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CBN unveils draft to boost anti-money laundering compliance

The Central Bank of Nigeria has introduced a draft framework to revolutionize anti-money laundering practices across the nation’s financial sector, targeting enhanced compliance amid rising digitalization and increasingly complex transactions. Detailed in a circular (BSD/DIR/CON/AML/018/033) dated May 20, 2025, the initiative mandates financial institutions to adopt advanced artificial intelligence and machine learning technologies to combat […]

Private sector laments loan repayment as interest rate hits 26.26%
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CBN retains MPR at 27.5% for second time in 2025

The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 27.50% for the second time in 2025. This decision was disclosed by CBN Governor Olayemi Cardoso during a press briefing on Tuesday following the 300th MPC meeting held in Abuja. Cardoso said, “The Committee was unanimous in its […]

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Nigerian banking sector remain safe, CBN dismisses distress report

The Central Bank of Nigeria has confirmed the stability and safety of the country’s banking sector amid circulating unverified social media reports alleging distress in a regulated financial institution. In a statement on Monday signed by Acting Director of Corporate Communications Hakama Sidi Ali, the CBN urged the public to ignore misleading information and to […]

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CBN cuts FG loans by over N4tn

The Central Bank of Nigeria experienced a significant decline of N4.145 trillion in net loans and receivables in 2024, mainly due to a reduction in its overdraft exposure to the Federal Government and changes in other loan categories. The bank’s audited financial statements show that net loans and receivables dropped from N16.122 trillion in 2023 […]

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

Nigerians living abroad will now be required to pay $50 (approximately ₦80,000) to obtain a Non-Resident Bank Verification Number, following the recent launch of the platform by the Central Bank of Nigeria in partnership with the Nigeria Inter-Bank Settlement System (NIBSS). The NRBVN initiative allows Nigerians in the diaspora to remotely register for a Bank […]

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CBN, NIBSS partner to launch BVN platforms for Nigerians abroad

The Central Bank of Nigeria in partnership with the Nigeria Inter-Bank Settlement System has unveiled the Non-Resident Bank Verification Number platform, a transformative initiative designed to enhance financial inclusion for Nigerians living abroad. The NRBVN platform allows diaspora Nigerians to obtain their Bank Verification Number remotely, eliminating the need for physical presence in Nigeria. This […]

Economy

CBN schedules 300th MPC meeting for May 19-20

The Central Bank of Nigeria has announced that the 300th meeting of its Monetary Policy Committee will be held on Monday, May 19, and Tuesday, May 20, 2025, at its headquarters in Abuja. The announcement was made via a public notice published on the CBN’s official website on Tuesday. According to the announcement, the meeting […]

CBN warns public against fake contracts, grants, intervention fund scams
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CBN warns public against fake contracts, grants, intervention fund scams

The Central Bank of Nigeria has issued a fresh warning to the public, cautioning against individuals and groups fraudulently claiming to represent the apex bank in offering fake contracts, grants, and financial intervention schemes. In a statement released on Monday and signed by the Acting Director of Corporate Communications, Mrs. Halima Sidi Ali, the bank […]

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PAPSS hails CBN’s move to simplify transaction documentation in Nigeria 

The Pan-African Payment and Settlement System has welcomed a new circular from the Central Bank of Nigeria, which simplifies the documentation requirements for PAPSS transactions in the country. This move is expected to enhance the efficiency of cross-border payments and further promote financial integration across Africa. By working with central banks, PAPSS helps minimize payment […]

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CBN allocates N306bn for staff severance, related costs

The Central Bank of Nigeria disclosed that it spent N306.63 billion in 2024 on staff expenses and exit packages for former employees who opted for early retirement. This marks a more than 700% increase compared to the N37.7 billion spent in 2023. It also indicated that a total of N191.95bn was spent on staff allowances, […]

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Naira printing costs surge by 306%

The Central Bank of Nigeria spent ₦315.18 billion on currency issue expenses in 2024, representing a sharp 306% increase from the ₦77.67 billion recorded in 2023, according to its audited financial statement for the year. Currency issue expenses include the costs associated with printing, processing, distributing, and disposing of banknotes. The latest figures show a […]

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Foreign debt cleanup costs CBN N13.9tn in 2024 – Report

The Central Bank of Nigeria reported a 13.9 trillion naira ($9 billion) loss in 2024, driven by the settlement of overdue derivatives contracts, as part of a strategic push to reduce foreign currency liabilities and restore investor confidence in the naira, according to Bloomberg. The loss, a sharp rise from 6.3 trillion naira in 2023, […]

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