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CBN cuts interest rate to 23%

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Tag: CBN

Economy

Naira now more competitive after reforms – Cardoso

The Governor of the Central Bank of Nigeria, Yemi Cardoso, stated that the Naira has become “more competitive” after months of economic reforms and currency stabilization initiatives. Addressing a G24 media briefing on Tuesday during the IMF/World Bank Annual Meetings in Washington, Cardoso highlighted that Nigeria’s proactive policies have strengthened the country’s resilience to global […]

CBN restricts daily limit of POS transactions to N100,000
Banking

CBN’s new PoS policy may kick us out of business – Agents

A new policy from the Central Bank of Nigeria on agent banking is projected to push about 40 per cent of Point-of-Sale operators out of business, according to the national body representing them. The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, told Sunday PUNCH that the recently […]

Banking

Alternative payment systems vital for rural communities – CBN

The Central Bank of Nigeria has described alternative payment systems as a vital lifeline for rural populations and underserved communities across the country. According to Vanguard, CBN Governor, Dr. Olayemi Cardoso, stated this on Thursday during the CBN Fair held in Calabar, Cross River State, with the theme: “Driving Alternative Payment Channels as Tools for […]

featured Finance

Electronic payment transactions hit N384trn in July 2025

Nigeria’s journey toward a fully cashless economy continues to gain momentum as electronic payment transactions surged to N384 trillion in July 2025, according to the Central Bank of Nigeria. This marks a significant rise from N280 trillion in August 2024, reflecting deepening public confidence in digital payments and the rapid transformation of the country’s financial […]

POS transactions reduce by N226bn as currency circulation increases
Policy and Regulations

CBN caps POS agent daily transaction limit at ₦1.2m

The Central Bank of Nigeria has introduced new operational guidelines for agent banking, setting a ₦1.2 million daily transaction cap per Point-of-Sale agent and a ₦100,000 daily limit for individual customers. The revised framework, signed by the Director of Payments System Management, Musa Jimoh, was released on Monday to enhance oversight, strengthen financial stability, and […]

Banking

CBN slams N5m fine on agent banking offences

The Central Bank of Nigeria has announced that any agent found engaging in non-permissible activities under its newly revised Agent Banking Guidelines will face a minimum penalty of N5 million for the offense and N100,000 for each day the default continues, in addition to forfeiting any profit made from such activities. According to the revised […]

Banking

CBN orders banks to submit monthly reports on POS agents

The Central Bank of Nigeria has directed all financial institutions to submit detailed monthly reports on the operations of their Point-of-Sale agents. The directive aims to boost oversight, improve transparency, and reduce risks within Nigeria’s rapidly growing agent banking sector. In a circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, […]

Policy and Regulations

CBN reforms create opportunities for MSMEs to thrive – ACCI

The Abuja Chamber of Commerce and Industry has stated that the Central Bank of Nigeria has created opportunities for micro, small and medium enterprises to thrive in a competitive environment by providing access to credit facilities, intervention funds, forex management, and financial inclusion strategies. The Director General of the ACCI, Agabaidu Jideani, made this statement […]

Economy featured

MAN urges CBN to cut lending rates below 5%

The Manufacturers Association of Nigeria has continued to bemoan the high interest rates in the country, noting that the situation has placed the nation’s manufacturing sector at a competitive disadvantage against other countries of the world. The Director General of MAN, Segun Ajayi-Kadir, expressed optimism that the recent 50 basis points reduction in the Monetary […]

Business

CBN moves to reform fixed income market for transparency

The Central Bank of Nigeria has unveiled plans for a phased overhaul of the Nigerian Fixed Income Market to boost transparency and efficiency in the financial system. In a notice signed by the Acting Director of the Financial Markets Department, Okey Umeano, the CBN said the first phase will begin in November, with the bank […]

Banking

TAJBank surpasses CBN’s capital requirement threshold

TAJBank, one of Nigeria’s fastest-growing non-interest banks, has met the Central Bank of Nigeria’s new minimum capital requirement for national non-interest banks. The bank’s Managing Director/CEO, Hamid Joda, confirmed this achievement during an interactive chat with journalists on the sidelines of an investment summit in Abuja. With this compliance, TAJBank has joined the rank of […]

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