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. […]
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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 […]
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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 […]
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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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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 […]
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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 […]
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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 […]
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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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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has reaffirmed the bank’s commitment to enhancing economic cooperation between Nigeria and Saudi Arabia. According to a CBN press statement on Sunday, Cardoso made this remark during a courtesy visit to the bank’s headquarters by the Saudi Arabian Ambassador to Nigeria, Faisal bin Ibrahim Alghamdi, […]
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The Central Bank of Nigeria’s Monetary Policy Committee has unanimously decided to maintain the Monetary Policy Rate at 27.5%. This decision was announced by CBN Governor, Olayemi Cardoso during a press conference in Abuja on Thursday, following the committee’s 299th meeting. Since May 2022, the CBN has implemented a series of 15 interest rate hikes […]
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The number of dormant bank accounts in Nigeria has exceeded 19.69 million, according to the Nigeria Inter-Bank Settlement System’s industry customer account database. The data, which tracks monthly account statuses in 2024, shows a steady rise in inactive accounts. This trend coincides with new Central Bank of Nigeria regulations requiring commercial banks to disclose details […]
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The Central Bank of Nigeria has directed banks to ensure that customers have access to cash at Automated Teller Machines as the new ATM transaction fees take effect on March 1. This was disclosed by the Acting Director of the Financial Policy and Regulation Department, John Onoja, during an interview on Arise TV on Tuesday. […]
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