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CBN orders banks to expand ATM network nationwide

The Central Bank of Nigeria has instructed banks and other card issuers to significantly expand the deployment of Automated Teller Machines nationwide, setting a target of at least one ATM for every 7,500 payment cards issued by 2028. Under the new Guidelines on the Operations of ATMs in Nigeria, the apex bank stated that “all […]

Business

CBN signals possible capital raise for banks after stress tests

The Central Bank of Nigeria has indicated that Nigerian banks may need to raise additional capital depending on the outcome of a new stress testing exercise aimed at evaluating the strength of their credit portfolios against potential economic shocks. The apex bank disclosed this in a directive instructing all banks to commence the stress test […]

Banking featured

CBN tightens BVN rules, restricts phone number changes to one

The Central Bank of Nigeria has mandated all banks and other financial institutions to establish and maintain a temporary watchlist for Bank Verification Numbers implicated in suspected fraudulent transactions. This directive takes effect from May 1, 2026. The apex bank issued the instruction in a circular addressed to all banks, other financial institutions, and payment […]

Banking

CBN orders banks to bar loan defaulters from new credit

The Central Bank of Nigeria has directed commercial banks to block loan defaulters, particularly large-ticket borrowers, from accessing new credit facilities. A large-ticket borrower refers to an individual or company that owes a significant sum to a bank. The CBN issued the instruction in a circular to banks on Monday, according to TheCable. The latest […]

Economy featured

Nigeria’s economy strong against Middle Eastern tensions — Cardoso

Central Bank Governor Olayemi Cardoso has assured that Nigeria’s ongoing macroeconomic reforms have fortified the economy against potential shocks from escalating Middle East tensions. He made this declaration while delivering the Distinguished Alumni Lecture at the Founders Day celebration of St Gregory’s College in Lagos on Thursday. Cardoso highlighted that the global economy is grappling […]

News

Tinubu appoints Lamido Yuguda CBN deputy governor

President Bola Ahmed Tinubu has approved the appointment of Lamido Abubakar Yuguda, former Director-General of the Securities and Exchange Commission as Deputy Governor of the Central Bank of Nigeria. The appointment was disclosed in a statement on Wednesday by presidential spokesman Bayo Onanuga, adding that the appointment is subject to confirmation by the Senate. Onanuga […]

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
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Nigeria maintains growth momentum with February PMI above 56

Nigeria’s economic activity maintained strong growth momentum in February 2026, with the composite Purchasing Managers’ Index rising to 56.4 points. This was disclosed in the latest report by the Central Bank of Nigeria. The report shows that overall economic activity expanded for the fifteenth consecutive month. The report also indicated that growth remained broad-based across […]

Banking featured

CBN confirms 30 banks meet recapitalisation targets

Nigeria’s banking sector recapitalisation drive has gained significant traction, with 30 banks already meeting the new minimum capital requirements while three lenders are still undergoing regulatory verification, the Central Bank of Nigeria said on Friday. The apex bank disclosed that a total of 33 banks successfully raised fresh capital through various channels including rights issues, […]

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
Banking

Private sector credit drops to N75.24tn in January 2026

Credit extended by Nigerian banks to the private sector fell to N75.24 trillion in January 2026, down from N75.83 trillion in December 2025. The decline is highlighted in the latest monetary and credit data published by the Central Bank of Nigeria. Private sector credit includes loans, trade credits, non-equity securities, and accounts receivable provided by […]

Business

CBN attracts N2.34 trillion treasury bills bid, allocates N1.01tn

The Central Bank of Nigeria received N2.34 trillion in bids at its N1.05 trillion Treasury Bills Primary Market Auction on March 4, 2026, ultimately allotting N1.01 trillion across the three tenors offered. The apex bank released the auction results at the close of business on Wednesday. The outcome underscores strong investor demand for government securities, […]

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