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Tag: CBN

Banking

27 banks in market for recapitalisation funds — Cardoso

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that 27 banks have sought to raise additional capital from the market since the new recapitalisation exercise commenced. In March 2024, the CBN mandated new capital thresholds, requiring commercial banks to significantly increase their capital bases. International banks must reach ₦500 billion, national […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
Economy

Nigeria’s PMI hits 56.4 as private sector expansion rises

Nigeria’s private sector expansion gained further momentum in November 2025, as the key Purchasing Managers’ Index indicator climbed to 56.4. This marks a stronger, broad-based uptick in economic activity, cementing a year of steady recovery. The Central Bank of Nigeria’s latest PMI report confirms a twelfth straight month of private sector expansion in November, with […]

Banking featured

CBN orders immediate withdrawal of non-compliant financial adverts

The Central Bank of Nigeria has ordered all financial institutions to immediately remove any non-compliant advertising and promotional materials that violate consumer-protection and fair-marketing regulations. The directive was issued in a November 27, 2025 circular, signed by Olubunmi Ayodele-Oni for the Director of the CBN’s Compliance Department. The CBN’s decision follows an industry review that […]

Finance

CBN holds monetary policy rate at 27% amid inflation

The Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate at 27 per cent, citing the need to allow previous reduction to sufficiently transmit to the economy. Meanwhile, the apex bank disclosed that 16 banks have met the new minimum capital requirements, adding that 27 had raised capital. CBN Governor, Mr. Olayemi Cardoso, […]

featured

CBN holds benchmark interest rate at record 27.5%

The Central Bank of Nigeria has paused interest rate hikes, holding the Monetary Policy Rate steady at a record 27 per cent. The bank’s Monetary Policy Committee made the decision to keep all key rates unchanged at its latest meeting in Abuja. The benchmark rate remains high as the CBN aggressively tackles inflation and works […]

Banking

16 banks now compliant with recapitalisation threshold – CBN

The Central Bank of Nigeria has announced that 16 banks have now met its recapitalisation requirements. CBN Governor Olayemi Cardoso shared this update, noting an increase from the 14 compliant banks reported in September. This signals steady progress as the industry works to meet the March 2026 deadline. “The committee noted with satisfaction the sustained […]

Banking

CBN to clamp down on repeated dud cheque offenders

The Central Bank of Nigeria has proposed a strict new crackdown on repeat offenders of “dud cheques.” Under draft guidelines released for consultation, individuals could face an automatic five-year ban for each subsequent offence. This new policy, established under the CBN Act and BOFIA 2020, would replace all previous regulations on the matter. The draft […]

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

Nigeria’s economy still faces hurdles, says CBN

The Central Bank of Nigeria says that although recent reforms have contributed to restoring macroeconomic stability, significant work remains in improving living conditions and tackling deep-rooted structural challenges in the economy. CBN Deputy Governor for Corporate Services, Emem Usoro, made this known in a keynote address delivered on her behalf by the Director of Corporate […]

Policy and Regulations

CBN demands deeper fiscal, monetary policy synergy

The Central Bank of Nigeria says its ongoing reform measures are restoring stability to the economy, but stressed the need for deeper coordination between fiscal and monetary authorities to sustain the gains. Speaking at the 2025 Seminar for Finance Correspondents and Business Editors in Abuja, CBN Deputy Governor (Corporate Services), Ms. Emem Usoro, said coordinated […]

Business featured

CBN recirculated dirty banknotes in 2022, audit reveals

The latest annual audit of the Office of the Auditor-General of the Federation has revealed new violations in the Central Bank of Nigeria’s currency-management operations during former governor Godwin Emefiele’s tenure. According to the report, the apex bank reissued N29.77 billion in “Counted Audited Dirty” banknotes in 2022, contravening its own Clean Note Policy. The […]

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

Nigeria’s foreign reserves surpass $46bn, highest since 2018 — Cardoso

Nigeria’s foreign reserves have surpassed $46 billion, the highest level since 2018. The Central Bank Governor, Yemi Cardoso, made this disclosure at the 20th-anniversary colloquium of the Monetary Policy Department in Abuja. Cardoso, represented by the Deputy Governor for Economic Policy, Dr. Muhammad Abdullahi, said the reserve level is strong enough to finance more than […]

Economy featured

Nigeria’s economy expands 11 month consecutively — Report

Nigeria’s economy expanded for the eleventh consecutive month as the Central Bank of Nigeria Purchasing Managers’ Index rose to 55.4 index points in October 2025 from 54 index points recorded in the previous month. The CBN report indicated that the sectors leading this expansion included industry, services, and agriculture. The report stated: “The composite PMI […]

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