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Tag: CBN

featured

CBN sets two-day cap on contract suspensions during bank resolutions

The Central Bank of Nigeria has issued fresh guidance clarifying how Sections 34(2)(b) and 40(2) of the Banks and Other Financial Institutions Act, 2020 should be applied, setting a maximum suspension period of two business days for certain contractual obligations during the resolution of distressed banks. The clarification was contained in a circular issued on […]

featured Policy and Regulations

CBN revokes licences of 46 microfinance banks nationwide over violations

The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operations. The apex bank disclosed this in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali. The revocation, which took effect […]

Policy and Regulations

CBN orders immediate freeze on terrorism sanctioned accounts

The Central Bank of Nigeria has directed banks, Payment Service Banks and other financial institutions to immediately freeze the accounts and assets of individuals and companies designated for terrorism and terrorism financing. According to The PUNCH, the directive was contained in a circular dated June 24, 2026, issued by the CBN’s Compliance Department to financial […]

Finance

CBN offers ₦450bn treasury bills at auction

The Central Bank of Nigeria is offering N450 billion worth of Nigerian Treasury Bills for auction on Wednesday, June 17, with the settlement date set for June 18. Nairametrics reported that this is according to the official notice to Primary Money Market Dealers on Tuesday. But this is much lower than the Debt Management Office’s […]

featured Finance

Reps recover over ₦521m in unremitted VAT from CBN

The House of Representatives Public Accounts Committee has recovered ₦521,765,134.17 in unremitted Value Added Tax from the Central Bank of Nigeria following its ongoing investigation into alleged revenue leakages and outstanding liabilities owed to the Federal Government. The recovery is part of an inquiry initiated by the House following a motion titled “Investigation of Revenue […]

Banking featured

Sovereign Trust remits ₦1.5bn capital deposit to CBN

Sovereign Trust Insurance Plc has announced the successful remittance of a N1.5 billion statutory capital deposit to the Central Bank of Nigeria in compliance with regulatory requirements introduced under the Nigerian Insurance Industry Reform Act 2025. Nairametrics reported that the disclosure was contained in a statement issued by the company’s Deputy General Manager and Head […]

Business

CBN surpasses target, raises N1.457tn in June treasury bill auction

The Central Bank of Nigeria raised N1.457 trillion at its June 3 Treasury Bills Primary Market Auction, despite strong investor demand that drove total subscriptions to N2.160 trillion, more than twice the N1 trillion on offer. The 364-day tenor dominated activity, attracting subscriptions of N1.946 trillion against an N800 billion offer, underscoring sustained appetite for […]

Economy

Foreign exchange reserves rise by $1.22bn in May – CBN

Nigeria’s external reserves rose by about $1.22 billion in May 2026, closing the month at $49.58 billion, according to data from the Central Bank of Nigeria. Figures released by the apex bank show that gross reserves increased from $48.36 billion on April 30, 2026, to $49.58 billion by May 29, 2026, representing a month-on-month gain […]

Banking

CBN mops up ₦5.42tn from fresh OMO auction

The Central Bank of Nigeria absorbed N1.945 trillion from the financial system through its Open Market Operations auction conducted on May 29, 2026, as part of efforts to sterilise excess liquidity ahead of an anticipated N3.35 trillion inflow from maturing OMO and Treasury Bills securities. Nairametrics reported that results from the latest OMO auction revealed […]

Banking

Bad loans hit 8% after CBN’s regulatory forbearance withdrawal

Bad loans in Nigeria’s banking sector increased to 8.03 per cent in January 2026, seven months after the Central Bank of Nigeria began winding down regulatory forbearance granted to banks on certain credit exposures and breaches of single obligor limits. The PUNCH reported that according to the CBN’s January 2026 Economic Report, the industry’s non-performing […]

Business

CBN extends PoS geo-fencing enforcement deadline

The Central Bank of Nigeria has extended the enforcement of its Point-of-Sale terminal geo-fencing requirement to August 1, 2026, giving financial institutions and payment service providers more time to comply with the regulation aimed at improving oversight of electronic payment channels. The directive was contained in a circular dated May 29, 2026, which was obtained […]

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