Category: Central Bank of Nigeria (CBN) Act

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Nigerian Currency Falls by More Than 30% After Central Bank Announced New Forex Market Rules

June 18, 2023

The Nigerian currency’s official exchange rate versus the greenback recently plunged to NGN634 per dollar from just under NGN470 per dollar. The central bank’s decision to allow the naira to “float” came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end the CBN’s multiple exchange rate regime. The Naira Devaluation The Nigerian…
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Report: Nigeria Debt Management Office’s $48.8 Billion Debt Contravenes the Law Says Expert

January 16, 2023

The Nigerian Debt Management Office (DMO) contravened the law when its borrowings exceeded the set limit which is equivalent to $2.2 billion, Adetilewa Adebajo, an international financial markets expert has reportedly said. Adebajo also suggested that the Central Bank of Nigeria governor Godwin Emefiele should be probed for his role in allowing the DMO’s borrowings…
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