Naira’s Latest Dip Shows Why Nigeria Still Has Two Different FX Realities

The naira is facing renewed pressure in the parallel market, with the dollar selling for around ₦1,420, even as the Central Bank of Nigeria insists that the foreign exchange market is becoming more stable. The latest parallel-market rate is notably higher than the official rate, which has been trading around ₦1,362–₦1,369 per dollar. Recent market…

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CBN Orders Local Storage of Payment Data as Nigeria’s External Reserves Near $51bn Target

Nigeria’s financial sector is entering a new phase as the Central Bank of Nigeria (CBN) moves to strengthen control over the country’s digital payment ecosystem, while the nation’s foreign exchange position continues to improve. The apex bank has directed banks, fintech companies, mobile money operators, and other payment service providers to store all payment transaction…

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