The total value of currency held outside Nigeria’s banking system in March rose to ₦4.6 trillion, representing 91.9% of the ₦5.00 trillion total currency in circulation. According to the latest money and credit statistics released by the CBN, ₦4.6 trillion was held outside the banking system in March 2025, accounting for 91.9% of the total […]
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Nigeria’s financial regulators and market operators recently gathered at Nasdaq MarketSite in New York to share the country’s economic outlook, focusing on reforms aimed at drawing global capital. In a statement on Sunday, the event, hosted by the Central Bank of Nigeria in partnership with the Nigerian Exchange Group, JPMorgan, and the African Private Capital […]
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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Friday held a thought-provoking discussion with Nobel Prize-winning economist Dr. James Robinson, who serves as the Reverend Richard L. Pearson Professor at the University of Chicago and Director of the Pearson Institute for the Study and Resolution of Global Conflicts in the United States. […]
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The Central Bank of Nigeria has announced plans to introduce a secret shopper programme to assess compliance by Bureau De Change operators with anti-money laundering and counter-terrorism financing regulations. The directive was communicated to all licensed BDCs in a notice issued on Thursday by the apex bank’s Compliance Department, signed by Amonia Opusunju. The initiative, […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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