INTRODUCTION
In March 2024, there was a significant improvement in Nigerian
Naira as against the US Dollar. The last day of trade in March
being Friday 29, 2024, the dollars closed at $1309/USD against that
of February which was at $1595/USD which represents a 21.8% gain.
This is majorly attributed to several policies, strategies, and
interventions by the Central Bank of Nigeria (CBN) to stabilize the
economy. We have provided a summary and implication of the policies
below:
1. LATE AND NON-RENDITION OF STATUTORY MONTHLY RETURNS TO THE
CENTRAL BANK OF NIGERIA THROUGH THE FinA APPLICATION PUBLISHED ON
MARCH 05, 2024
In three (3) circulars dated March 05, 2024, directed to
Micro-Finance Banks (MFB), Primary Mortgage Banks (PMBs), and
Development Finance Institutions (DFIs) respectively, the CBN
emphasized the need for prompt and timely submission of statutory
monthly returns through the FinA application as statutorily
provided under section 24 of Banks and Other
