ForeXistenZ › Central banks › CBN
Central Bank of Nigeria (CBN)
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Manages the naira for Africa’s most populous country.
How the CBN moves the NGN
A central bank sets the interest rate on its currency. Traders compare that rate with the rates of other central banks; the wider the gap, the stronger the pull of money towards the higher-yielding currency. That is why the minutes before a CBN decision are among the most volatile of the month for the NGN. Book I and Book II of the ForeXistenZ trilogy show how to prepare for these days — and when to stay out.
Frequently asked
What does the Central Bank of Nigeria do?
Manages the naira for Africa’s most populous country.
Where is the Central Bank of Nigeria?
The Central Bank of Nigeria (CBN) is in Abuja, Nigeria.
Why do forex traders watch the CBN?
Interest rates are the price of a currency. When the CBN raises or cuts rates — or only hints at it — money moves into or out of the NGN, and NGN reacts within seconds.
Where are the CBN’s decisions published?
Official decisions, statements and the meeting calendar are published on https://www.cbn.gov.ng.
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BOGBank of Ghana
Accra, Ghana — Ghana’s central bank — buying domestic gold to strengthen the cedi.
BOIBank of Israel
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SNBSwiss National Bank
Zurich / Bern, Switzerland — Guardian of the Swiss franc, the safe haven the market runs to when fear rises.
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Ankara, Türkiye — Fights for the lira — a lesson in what inflation does to a currency.
SARBSouth African Reserve Bank
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