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CBN reaffirms support for SMEs driving economic growth

The Central Bank of Nigeria has reaffirmed its commitment to supporting the growth of Small and Medium Enterprises, recognizing the sector as a crucial driver of economic development and global recognition for Nigeria. This was disclosed by the acting Director, Corporate Communications Department at CBN), Hakama Ali, on Sunday, during the CBN’s Special Day at […]

News

Personal remittance inflow hits $20.93bn in 2024

The Central Bank of Nigeria has announced that personal remittance inflows increased to $20.93 billion in 2024, reflecting an 8.9% year-on-year growth. The CBN also reported a balance of payments surplus of $6.83 billion for the 2024 financial year. This was disclosed in a statement signed by the CBN’s Acting Director of Corporate Communications, Mrs […]

News

CBN injects $197.7m into FX market to ensure liquidity

The Central Bank of Nigeria injected $197.71 million into the foreign exchange market on April 4, 2025, as part of its ongoing efforts to ensure adequate liquidity and stabilize the market. This was disclosed in a statement by the Director of the Financial Markets Department,Dr. Omolara Omotunde Duke, who reaffirmed the Bank’s commitment to maintaining […]

Economy

FX Inflow surges to $27.81bn in Q4 2024 – CBN 

The Nigerian economy experienced an increase in foreign exchange inflows in the fourth quarter of 2024, as stated in the latest Economic Report by the Central Bank of Nigeria. The report highlighted a 20.62% rise in total foreign exchange inflows, reaching $27.81 billion, compared to $23.06 billion in the previous quarter. A key highlight of […]

News

Oil firm sues CBN N4.1bn over alleged fraudulent receivership

Zumax Nigeria Limited has filed a N4.1 billion lawsuit against the Central Bank of Nigeria in the Federal High Court in Lagos, accusing the CBN of gross negligence and complicity in a fraudulent receivership. The company claims the CBN failed in its duty to supervise banks and protect customer interests, leading to significant financial losses. […]

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

Money supply drops to ₦110.3tn in February 

Money supply dropped to ₦110.3 trillion in February, marking a three-month low. This decrease followed the Central Bank of Nigeria’s efforts to manage inflation by mopping up liquidity from the economy. Data from the CBN showed that money supply decreased by 0.6% month-on-month, falling to ₦110.32 trillion in February 2025. This represented a ₦622.9 billion […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
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65.5% of Nigerians favor lower lending rates – CBN Survey

A recent Household Expectations Survey conducted by the Central Bank of Nigeria in February 2025 has revealed that 65.5% of Nigerians support a reduction in lending rates, believing it would benefit the economy. The survey, which assesses public perception on key economic indicators such as inflation, interest rates, exchange rates, and overall economic confidence, provides […]

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

CBN uncovers N2.3m illicit naira dealings

The Central Bank of Nigeria has raised concerns about the rising incidence of illicit transactions involving banknotes, warning that this trend threatens financial system stability. CBN Governor, Olayemi Cardoso, made this known on Thursday at the Bank’s Security Workshop in Abuja, where security and law enforcement agencies convened to tackle the issue. Cardoso revealed that […]

featured

Reps order CBN to halt new ATM charges policy

The House of Representatives directed the Central Bank of Nigeria to immediately suspend the implementation of increased ATM transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs, as outlined in a recent circular by the apex bank. Thee House of Representatives, in a motion of urgent public importance, sponsored […]

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

CBN raises N2.72trn in T-Bills amid tight monetary policy

The Central Bank of Nigeria has disclosed that the federal government raised N2.72 trillion through Nigerian Treasury Bills in the first two months of 2025, marking an 8.6% decline from the N2.97 trillion raised during the same period in 2024. The CBN is tightening monetary policy with higher interest rates and large NTB auctions to […]

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

CBN opposes EFCC’s bid to seize ₦2.7bn collateral property

The Central Bank of Nigeria has requested the Federal High Court in Abuja to dismiss a forfeiture case initiated by the Economic and Financial Crimes Commission concerning a property valued at ₦2.7 billion. This property, located at Plot 781, Cadastral Zone 001, Karmo District, Abuja, was used as collateral for a loan granted through the […]

News

Financial inclusion crucial to national economy – CBN

The Deputy Governor for Financial Systems Stability at the Central Bank of Nigeria, Philip Ikeazor, has emphasized the crucial role of financial inclusion in national development. He made this disclosure during EFInA’s unveiling of its refreshed brand identity, five-year corporate strategy, and new CEO, Foyinsolami Akinjayeju. Ikeazor noted that beyond providing data and funding, EFInA […]

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