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Tag: CBN

Banking

CBN warns banks to strengthen sanctions compliance framework 

The Central Bank of Nigeria has issued a fresh directive to banks, payment service banks, and fintech firms, warning them to strengthen their sanctions compliance frameworks or face enforcement actions. In a circular signed by Amonia Opusunju for the Director of the Compliance Department, the CBN emphasized the obligation of all financial institutions to adhere […]

News

CBN permits Ascensia Finance to operate in Nigeria

The Central Bank of Nigeria has granted Ascensia Finance Company Limited final approval to operate as a finance company in Nigeria. This decision, communicated in an official letter dated April 10, 2025, followed a thorough review of the firm’s application and supporting documents. The letter, signed by Dr. Abubakar Shebe on behalf of the Director […]

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

CBN warns banks against sourcing capital from illicit channels

The Central Bank of Nigeria has cautioned deposit money banks against sourcing capital from illicit channels as part of the ongoing recapitalization process. The apex bank stated that this measure is essential to maintain financial system stability and ensure the banking sector remains robust enough to support the country’s $1 trillion economic target. At the […]

Business

Nigeria’s export potential hindered by poor product quality – CBN

The Central Bank of Nigeria has identified poor product quality, substandard packaging, and weak branding as key challenges hindering the country’s ability to fully tap into its export potential, particularly in the non-oil sectors. This was disclosed at the Bankers Committee Town Hall, which the CBN organised in collaboration with the Bankers Committee on Monday […]

News

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
featured News

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 […]

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