The Central Bank of Nigeria has reiterated that the ongoing recapitalisation of commercial banks is central to achieving the Federal Government’s ambition of building a $1 trillion economy by 2030. The CBN Deputy Governor for Financial System Stability, Mr Philip Ikeazor, stated this on Friday at the three-day retreat of the Association of Corporate Affairs […]
The Central Bank of Nigeria has firmly rejected claims that it directly provided $1.259 billion to petroleum industry players, explaining that the mentioned amount reflected market-based foreign currency dealings executed by participants in the Nigerian Foreign Exchange Market. Through a Tuesday statement issued by CBN communications officer Hakama Ali, the nation’s banking regulator described news […]
Nigerians spent about $4.74m on foreign healthcare-related services from May 2023 to March 2025. This is according to the latest Quarterly Statistical Bulletin of the Central Bank of Nigeria. The amount represents spending during President Bola Tinubu’s first 22 months in office. A comparative analysis of the data shows that Nigerians spent $4.74m on medical […]
The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system. The directive is contained in a draft guideline released by the apex bank on […]
The Central Bank of Nigeria (CBN) has unveiled a new set of operational guidelines for agent banking. This is a rapidly growing arm of Nigeria’s financial services ecosystem. The policy, released on Monday, introduces stricter compliance requirements, transaction limits, and enhanced consumer protection measures aimed at improving oversight and deepening financial inclusion. At the heart […]
The Central Bank of Nigeria’s Monetary Policy Committee has reduced the interest rate by 50 basis points, from 27.5 per cent in July to 27 per cent. This followed the decision of the 12 members of the Committee at its 302nd meeting held on September 22nd and 23rd, 2025. The asymmetric corridor around the MPR […]
The Central Bank of Nigeria (CBN) says the naira is one of the strongest currencies in the world, urging Nigerians to handle with integrity. The CBN said this when it hosted its flagship sensitisation event, the CBN Fair, in Lagos, in a bid to reinforce public trust in Nigeria’s currency and deepen financial inclusion, spotlighting […]
The Central Bank of Nigeria (CBN) has maintained the current Monetary Policy Rate (MPR) of 27.5 per cent with all policy parameters. The Governor of CBN, Olayemi Cardoso, disclosed this at the MPC briefing in Abuja on Tuesday. The apex bank’s MPC held its 301 meeting on July 21st and 22nd, 2025, to review recent […]
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