January 27, 2025
CBN
CBN Introduces Contact Channels for Cash Withdrawal Complaints
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CBN Introduces Contact Channels for Cash Withdrawal Complaints

  • December 4, 2024
Federal Government Secures $2.2 Billion from Eurobond to Bolster 2024 Budget Financing
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Federal Government Secures $2.2 Billion from Eurobond to Bolster 2024 Budget Financing

  • December 3, 2024
The Central Bank of Nigeria (CBN) has introduced a minimum trade value of $100,000 for interbank foreign exchange transactions conducted through the Electronic Foreign Exchange Matching System (EFEMS). The directive, dated 25 November 2024, was signed by Dr Omolara Duke, Director of the Financial Markets Department. The CBN stated that the move aims to enhance transparency, efficiency, and compliance within Nigeria’s foreign exchange market. To support this, Bloomberg’s BMatch has been designated as the official order-matching platform for interbank FX trading. The new rules also stipulate that the $100,000 minimum trade value will include incremental clip sizes of $50,000, allowing for flexibility in transaction sizes. The EFEMS is designed to streamline interbank forex trading, minimise counterparty risks, and enforce adherence to CBN regulations.
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Nigeria’s Central Bank  Sets $100,000 Minimum for Interbank Forex Trading via Electronic Foreign Exchange Matching System

  • November 27, 2024
Nigeria’s Central Bank Raises Monetary Policy Rate to 27.50% to Tackle Inflation
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Nigeria’s Central Bank Raises Monetary Policy Rate to 27.50% to Tackle Inflation

  • November 26, 2024
Enugu Residents Appeal to FG, CBN Over Worsening Cash Scarcity
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Enugu Residents Appeal to FG, CBN Over Worsening Cash Scarcity

  • November 20, 2024
CBN Warns Nigerians Against Fake SWIFT Messages in FX Transactions
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CBN Warns Nigerians Against Fake SWIFT Messages in FX Transactions

  • November 20, 2024
CBN Eases Rules on Foreign Currency Conversion in Domiciliary Accounts
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CBN Eases Rules on Foreign Currency Conversion in Domiciliary Accounts

  • November 8, 2024
Federal High Court Orders Final Forfeiture of $2.045 Million from Former CBN Governor Emefiele
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Federal High Court Orders Final Forfeiture of $2.045 Million from Former CBN Governor Emefiele

  • November 1, 2024
CBN Reports 78.6% Surge in Government Credit to N42 Trillion by September 2024
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CBN Reports 78.6% Surge in Government Credit to N42 Trillion by September 2024

  • November 1, 2024
Market volatility has declined sharply on FX reforms, Says CBN Governor
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Market volatility has declined sharply on FX reforms, Says CBN Governor

  • October 28, 2024