani Savings & Loans, Abuja – 6 August 2012

    60. New Capital Savings & Loans, Abuja – 6 August 2012

    61. Owners Home S & L, Abuja – 6 August 2012

    62. Perennial Building Society, Abuja – 6 August 2012

    63. Primrose Savings & Loans, Abuja – 6 August 2012

    64. Global Building Society (Confluence S&L), Abuja – 5 January 2015

    65. Melrose Savings & Loans, Abuja – 6 August 2012

    66. Acclaim Homes and Loans, Lagos – 6 August 2012

    67. CB Homes Savings and Loans, Lagos – 6 August 2012

    68. Coastal Homes Savings and Loans, Lagos – 6 August 2012

    69. Crest Mortgage Savings and Loans, Lagos – 6 August 2012

    70. Estaport Building Society, Lagos – 6 August 2012

    71. Guardian Trust S & L, Lagos – 6 August 2012

    72. Home Trust Savings and Loans, Lagos – 6 August 2012

    73. Mars Home Investment Savings and Loans, Lagos – 6 August 2012

    74. Omono Building Society, Lagos – 6 August 2012

    75. Secure Savings and Loans, Lagos – 6 August 2012

    76. Urban Shelter Savings and Loans, Lagos – 6 August 2012

    77. Consolidated Estate Building Society, Lagos – 5 January 2015

    78. Home Foundation Savings and Loans, Lagos – 5 January 2015

    79. Password Savings and Loans, Lagos – 5 January 2015

    80. Supreme Savings and Loans, Lagos – 1 October 2018

    81. Midland Mortgages, Rivers – 5 January 2015 (Self-liquidation)

    82. Garden City MFB, Rivers – 26 September 2018 (Self-liquidation)

    83. Combined Benefit MFB, Bayelsa – 4 February 2014 (Self-liquidation)

    84. Corporate MFB, Oyo – 4 February 2014 (Self-liquidation)

    85. Lofty Heights MFB, Edo – 4 February 2014 (Self-liquidation)

    86. Express MFB, Abia – 4 February 2014 (Self-liquidation)

    87. Multi-Banc Savings and Loans, Lagos – 5 January 2015 (Self-liquidation)

  • CBN records $553m remittance inflows for July

    CBN records $553m remittance inflows for July

    The Central Bank of Nigeria (CBN), says it recorded a significant increase in remittance inflows of 553 million dollars in July.

    According to a statement issued by CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, the all-time high remittances represents a 130 per cent increase from the corresponding period in 2023.

    Sidi-Ali said that the figure represented the highest monthly total inflows on record, and reflects ongoing efforts by the apex bank to enhance liquidity in Nigeria’s foreign exchange market.

    According to her, the substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

    “These measures include granting licences to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to Naira liquidity for IMTOs.

    “Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.

    “The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year,” she said.

    She said that the increase in remittances was a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market.

    The director said that it was an indication of efforts to strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.

    “Recent data from the National Bureau of Statistics (NBS) showed that Nigeria’s year-on-year headline inflation rate slowed in July for the first time in 19 months.

    “This is a clear indication that the CBN’s monetary policy tightening measures are delivering results.

    “The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market,” she said.

    Sidi-Ali said that the apex bank would continue to monitor market conditions and adjust policies as necessary to enable greater remittances flow into Nigeria.

  • Court orders forfeiture of $2.04 Million, seven properties linked to ex-CBN governor Emefiele”

    Court orders forfeiture of $2.04 Million, seven properties linked to ex-CBN governor Emefiele”

    The Federal High Court sitting in Lagos has ordered the interim forfeiture of $2.04 million and seven properties linked to the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

    Justice Akintayo Aluko issued the order following an application by the Economic and Financial Crimes Commission (EFCC), which is investigating alleged fraudulent activities involving Emefiele.

     

    The properties include two fully detached duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; a 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive (formerly Queens Drive) in Ikoyi; a bungalow at 65a Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12a Probyn Road, Ikoyi; an industrial complex on 22 plots in Agbor, Delta State; eight apartments on Adekunle Lawal Road, Ikoyi; and a full duplex at 2a Bank Road, Ikoyi.

     

    Justice Aluko emphasized the interim forfeiture was necessary to prevent the dissipation of assets suspected to be proceeds of unlawful activities. Additionally, the court ordered the forfeiture of two share certificates of Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele.

     

    EFCC counsel Rotimi Oyedepo (SAN), who filed the application in suit FHC/L/MISC/500/24, argued that the assets were obtained through fraudulent means. Justice Aluko, after granting the interim forfeiture order, directed the EFCC to publish the order in a national newspaper and gave 14 days for anyone with an interest in the funds and properties to appear in court to show cause why they should not be permanently forfeited to the Federal Government. The case is adjourned to September 5, 2024, for further hearing.

     

    This latest order follows previous forfeiture orders involving Emefiele. On May 29, 2024, the Federal High Court in Lagos ordered the forfeiture of $1.4 million linked to Emefiele. Earlier, on May 23, the EFCC obtained forfeiture orders on $4.7 million, N830 million, and other properties connected to him.

    There was also a separate permanent forfeiture order for properties worth N12.18 billion from Emefiele.

  • CBN re-introduces publication of key economic reports

    CBN re-introduces publication of key economic reports

    The Central Bank of Nigeria (CBN) says it has reintroduced the publication of several key economic reports to foster transparency in the economy.

    This is contained in a statement by the CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali on Tuesday in Abuja.

    Sidi-Ali said that it is a reaffirmation of the apex bank’s commitment to fostering transparency and accountability in the Nigerian economy.

    According to her, these reports include the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other macroeconomic indicators.

    “They will provide stakeholders with timely and accurate insights into the country’s economic performance.

    “The reintroduction of these reports, part of the ongoing data enhancement initiative within the CBN, aims to ensure that the public, policymakers, and the business community have access to essential economic indicators.

    “The PMI, which assesses the health of the manufacturing, services, and agricultural sectors, along with the business and household expectations reports, are crucial tools for understanding Nigeria’s economic climate.

    “These reports offer valuable insights into the perceptions and outlooks within the business and household sectors,” she said.

    She said that the initiative is part of the apex bank’s broader efforts to enhance transparency, promote informed decision-making, and support economic growth.

    Sidi-Ali said that the reports would be periodically released on the CBN’s website: www.cbn.gov.ng, to make them easily accessible to all.

    “The CBN encourages economists, analysts, investors, media, and the general public to use these reports to gain a more comprehensive understanding of Nigeria’s economic dynamics,” she said.

    NAN reports that the CBN Economic Report is a compilation and analysis of economic developments in Nigeria within the review period.

    The report, published on monthly and quarterly bases, provides insights into current developments in the real, fiscal, financial, and external sectors of the Nigerian economy and the global economic developments.

    It also reflects the policy initiatives of the CBN within the period.

    The report is targeted at a wide range of readers, including economists, policymakers, financial analysts in government and the private sector, and the general public.

    Subscription to the report is usually made available without charge to individuals, institutions, corporations, embassies, and development agencies.

  • Naira strengthens despite hunger Protests, gains N42.88 against Dollar

    Naira strengthens despite hunger Protests, gains N42.88 against Dollar

    The Naira appreciated by N42.88 against the dollar in the foreign exchange market on a week-on-week basis, following the Central Bank’s introduction of the Retail Dutch Auction System (RDAS). This data comes from FMDQ over the past seven days.

    On Friday, August 2, 2024, the Naira traded at N1617.08 per dollar but improved to N1,574.20 this Friday in the official market. However, the Naira remained stable in the black market throughout the week.

    Last week Friday, the Naira traded between N1600 and N1605 per dollar, and the same rate was recorded this Friday.

    The appreciation of the Naira is attributed to the Central Bank of Nigeria (CBN)’s implementation of RDAS in the FX market on Wednesday. The CBN reported selling $876.26 million to 26 banks at a rate of N1,495 per dollar.

    These gains occurred despite the ongoing hunger protests that began last Thursday, disrupting economic activities in some states across the country.