The Central Bank of Nigeria has officially reduced its benchmark interest rate from 27 percent to 26.5 percent. This decision marks a major shift in the financial direction of the country. The Governor of the Central Bank, Olayemi Cardoso, announced the new rate adjustment on Tuesday. He made this public declaration during a press briefing […]
The Central Bank of Nigeria (CBN) cut yields on 91-day and 364-day Nigerian Treasury Bills (NTBs) at its midweek primary market auction, capitalising on overwhelming investor demand that saw subscriptions soar to N4.274 trillion. Despite widening real interest rates along the naira yield curve, the apex bank left the 182-day bill rate unchanged following comparatively […]
The Central Bank of Nigeria (CBN) moved aggressively into the money market on Monday, selling ₦1.3 trillion worth of Open Market Operation (OMO) bills to mop up excess liquidity estimated at over ₦4 trillion. The apex bank had initially offered ₦600 billion across two short-term maturities, February 24 and May 26, with ₦300 billion apiece. […]
Nigerian entrepreneur and Chairman of Heirs Holdings, Tony Elumelu, has declared that Nigeria’s foreign exchange crisis is over, stating that the FX market has now stabilised. Elumelu made the remarks on Friday, February 13, 2026, while addressing State House correspondents after a meeting with President Bola Tinubu at the Presidential Villa in Abuja. He noted […]
SAMUEL MOBOLAJI The naira appreciated in the official foreign exchange market on Tuesday, closing at N1,349.5 per US dollar, its strongest level since May 29, 2024, when it last traded below the N1,350 mark. Data from the official window showed the local currency improved from N1,354.9 per dollar recorded on Monday, reflecting sustained gains amid […]
The naira appreciated against the US dollar on Tuesday as Nigeria’s foreign reserves surged to $47.025 billion, the highest level since 2018, supported by sustained foreign exchange inflows and improved investor confidence. At the Central Bank of Nigeria (CBN) window, the official exchange rate strengthened by ₦3.23 to close at ₦1,351.02/$1 compared with ₦1,354.25/$1 recorded […]
Mr Chinedu Eneanya, an Economic and Financial Crimes Commission (EFCC) prosecution witness, told the FCT high court in Abuja on Tuesday that commercial banks hoarded currencies during the controversial naira redesign that led to untold hardship for many Nigerians. Eneanya, the seventh prosecution witness (PW7) in the trial of Godwin Emefiele, the former Central Bank […]
The Central Bank of Nigeria has stepped up efforts to stabilise the naira, purchasing $72 million from the currency market last week in a move aimed at curbing speculative activity and reinforcing confidence in the official exchange window. The intervention comes amid a sharp appreciation of the naira across both official and parallel markets. At […]
The naira closed the week stronger at the official foreign exchange market, appreciating to ₦1,363 per dollar on Friday, even as the Central Bank of Nigeria (CBN) stepped in to moderate the pace of its rally. Daily trading data from the CBN showed the local currency maintained a largely stable but firmer trajectory throughout the […]
The Central Bank of Nigeria (CBN) has granted “no-objection” approval to the Bank of Industry (BOI) to establish a non-interest banking window, marking a strategic shift in the nation’s development finance landscape. This regulatory milestone, announced on February 8, 2026, allows Nigeria’s oldest and largest development finance institution to offer Sharia-compliant financing products to MSMEs […]
The naira weakened against the US dollar at the official foreign exchange market on Thursday, depreciating by ₦7.77 to settle at ₦1,366.05/$ compared with ₦1,358.28/$ previously reported by the Central Bank of Nigeria (CBN). The movement reflects renewed pressure from international payment demands that outpaced dollar supply, slightly reversing the recent recovery trend. CBN data […]
Bitcoin has retreated below the psychological threshold of $70,000, marking a significant downturn in the global cryptocurrency market as digital asset prices experience a broad-based decline. The slide, which accelerated during early trading on February 5, 2026, has seen the world’s largest cryptocurrency lose approximately 5% of its value within a 24-hour window. This correction […]
Investor demand for Nigerian Treasury Bills (T-bills) reached a historic peak on February 4, 2026, with total subscriptions skyrocketing to N4.59 trillion during the latest primary market auction conducted by the Central Bank of Nigeria (CBN). This surge in demand represents a significant oversubscription of the N409.9 billion initially offered by the apex bank across […]
President Bola Ahmed Tinubu has stated that the Nigerian government will maintain its current trajectory of economic reforms, emphasizing that there will be no reversal of the policies initiated since mid-2023. The President made these remarks on February 3, 2026, during a high-level meeting at the State House in Abuja with a delegation from the […]
Nigeria and Ghana have commenced a pilot program for the continent’s first wallet-based outbound payment system, allowing for instant, local-currency transfers between the two nations. The initiative, led by Onafriq Nigeria Payments Limited in partnership with the Pan-African Payment and Settlement System (PAPSS), was officially announced on February 3, 2026. Approved by the Central Bank […]
Loans provided by commercial and merchant banks in Nigeria fell to ₦52.656 trillion in June 2025, the lowest level in 14 months, according to the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin. The last time lending dropped below this threshold was in April 2024, when it stood at ₦51.467 trillion. The June figure […]
Non-financial assets held by Nigeria’s microfinance banks surged to a record ₦358.787 billion in June 2025, according to the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin. This marks the highest level since 2018 and underscores the sector’s growing reliance on tangible and intangible assets. The June figure represents a 0.88% month-on-month increase, rising […]
By Salmanu Darazo and Isah Aliyu Chiroma The Central Bank of Nigeria (CBN) has released its macroeconomic outlook for 2025, displaying a nuanced picture of the nation’s economic trajectory amidst a shifting global landscape. The report reveals that global economic growth decelerated slightly to 3.20% in 2025 from 3.30% in 2024, a slowdown fuelled by […]
The Nigerian Naira concluded the 2025 financial year on a positive trajectory, recording a notable appreciation against the United States Dollar at the official foreign exchange market. Data obtained from the Central Bank of Nigeria (CBN) indicates that the local currency strengthened to close at N1,435.75 per dollar on Wednesday, December 31, 2025. This year-end […]
From January 2026, sending ₦50,000 through your bank or fintech app could quietly cost you ₦100 in transfer fees. Not because your bank has raised its charges, but because the Nigerian government has changed the rules on who pays for electronic transfers — and how often they pay. Five years after replacing stamp duty with […]