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Tag: CBN Policy

Policy and Regulations

CBN orders banks, fintechs to store data locally

The Central Bank of Nigeria has directed banks, fintech firms, mobile money operators and other payment service providers to store all payment transaction data generated within Nigeria on local servers, as part of a broader regulatory push to strengthen oversight, improve transparency and reduce concentration risks in the country’s fast-growing digital payments ecosystem. The directive […]

Finance

CBN raises foreign tuition remittance limit to $25,000

The Central Bank of Nigeria has increased the maximum tuition fee remittance allowed for Nigerian students pursuing undergraduate and postgraduate studies abroad to 25,000 dollars per semester, up from the previous limit of 15,000 dollars. The upward review is contained in the CBN Foreign Exchange Manual, Fourth Edition, which was released on Wednesday as part […]

Banking featured

Banks lose trillions yearly to CBN’s high CRR policy — Report

Nigeria’s banking sector may be losing trillions of naira annually due to the Central Bank of Nigeria’s high Cash Reserve Ratio, according to a new report by investment banking and research firm Chapel Hill Denham. The report titled “The Nigerian Banking Paradox: High Returns, Deep Discounts” argued that despite Nigerian banks posting some of the […]

CBN fines banks ₦150m for selling mint Naira notes
Aviation

CBN reforms boosts UK aviation, trade ties — Tinubu

President Bola Ahmed Tinubu has said the resolution of outstanding financial liabilities by the Central Bank of Nigeria marks a major turning point in strengthening Nigeria’s economic and aviation ties with the United Kingdom and its flagship carrier, British Airways. This was disclosed in a statement issued by presidential spokesperson Bayo Onanuga following a meeting […]

Banking

CBN sets April 30 deadline for banks’ stress test reports

Nigeria’s lenders are under pressure to meet an April 30 deadline set by the Central Bank of Nigeria to submit Board-approved Risk-Based Capital stress test reports, marking a tougher phase of oversight after the industry’s recapitalisation exercise. The directive, issued March 6, 2026 requires banks to assess how their capital positions would hold up under […]

Policy and Regulations

CBN orders banks to file cybersecurity reports within three weeks

The Central Bank of Nigeria has directed banks and other financial institutions to submit detailed reports on their cybersecurity frameworks within three weeks in a move to strengthen oversight and safeguard the financial system against rising digital threats. In a circular to Deposit Money Banks, Payment Service Banks, Microfinance Banks, fintechs and other regulated entities, […]

Policy and Regulations

MANEG raises alarm over CBN policy favouring oil firms

Manufacturers under the aegis of the Manufacturers Association of Nigeria Export Group have raised concerns over what they described as a policy imbalance by the Central Bank of Nigeria, following its recent decision to allow International Oil Companies unfettered access to repatriate 100 per cent of their export proceeds. The apex bank last week scrapped […]

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