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Tag: CBN

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

CBN cuts interest rate to 27%

The Central Bank of Nigeria’s Monetary Policy Committee has lowered the benchmark interest rate to 27.00 percent, marking the first adjustment of 2025. CBN Governor Olayemi Cardoso announced the decision on Tuesday at a press briefing following the 302nd MPC meeting in Abuja. The Committee decided as follows: (1) reduce the monetary policy rate by […]

Finance

CBN increases dollar sales to stabilize FX market

The Central Bank of Nigeria has increased its dollar sales to stabilize the foreign exchange market amid declining inflows from key sources. In August 2025, the CBN sold $574 million, a 76 per cent increase from $326 million in July. Total foreign exchange inflows into Nigeria’s market fell by 12 per cent month-on-month to $3.4 […]

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

CBN reiterates commitment to financial inclusiveness, productivity

The Central Bank of Nigeria has reiterated its unwavering commitment to financial inclusiveness and stimulating productivity towards sustainable economic growth and development of Nigeria. The CBN Governor, Olayemi Cardoso, made this known during a fair it organized in Kano to sensitize the public on policies introduced by the bank to enhance their lives and livelihood […]

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 […]

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