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Business

Tag: CBN

Economy

PMI hits 53.2 points as Nigeria’s economy expands in March

Nigeria’s economy strengthened in March 2026, as the composite Purchasing Managers’ Index reached 53.2 points, the Central Bank of Nigeria reported. The reading marks the sixteenth consecutive month of expansion in overall economic activity. The data highlights sustained resilience across major sectors despite persistent macroeconomic challenges. Of the 36 subsectors surveyed, 31 showed growth, reflecting […]

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

CBN confirms 33 banks meet new capital requirements

The Central Bank of Nigeria has announced that 33 banks have successfully met the new minimum capital thresholds set under its recently completed recapitalisation programme, a significant step toward strengthening Nigeria’s financial system. According to the apex bank, the 24-month exercise mobilised a total of N4.65 trillion, lifting capital adequacy ratios across the industry above […]

Naira closes week stronger at N1,534.72/$ 
Business

CBN’s new diaspora remittance rules to open market

The Central Bank of Nigeria’s new reforms on diaspora remittances aim to break entrenched monopolies in the foreign exchange market, increase inflows, and enhance transparency. The President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, made this disclosure on Friday that the central bank’s policy marks a crucial move toward liberalising […]

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

32 banks meet revised capital requirements, CBN confirms

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that 32 Nigerian banks have met the revised minimum capital requirements under the ongoing recapitalisation programme, marking a significant milestone in efforts to strengthen the nation’s financial system. Speaking at the Monetary Policy Forum in Abuja on Thursday, Cardoso described the progress as “commendable,” […]

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

CBN cuts treasury bill rates amid ₦8trn liquidity

The Central Bank of Nigeria cut rates on longer-dated Treasury bills at its March 25 auction, even as investors poured N2.7 trillion into one-year securities to lock in attractive yields amid a liquidity glut exceeding N8 trillion in the financial system. Stop rates on the 182-day and 364-day instruments fell by 20 basis points to […]

Business

Nigeria’s banks maintain strong liquidity despite CBN N2.36tn OMO withdrawal

Nigeria’s banking system liquidity remained above N8 trillion despite the Central Bank of Nigeria withdrawing N2.36 trillion through its Open Market Operations, signaling the continued abundance of funds in the financial system. Mid-week data from the apex bank, following its OMO auction on March 23, 2026, show that the central bank’s aggressive intervention has had […]

Business

CBN to review court ruling on Union Bank, confirms stability

The Central Bank of Nigeria announced that it will review the recent court ruling concerning Union Bank of Nigeria Plc, emphasizing that the bank remains stable and continues to operate normally. The disclosure was made on Wednesday in a press statement by the Acting Director of Corporate Communications, Hakama Sidi Ali. The CBN noted that […]

Banking

Court nullifies CBN’s dissolution of Union Bank board

Justice Chukwujekwu Aneke of the Federal High Court sitting in Lagos on Wednesday nullified the January 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria, declaring the action ultra vires. In his judgment, Justice Aneke set aside all decisions taken by the CBN-appointed board and ordered […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
Banking

Nigerian banks raise ₦4.61trn ahead of recapitalisation deadline

Nigerian banks have raised a combined N4.61 trillion in fresh capital ahead of the March 31, 2026, banking recapitalisation deadline. This was disclosed by Olayemi Cardoso, governor of the Central Bank of Nigeria. Cardoso spoke on Tuesday at the International Monetary Fund/Africa Regional Technical Assistance Centres (IMF/AFRITAC) West 2 high-level forum in Abuja. He said […]

Opinion

CBN gov urges stronger African cooperation on cross-border risks

The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has urged African financial regulators to strengthen cooperation in managing cross-border risks. Cardoso also restated the CBN’s commitment to entrenching robust corporate governance in Nigeria’s financial system. He spoke at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and […]

Finance

Banks race to meet CBN recapitalisation March 31 deadline

Banks are in a last-minute push to meet the Central Bank of Nigeria’s recapitalisation deadline. The apex bank is expected to make a major announcement this week as the March 31, 2026, cut-off approaches. Findings by The PUNCH indicate that most lenders have substantially met the new capital requirements. A few institutions are resolving final […]

World

Nigeria’s CBN named ‘Central Bank of the Year’ globally

The Central Bank of Nigeria has been named Central Bank of the Year by Central Banking magazine. This recognition is in honour of sweeping reforms that restored macroeconomic stability and investor confidence in Nigeria. The award underscores what the magazine described as a “return to policy orthodoxy” under the leadership of CBN Governor, Olayemi Cardoso. […]

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