Nigeria’s commodity player, AFEX, has partnered with the Flour Milling Association of Nigeria, to boost sustainable production, processing, supply, and marketing of wheat produced in Nigeria. The partnership was announced at an MoU signing ceremony at the launch of the Brown Revolution Initiative by the Federal Government on Tuesday. The partnership is targeted at achieving…

It has been three days since the Nigerian government launched its eNaira digital currency. The days have been characterised by complaints and displeasing experiences for users of the applications. Mark Samuel, one of the users of the eNaira Speed wallets described the application as "an app with so many flaws." Samuel's reaction is one out…

Nigeria central bank digital currency (CBDC), the eNaira, has gone live after an official launch by President Muhammadu Buhari on Monday. Buhari launched the eNaira at the State House in Nigeria's capital Abuja after a previous plan to unveil the digital currency on October 1 was put on hold. "We have become the first country…

Nigerians trading cryptocurrency on Luno will be able to deposit and withdraw in local currency from November, the trading platform said on Monday. "We’re thrilled to announce that deposits and withdrawals in Naira will resume on the Luno platform in November," Luno told its users in an email. Luno halted naira deposit and withdrawal for…

Nigerian commodities player, AFEX, in collaboration with the Central Bank of Nigeria, on Thursday, held a policymakers field day for farmers in Kaduna State. At least 200 maize and Soyabeans farmers were hosted for the field day at the AFEX maize and Soyabean demo farms in Richifa and Shika in the state. AFEX Fair Trade…

Delegates from the Nigeria Bar Association (NBA), agencies, and organisations involved in Nigeria's fight against money laundering and terrorist financing have called for sustained synergy to define and establish compliance with the AML/CFT regime. The call was made at a one-day stakeholders' workshop organised by the Centre for Fiscal Transparency and Integrity Watch (CFTIW) in…

Nigeria's inflation rate has dropped to 17.38 percent in July from 17.75 in June 2021, according to the National Bureau of Statistics (NBS). The latest inflation rate was contained in the ‘Consumer Price Index (CPI) Report for July’ released by the NBS on Tuesday. CPI measures the rate of change in the prices of goods…

Nigeria's naira is experiencing a sharp loss to the dollar, a day after the Central Bank of Nigeria banned foreign exchange sales to Bureau De Change (BDC) operators in the country As of Wednesday, July 28, black market dealers were selling the naira at ₦522 per dollar, up from N505 to $1 on Tuesday, according…

The Central Bank of Nigeria (CBN) says it has ended the sales of forex to Bureau De Change operators. CBN governor Godwin Emefiele announced the ban in a live TV broadcast after the bank has retained its benchmark policy rate. Emefiele said the ban was necessary because the parallel market has become a conduit for…

Nigeria’s Naira weakened to a four-year low in the parallel market after the Central Bank of Nigeria (CBN) efforts to persuade banks to sell more dollars to customers failed to bridge the widening gap between the official and street rates. As of Wednesday, black market dealers were offering the naira at 502 per dollar from…

The Central Bank of Nigeria (CBN) has agreed in principle to mint The Gambian Dalasi. The CBN governor, Godwin Emefiele, agreed to the currency minting proposal from the Governor of the Central Bank of The Gambia, Buah Saidy, who led a delegation to visit him on Tuesday. Emefiele said Nigeria has a lot of capacity…

A former deputy governor of the Central Bank of Nigeria (CBN) Kingsley Moghalu has declared his intention to contest for president in 2023. Moghalu said his decision to contest again for president is driven by concern for suffering Nigerians who seek an alternative to the status quo. The former CBN deputy governor contested the presidential…