Nigeria’s monetary authorities face a pivotal moment as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria meets on February 23 and 24, with a growing body of data strengthening the case for cautious policy easing. After nearly two years of aggressive tightening that pushed the benchmark Monetary Policy Rate (MPR) to 27.0 […]
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has issued a strong warning that the rapid adoption of stablecoins and private digital payment platforms could exacerbate foreign exchange volatility and undermine monetary policy transmission in emerging economies. Cardoso delivered these remarks on Thursday during a plenary address titled “Digital Cross-Border Payments, Global […]
Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has called on African central banks and development finance institutions to drive the continent’s growth through industrialisation, job creation and climate-conscious reforms. Speaking at the Egypt 30by30 Programme organised by the Central Bank of Egypt in collaboration with the International Finance Corporation, Cardoso said Africa […]
Tunde Lemo, the former Deputy Governor of the Central Bank of Nigeria (CBN), has officially declared his interest in running for the Ogun State governorship seat in the 2027 general elections. The renowned banker made his ambitions known on Wednesday while participating in the All Progressives Congress (APC) ward congresses at Ward 12, Ita-Agemo, Isale-Igbein […]
The House of Representatives Ad-hoc Committee investigating Agricultural Subsidies, Intervention Funds, Aids and Grants Programmes from 2015 to 2025 has threatened constitutional action against some government agencies and financial institutions. The threat followed their failure to honour invitations to appear before the committee. The warning was issued Wednesday during an investigative hearing at the National […]
Nigerian banks are bracing for tougher asset quality challenges in 2026 following the complete withdrawal of regulatory forbearance measures by the Central Bank of Nigeria (CBN) in mid-2025. A new report by S&P Global Ratings warns that lenders with heavy exposure to the oil and gas sector are already seeing sharp increases in impairment charges, […]
Nigeria’s external reserves have climbed to their strongest level in nearly a decade, hitting $46.012 billion as of January 22, according to fresh data from the Central Bank of Nigeria (CBN). The milestone, last seen in August 2018, reflects a $510 million increase since December 31, 2025, driven by higher crude oil […]
Nigeria’s foreign exchange (FX) reserves have climbed to a significant milestone, hitting $46.01 billion as of January 22, 2026. This figure represents the highest level the country’s external reserves have reached in nearly eight years, dating back to August 27, 2018. Data obtained from the Central Bank of Nigeria (CBN) indicates a steady upward trajectory […]
The Central Bank of Nigeria (CBN) has issued a directive mandating the geo-tagging of all Point of Sale (PoS) terminals nationwide within the next 60 days. The move is aimed at tackling electronic payment fraud and strengthening regulatory oversight. In a circular dated August 25, signed by Rakiya Yusuf, Director of the Payments System Supervision […]
The Central Bank of Nigeria (CBN) has launched a massive investigation into foreign exchange transactions by 71 companies after preliminary reviews raised suspicions of possible infractions and contravention of extant foreign exchange laws and rules. According to the Nation, some sources confirmed the investigation of many leading companies in key sectors of the economy including […]
The Federal Government of Nigeria has disclosed that it “spent N30,540,563,571.09, representing 84% of the N36.3 billon public funds and donations received to respond to COVID-19 between 1st April, 2020 and 31st July, 2020, leaving the balance of N5.9 billion.” Daily Times reports that the Central Bank of Nigeria (CBN) in June disbursed the total […]
Central Bank of Nigeria (CBN) and Nigerian National Petroleum Corporation (NNPC) have agreed to pick the hotel accommodation and feeding bills of returning stranded Nigerians abroad. The cost is to cater for the remaining over 3,000 Nigerians stranded in several countries as a result of global lockdown occasioned by the COVID-19 pandemic. Speaking yesterday at […]
Banks customers on Monday commended the Central Bank of Nigeria (CBN) for its move to slash various banks charges. A cross section of customers, who spoke with News Agency of Nigeria (NAN) in Abuja on Monday, described the development as being in the right direction. CBN slashes ATM withdrawal fee to N35 NAN reports that […]
The Central Bank of Nigeria (CBN) has issued regulations governing the operations of the in-direct participants in the payments system. The apex bank in its latest circular titled, “Regulation for the operation of indirect participants in the payments system”, listed the minimum criteria to qualify as an indirect participant having a satisfactory risk-based rating from […]
The stock price of five banks out of 12 sanctioned by the Central Bank of Nigeria (CBN) on Thursday depreciated on The Nigerian Stock Exchange (NSE). The apex bank on Wednesday debited 12 banks who failed to meet the initial deadline of 60 per cent Loan to Deposit Ratio (LDR) by September 30, 2019, in […]
Fidelity Bank Plc on Thursday announced the introduction of a new savings campaign in Lagos, as part of concerted efforts to promote the culture of savings amongst Nigerians. The Savings the campaign which will ride primarily on digital technologies is one of the many initiatives of the bank aimed at rewarding new and existing customers […]
The Manufacturers Association of Nigeria (MAN) has said that the implementation of the cashless policy on withdrawals may have a negative impact on Micro, Small, and Medium Enterprises (MSMEs) that are clearly the engine room for growth of the economy and employment generation. Expressing its concern over the possible implication of Central Bank of Nigeria […]
The Deputy Managing Director (DMD), eTranzact International Plc., Hakeem Adeniji-Adele, has identified the Nigerian culture and penchant for cash transaction as the bane of digital payments in the country. He made the assertion as the latest figures from the Nigeria Inter-Bank Settlement System (NIBSS), which put the total value of transactions on automated teller machines […]
Nigeria’s Excess Crude Account has been depleted to an all-time low of $274.583 million, which is believed not adequate to sustain the country in a stormy financial shock should oil prices fall below the budget benchmark. The Honourable Minister of State for Budget and National Planning, Zainab Ahmed, disclosed this while reporting to the National […]
Temitope Adebayo The Central Bank of Nigeria (CBN) has rescheduled its September 2019 Monetary Policy Committee (MPC) meeting by one week. The Director of Corporate Communications, Isaac Okoroafor disclosed this in a statement released on Tuesday. Okoroafor noted that the meeting earlier scheduled for next week will now hold on Thursday and Friday this week. […]