The Central Bank of Nigeria (CBN) has started 2017 on a bullish note by overseeing the valuation of the naira. In addition, the CBN has intervened in the foreign exchange market in an effort to narrow the significant gap between the official exchange rate and the parallel market rate. This seems to be working, but it remains to be seen how sustainable it will be in the long term.
The Central Bank of Nigeria (CBN) recently lifted its peg on the naira. Despite the CBN's decision to float the naira, which in effect is a devaluation, the foreign exchange market has experienced a high rate of volatility. As such, it remains to be seen whether the effective devaluation of the naira was the right move.
In January 2016 the Central Bank of Nigeria directed all deposit money banks to commence charging their customers N50 in stamp duty charges per eligible transaction. Many are unhappy with this, as it represents an additional charge for banking transactions, and the deposit money banks have now challenged the matter in court through an appeal to the Court of Appeal.