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Economy featured

Nigeria’s PMI falls to 49.4 as economy contracts in April

Nigeria’s economic activity slipped into contraction in April 2026 as the Purchasing Managers’ Index fell to 49.4, marking the first decline after 16 consecutive months of expansion. This is according to the latest report released by the Central Bank of Nigeria on Wednesday. The figure, which dropped below the 50-point threshold that separates expansion from […]

Finance

CBN maintains forex restrictions on BDCs over compliance concerns

The Central Bank of Nigeria has maintained restrictions on Bureau De Change operators’ access to the official foreign exchange market, citing concerns over control and past abuses. This is based on insights from forex traders and market operators who spoke to Nairametrics. The development highlights the apex bank’s continued preference for bank-led FX distribution amid […]

Nigeria's treasury bills rate hit 13.9%
Finance

CBN allots ₦894bn treasury bills, demand hits ₦2.36tn

The Central Bank of Nigeria allotted a total of N894.17 billion at its Treasury Bills Primary Market Auction held on Wednesday, April 22, 2026, amid strong investor demand and stable stop rates across all maturities. The auction results seen by Nairametrics on Wednesday show that total subscriptions surged to N2.36 trillion, significantly exceeding the N750 […]

Scams

CBN warns Nigerians against fraudulent messages, online scams

The Central Bank of Nigeria has intensified its campaign against cyber fraud, cautioning Nigerians over a noticeable increase in fake messages and online scams, while at the same time reaffirming the strength and resilience of the nation’s financial system. In an advisory issued on April 21, 2026, through its spokesperson, Hakama Sidi Ali, the apex […]

Finance

CBN introduces new Nigerian overnight financing rate benchmark

The Central Bank of Nigeria and Financial Markets Dealers Associations have introduced the Nigerian Overnight Financing Rate as the new money market benchmark to promote consistent pricing of money market instruments. According to Vanguard, the CBN disclosed this Friday in a circular signed by its Acting Director, Corporate Communication, Mrs. Hakama Ali. “The Central Bank […]

featured Finance

CBN bars under-18s from BVN registration starting May 1

The Central Bank of Nigeria has restricted Bank Verification Number enrolment to persons aged 18 years and above as part of new amendments to its regulatory framework for BVN operations in the banking industry. Tribune reported that the apex bank disclosed this in a circular issued to all banks, other financial institutions and payment service […]

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

CBN warns banks against excessive risk-taking after recapitalisation

The Central Bank of Nigeria has cautioned that stronger capital buffers must not encourage excessive risk-taking, advising bank boards to reassess their risk appetite frameworks and ensure capital is deployed in ways that support long-term value creation. The apex bank issued the warning after the completion of the banking sector recapitalisation exercise, which significantly improved […]

Business

CBN to recapitalise, restructure DFIs to support MSMEs

The Central Bank of Nigeria has announced plans to recapitalise and restructure development finance institutions to help bridge the growing financing gap for micro, small, and medium enterprises. Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, disclosed this during a panel at the launch of the World Bank’s Nigeria Development Update in Abuja on Tuesday. […]

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

CBN plans FX manual to boost market transparency

The Deputy Governor of the Central Bank of Nigeria, Muhammad Abdullahi, announced that the regulator will soon roll out a new foreign exchange manual designed to boost inflows and enhance stability in the currency market. Speaking on Tuesday at the Nigeria Development Update event hosted by the World Bank in Abuja, Abdullahi said the initiative […]

Banking

CBN forensic audit exposes irregularities in Union Bank takeover

Fresh details have emerged regarding the circumstances that led to the regulatory intervention in Union Bank of Nigeria, with a forensic audit report alleging wide-ranging financial irregularities under the bank’s former owners and directors. The Central Bank of Nigeria had in January 2024 dissolved the bank’s board and management, citing the need to safeguard financial […]

Banking featured

CBN completes bank recapitalisation, raises N4.65trn

The Central Bank of Nigeria on Wednesday said it has concluded the banking sector recapitalisation programme, with 33 deposit money banks raising a total of N4.65 trillion in fresh capital to strengthen balance sheets and bolster the resilience of the financial system. The CBN announced the conclusion of the recapitalisation programme in a statement signed […]

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