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CBN orders struggling banks to halt dividends, bonuses

The Central Bank of Nigeria has mandated banks under regulatory forbearance to halt dividend payouts, postpone executive bonuses, and suspend investments in foreign subsidiaries or offshore ventures. This measure is part of a broader effort to bolster capital reserves, strengthen financial stability, and encourage prudent capital retention within the banking industry. The directive specifically targets […]

News

CBN denies extension of BDC recapitalisation deadline

The Central Bank of Nigeria has denied reports suggesting that the deadline for the recapitalisation of Bureau De Change operators has been extended to December 31, 2025. In a statement released on Wednesday, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, dismissed the claims as “false” and “misleading,” urging the public to disregard […]

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

CBN commits to long-term stability through sustained reforms

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has reiterated the bank’s dedication to restoring investor confidence and ensuring long-term macroeconomic stability through sustained reforms and institutional transformation. In a post on his official X (formerly Twitter) account on Sunday, Cardoso stated that the CBN has made consistent progress in recent weeks, […]

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ICYMI: Cash outside banks declines again as tightening continues

Currency held outside Nigeria’s banking system declined for the second consecutive month in 2025, falling to ₦4.57 trillion in April from ₦4.60 trillion in March, according to the latest data from the Central Bank of Nigeria. The decline comes as the CBN maintained its benchmark Monetary Policy Rate at 27.5% during its May 2025 Monetary […]

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Private sector credit hits ₦77.9tn in April 2025

Credit to Nigeria’s private sector climbed to ₦77.9 trillion in April 2025, up from ₦76.2 trillion in March, according to the latest figures from the Central Bank of Nigeria. The April total also surpassed the ₦77.38 trillion recorded in January and ₦76.26 trillion in February, highlighting a consistent upward trend in private sector lending over […]

Business

Foreign trade payments climb to $267.96m – CBN

Nigeria’s settlement of foreign trade transactions via Letters of Credit rose by 3.68% year-on-year to $267.96 million in the first four months of 2025, up from $258.46 million recorded during the same period in 2024. The figures were revealed in the International Payments Data published by the Central Bank of Nigeria on its website on […]

News

CBN unveils draft to boost anti-money laundering compliance

The Central Bank of Nigeria has introduced a draft framework to revolutionize anti-money laundering practices across the nation’s financial sector, targeting enhanced compliance amid rising digitalization and increasingly complex transactions. Detailed in a circular (BSD/DIR/CON/AML/018/033) dated May 20, 2025, the initiative mandates financial institutions to adopt advanced artificial intelligence and machine learning technologies to combat […]

Private sector laments loan repayment as interest rate hits 26.26%
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CBN retains MPR at 27.5% for second time in 2025

The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 27.50% for the second time in 2025. This decision was disclosed by CBN Governor Olayemi Cardoso during a press briefing on Tuesday following the 300th MPC meeting held in Abuja. Cardoso said, “The Committee was unanimous in its […]

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Nigerian banking sector remain safe, CBN dismisses distress report

The Central Bank of Nigeria has confirmed the stability and safety of the country’s banking sector amid circulating unverified social media reports alleging distress in a regulated financial institution. In a statement on Monday signed by Acting Director of Corporate Communications Hakama Sidi Ali, the CBN urged the public to ignore misleading information and to […]

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CBN cuts FG loans by over N4tn

The Central Bank of Nigeria experienced a significant decline of N4.145 trillion in net loans and receivables in 2024, mainly due to a reduction in its overdraft exposure to the Federal Government and changes in other loan categories. The bank’s audited financial statements show that net loans and receivables dropped from N16.122 trillion in 2023 […]

Diaspora Nigerians to pay ₦80,000 for remote BVN
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Diaspora Nigerians to pay ₦80,000 for remote BVN

Nigerians living abroad will now be required to pay $50 (approximately ₦80,000) to obtain a Non-Resident Bank Verification Number, following the recent launch of the platform by the Central Bank of Nigeria in partnership with the Nigeria Inter-Bank Settlement System (NIBSS). The NRBVN initiative allows Nigerians in the diaspora to remotely register for a Bank […]

News

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 […]

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