The Central Bank of Nigeria (CBN) is urged by the World Bank to avoid forex auctions and instead adopt a structured, transparent approach to foreign exchange interventions to stabilize the naira. This recommendation was highlighted in the Nigeria Development Update, which suggests CBN focus on a flexible, market-reflective exchange rate policy to foster economic stability. … Read more
The Central Bank of Nigeria (CBN) has begun the process of appointing new directors to replace those who were relieved of their positions, including several who retired approximately 11 months ago. An internal advertisement published by the apex bank, which was reviewed by Daily Trust, provided this information. The advertisement indicates that the CBN is … Read more
The Central Bank of Nigeria (CBN) has refuted claims that it has reinstated the cybersecurity levy on electronic transfers, a charge that was suspended earlier this year. Originally, on May 6, 2024, the CBN issued a directive requiring all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators, to implement a … Read more