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CBN cuts interest rate to 23%

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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 […]

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

Foreign reserves rise to $40.11b – Cardoso

Nigeria’s external reserves have risen to $40.11 billion as of July 2025. This was disclosed by the Central Bank Governor, Yemi Cardoso, announced on Tuesday during the Monetary Policy Committee briefing. Cardoso stated that the current reserve level provides about 9.5 months of import cover, reflecting a substantial improvement in the country’s foreign currency buffer. […]

Private sector laments loan repayment as interest rate hits 26.26%
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Rising FAAC payouts threaten inflation control, Cardoso cautions

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed concern over the inflationary pressures resulting from rising liquidity in the banking sector. He cautioned that growing disbursements of statutory revenues through the Federation Account Allocation Committee could undermine the CBN’s disinflation efforts if not accompanied by strict monetary measures. In his personal […]

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

CBN orders banks to submit capital restoration plans

The Central Bank of Nigeria has mandated banks to submit a Capital Restoration Plan as part of its strategy to wind down the regulatory forbearance framework. In a circular signed by the Director of Banking Supervision, Olubukola Akinwunmi, and published on the CBN website on Monday, the apex bank said the plan will complement other […]

CBN
Business

BVN enrolment remains free for Nigerians at home — CBN

The Central Bank of Nigeria has dismissed rumours circulating on social media about the introduction of new or hidden charges for the Bank Verification Number, affirming that BVN enrolment for Nigerians living in the country remains completely free. In a statement issued on Monday, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, […]

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CBN confirms close monitoring of banks under forbearance

The Central Bank of Nigeria has announced that banks benefiting from forbearance measures are under strict monitoring, as part of ongoing efforts to ensure stability and resilience in the country’s banking sector. In a press statement issued on Tuesday, the Central Bank of Nigeria’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, stated that […]

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CBN orders struggling banks to halt dividends, bonuses

The Central Bank of Nigeria has mandated banks under regulatory forbearance to halt dividend payouts, postpone executive bonuses, and suspend investments in foreign subsidiaries or offshore ventures. This measure is part of a broader effort to bolster capital reserves, strengthen financial stability, and encourage prudent capital retention within the banking industry. The directive specifically targets […]

News

CBN denies extension of BDC recapitalisation deadline

The Central Bank of Nigeria has denied reports suggesting that the deadline for the recapitalisation of Bureau De Change operators has been extended to December 31, 2025. In a statement released on Wednesday, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, dismissed the claims as “false” and “misleading,” urging the public to disregard […]

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