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Tag: CBN

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 […]

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

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 […]

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 […]

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, […]

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 […]

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, […]

CBN posts N38.8b profit in 2024, erasing 2023’s N1.15tn loss  

The Central Bank of Nigeria has published its 2024 audited financial statements, reporting a profit after tax of N38.8 billion, marking a strong recovery from the N1.15 trillion loss recorded in 2023. The turnaround was primarily driven by significant growth in interest income and other operating income, especially a sharp increase in net unrealized foreign […]

CBN raises N804.85b in OMO auction amid strong investors demand

The Central Bank of Nigeria successfully raised N804.85 billion through its Open Market Operations auction on April 29, 2025, amid high investor demand driven by excess liquidity and elevated inflation expectations. The auction saw N1.057 trillion in total subscriptions—an oversubscription of 111%—though slightly lower than the April 25 auction, where N1.008 trillion was raised from […]

CBN orders banks to adopt PAPSS for cross-border transactions

The Central Bank of Nigeria has issued a directive requiring all banks in the country to integrate the Pan-African Payment and Settlement System and begin processing transactions under the new framework. The move is aimed at enhancing intra-African trade and streamlining cross-border payment efficiency. In a statement released on Monday, the CBN’s Acting Director of […]

CBN raises over ₦1tn at OMO auction amid liquidity surge

The Central Bank of Nigeria raised ₦1.008 trillion at its OMO auction on Friday, April 25, 2025, after strong investor demand led to a 102% oversubscription. Initially offering ₦500 billion across two maturities, the auction attracted almost ₦1.4 trillion in total bids, as investors sought high-yield government instruments amid rising inflation and an expanding money […]

Private sector credit hits N76.27tn in March – CBN

Credit to Nigeria’s private sector rose slightly to ₦76.27 trillion in March 2025, representing a 0.03% increase from ₦76.25 trillion in February 2025. This is based on the latest data released by the Central Bank of Nigeria. However, the figure remains below the ₦77.38 trillion recorded in January 2025, highlighting a broader trend of credit […]

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