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Power crisis deepens as FG pays only 4% of

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FG targets 6500 megawatts power generation in six months

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Tag: CBN

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

CBN orders banks to replace MD/CEO three months before exit

The Central Bank of Nigeria has directed Domestic Systemically Important Banks to implement early succession planning for their Managing Directors/Chief Executive Officers and other senior executives. This initiative is designed to enhance corporate governance and reduce potential disruptions that could affect financial stability. In a circular issued by the Director of the Financial Policy and […]

International investors remain cautious as Cardoso seeks cash infusions - Report
Banking

CBN gov urges banks to boost diaspora remittances to $1bn

Central Bank of Nigeria Governor, Olayemi Cardoso, yesterday, urged Nigerian banks to intensify support for the apex bank’s efforts to grow Diaspora remittances to $1 billion monthly, describing the inflows as a strategic lever for foreign exchange stability and broader economic transformation. Cardoso, who stated this during the 18th yearly Banking and Finance Conference of […]

Private sector laments loan repayment as interest rate hits 26.26%
featured

We’ll guard Nigeria’s financial system jealously – CBN

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has reiterated the bank’s commitment to fostering economic stability and strengthening the resilience of Nigerian banks. He expressed confidence that renewed trust in monetary policy would help attract more investment inflows into the economy. Speaking at the European Business Chamber C-Level Forum in Lagos, in […]

Banking

CBN unveils compliance unit to boost risk, market oversight

The Central Bank of Nigeria has announced the creation of a dedicated Compliance Department, a move designed to strengthen regulatory oversight and streamline supervisory functions. In a circular signed by Olubunmi Ayodele-Oni, the apex bank disclosed that the department was set up in the first quarter of 2025 and assumed full operational responsibilities in the […]

Finance

CBN uses OMO to curb inflation, support naira stability

The Central Bank of Nigeria is set to roll out fresh liquidity control measures, known as Open Market Operations, to absorb N784 billion inflows expected to hit the banking system this week. A breakdown of the inflows shows that OMO maturities of N459.60 billion will come in today, while Nigerian Treasury Bill maturities of N324.41 […]

Banking

Globus Bank completes N200bn capital raise ahead of CBN deadline — MD/CEO

Globus Bank has successfully raised ₦200 billion in paid-up capital, meeting the Central Bank of Nigeria’s recapitalisation requirement ahead of the Q1 2026 deadline. The Managing Director and Chief Executive Officer, Elias Igbinakenzua, confirmed this milestone in an exclusive interview with BusinessDay. The bank began with ₦45.8 billion before the CBN’s recapitalisation announcement. In 2024, […]

Diaspora Nigerians to pay ₦80,000 for remote BVN
Economy featured

CBN, Brazil central bank hold talks to boost economic cooperation

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has engaged in high-level talks with his Brazilian counterpart, Gabriel Muricca Galípolo, to strengthen economic and financial cooperation between the two countries. The discussions took place during President Bola Tinubu’s state visit to Brazil and formed part of a broader working visit by the Central Bank […]

Banking

CBN sets deadline for ISO 20022 adoption, geo-tagging compliance

The Central Bank of Nigeria has directed all players in the nation’s payment ecosystem to fully migrate to the ISO 20022 messaging standard and enforce geo-tagging of payment terminals by October 31, 2025. In a circular posted on its website on Tuesday, the bank reminded Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switches, Processing […]

News

External reserves projected to hit $45bn by December

Analysts have forecasted that Nigeria’s external reserves could reach about $45bn by year-end, bolstering the Central Bank of Nigeria’s capacity to stabilise the foreign exchange market and the wider economy. The projection comes on the back of reserves rising to $41bn last Tuesday, the highest level in 44 months, according to CBN data. The recovery […]

Business

CBN reaffirms commitment to boost economy, protect financial consumers

The Central Bank of Nigeria has reaffirmed its commitment to sustaining initiatives that boost economic growth and safeguard consumers in the financial sector. Acting Director of the CBN’s Corporate Communications Department, Mrs. Harkama Sidi Ali, gave the assurance on Thursday during the CBN Fair held in Abeokuta, Ogun State. The event, themed “Driving Alternative Payment […]

Business

CBN to sanction FX violators after forensic audit

The Central Bank of Nigeria says it will impose civil, administrative, or criminal sanctions on parties found to have violated foreign exchange regulations, following the completion of a forensic audit into undelivered forward contracts. The disclosure was made in a document titled Frequently Asked Questions on the Settlement of Undelivered Forward Contracts, published on the […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
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CBN holds interest rate at 27.5%

The Central Bank of Nigeria has decided to keep the Monetary Policy Rate unchanged at 27.5 per cent, signaling a continued focus on economic stability amid ongoing challenges. This was disclosed by CBN Governor, Olayemi Cardoso, during a press briefing following the 301st meeting of the Monetary Policy Committee in Abuja on Tuesday. The MPC […]

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