CBN - Central Bank Of Nigeria
Following the appreciation of the Nigerian currency, the naira, the Central Bank of Nigeria (CBN) has adjusted the Customs exchange rates for cargo clearance.
Concerns that the government's plans for change may be thwarted by widespread protests over growing living expenses caused Nigeria's sovereign-risk premium to spike.
Bosun Tijani, minister of communications, innovation, and digital economy, telecom said providers were not ordered to stop network operations because of protest.
The current status of the economy highlights the need for careful monetary policy to avert the harmful effects of rising inflation and preserve economic stability.
The Nigerian currency, the naira, rebounded against the US dollar in the official and parallel market to trade at N1,570 and N1,580, respectively.
With a current capital deficiency of N4 trillion, the Nigerian banking sector is under pressure to raise capital to meet the CBN's capitalization criteria.
Naira has improved in value against the United States dollar after days of recent fall in the official, unofficial foreign exchange market to end the month at a high
Banks and other financial institutions are reportedly shutting their branches as Nigerians prepare to march in protest of what they call bad governance and economy.
According to its most recent financial report, FBN Holdings reported an outstanding profit for the first half of 2023 and generated massive profit for the period.
CBN - Central Bank Of Nigeria
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