Nigeria recorded a significant increase in foreign exchange (FX) inflows in 2025, with total inflows rising to $109.86 billion, according to the Central Bank of Nigeria (CBN). The figure represents a 13.81 per cent increase from the $96.53 billion recorded in 2024, highlighting stronger foreign exchange inflows into the economy. The CBN disclosed this in its 2025 Annual Report and Statement of Accounts, accessed from its website. The latest data points to a changing structure of Nigeria’s foreign exchange market, with autonomous sources increasingly becoming the dominant channel for FX inflows and contributing significantly to overall foreign exchange liquidity. According…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 over delays in resolving customer complaints and failure to comply with regulatory directives. The sanctions, contained in the CBN’s 2025 Annual Report, involved 21 separate penalties issued to financial institutions for infractions ranging from delayed resolution of customer complaints to non-compliance with directives from the apex bank. The latest enforcement underscores the CBN’s tougher stance on consumer protection and its growing scrutiny of how banks and other financial institutions respond to customers. The regulatory crackdown came amid a rise in complaints filed by users…
The amount of physical cash held outside Nigeria’s banking system fell by N485.80 billion in the first six months of 2026, reaching its lowest level in seven months, fresh data from the Central Bank of Nigeria (CBN) has shown. According to the latest Money and Credit Statistics released by the apex bank and analysed by Nairametrics, currency outside banks dropped from N5.41 trillion in December 2025 to N4.92 trillion in June 2026. The decline represents an 8.98 per cent reduction over the six months, with the June figure marking the lowest level since November 2025, when cash outside banks stood…
The appellate court cited the Federal High Court’s lack of jurisdiction to entertain the suit; and that the suit was incompetent and could not support the orders made by the lower court
The naira has strengthened further against the British pound, closing at ₦1,814 to the pound at the official foreign exchange market as improved liquidity continues to support the local currency. The latest appreciation represents one of the naira’s strongest performances against sterling in July and reinforces the recent trend of relative stability in the foreign exchange market. The local currency has gained significant ground against the pound compared with its position at the end of 2025, when the exchange rate hovered around ₦1,950 to the pound. The naira-pound exchange rate has, in recent weeks, traded within a relatively narrow band…
Nigeria’s foreign exchange market recorded a sharp increase in trading activity last week, with total turnover rising to a record $4.38 billion, even as the nature of some of the transactions sparked questions among market watchers. Data from the FMDQ Securities Exchange showed that total FX turnover for the week ended July 24, 2026, climbed by 83.38 per cent, or $1.99 billion, from the $2.39 billion recorded in the preceding week. The latest figure represents one of the highest weekly turnovers recorded in Nigeria’s official foreign exchange market, underscoring the growing depth and activity in the market. The surge was…
Anxiety has gripped Kogi State Polytechnic, Lokoja, following allegations of renewed sex-for-marks, cult activities and other forms of misconduct, months after a new rector assumed office. The development comes as the institution confirmed the suspension of seven lecturers over alleged violations of its rules. Female students, who spoke separately with journalists in Lokoja on Sunday, alleged that disciplinary structures established under the former Rector, Prof. Salisu Usman, had weakened, allowing some previously suppressed vices to resurface. The students requested anonymity, citing fears of victimisation or possible disciplinary action by the institution. According to them, some lecturers now allegedly demand sexual…
For a country whose central bank once drew a firm line between the banking system and the world of cryptocurrency, Nigeria has travelled a remarkable distance. In the span of five years, the nation has moved from restriction to measured engagement, and now to an attempt at coordinated governance of one of the era’s most consequential financial innovations. How well that attempt succeeds will matter to millions of Nigerians who already hold, trade and transact in digital assets. On 17 July 2026, President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a Virtual Asset…
A serving judge of the Kebbi State High Court, Justice Faruku Hassan Bunza has reportedly been abducted by bandits, raising fresh concerns over the security situation in the state. The judge was said to have been taken away by the armed men in the early hours of Sunday, at his residence, along Zogirma Road in Bunza local government area of Kebbi state. Details of the incident were still sketchy as of the time of filing this report. The development adds to the growing list of abduction cases recorded in Kebbi and other parts of north-western Nigeria, where banditry and kidnapping…
The Central Bank of Nigeria (CBN) is set to offer N700 billion worth of Nigerian Treasury Bills (NTBs) at its third and final primary market auction for July 2026. The auction, scheduled for Wednesday, July 29, will be conducted through a Dutch auction on behalf of the Debt Management Office (DMO), according to the apex bank’s latest tender notice. The N700 billion offering will be spread across three maturities, comprising N100 billion for the 91-day bills, N100 billion for the 182-day bills and N500 billion for the 364-day bills. The latest auction continues the CBN’s preference for longer-dated Treasury Bills,…