A bill seeking to ban the use of foreign currencies, including the dollar and pound sterling, for transactions in Nigeria has passed its first reading in the Senate. The proposed legislation, titled “A Bill for an Act to Alter the Central Bank of
Nigeria’s inflation rate surged to 34.60% in November 2024, up from 33.88% in October, signaling heightened economic hardship for millions of citizens. The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index report, which revealed a 0.72% increase in
The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees by December 31, 2024, as part of a major workforce realignment strategy. The exercise, which is expected to cost the apex bank ₦50 billion, is designed to optimize its operations
Amid Nigeria’s currency shortage, the Central Bank of Nigeria has warned Nigerians against counterfeit Naira banknotes. On Friday, the apex bank gave the warning in a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation’. The Bank urged all Deposit Money Banks, Financial