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Finance

Nigeria’s money supply falls to ₦118trn amid CBN tightening

Nigeria’s money supply fell month-on-month to about ₦118 trillion in September 2025, down from ₦119.7 trillion in August, according to the Central Bank of Nigeria. The apex bank disclosed this in its Money and Credit Statistics Data for September 2025, attributing the decline primarily to a drop in banks’ credit to the economy amid continued […]

Finance

CBN refutes report of $1.26bn forex allocation for fuel import

The Central Bank of Nigeria has refuted a report claiming that it allocated $1.269 billion in foreign exchange for the importation of petroleum products in the first quarter of the year, stating on Tuesday in a statement that the report was misleading and inaccurate. The CBN directly addressed the misrepresentation, clarifying its position: “The Central […]

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

Oil marketers get $1.26bn forex allocation from CBN

The Central Bank of Nigeria has disbursed a total of $1.26 billion to operators in the oil sector for the importation of petroleum products and related items in the first quarter of 2025. The release comes amid marketers’ continued preference for imported fuel despite the availability of petrol from the Dangote Refinery. Fresh data from […]

Business featured

High bank charges, taxes top Nigerian business constraints — CBN

Businesses and households have clearly identified high interest rates, multiple taxes, and poor infrastructure as the top three constraints impacting operations in September 2025, even as they collectively expressed optimism about the macroeconomy in the coming months. In its Business Expectation Survey, the Central Bank of Nigeria reported the robust confidence level, stating: “The Confidence […]

Finance

CBN, Bank of Angola sign MoU to boost bilateral central banking

The Central Bank of Nigeria and the Bank of Angola on Thursday formally signed a Memorandum of Understanding aimed at fostering closer bilateral relations and significantly enhancing capacity in core central banking operations. The signing ceremony saw the Governor of the Bank of Angola, Mr. Manuel Tiago Diaz, and the Governor of the Central Bank […]

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

CBN, Bank of Angola ink MoU to boost technical collaboration

The Central Bank of Nigeria and the Bank of Angola have signed a Memorandum of Understanding to strengthen bilateral ties and build capacity in central banking operations. The agreement was signed on Thursday in Washington D.C., on the sidelines of the IMF/World Bank Annual Meetings, marking a key step in deepening financial cooperation between the […]

Banking

Nigeria’s trade surplus rises to 6% of GDP — CBN gov

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that Nigeria’s trade surplus has increased to 6 per cent of the nation’s Gross Domestic Product and is expected to remain stable at that level in the near term. This was disclosed by the cbn governor during the G-24 press briefing held on […]

Economy

Naira now more competitive after reforms – Cardoso

The Governor of the Central Bank of Nigeria, Yemi Cardoso, stated that the Naira has become “more competitive” after months of economic reforms and currency stabilization initiatives. Addressing a G24 media briefing on Tuesday during the IMF/World Bank Annual Meetings in Washington, Cardoso highlighted that Nigeria’s proactive policies have strengthened the country’s resilience to global […]

CBN restricts daily limit of POS transactions to N100,000
Banking

CBN’s new PoS policy may kick us out of business – Agents

A new policy from the Central Bank of Nigeria on agent banking is projected to push about 40 per cent of Point-of-Sale operators out of business, according to the national body representing them. The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, told Sunday PUNCH that the recently […]

Banking

Alternative payment systems vital for rural communities – CBN

The Central Bank of Nigeria has described alternative payment systems as a vital lifeline for rural populations and underserved communities across the country. According to Vanguard, CBN Governor, Dr. Olayemi Cardoso, stated this on Thursday during the CBN Fair held in Calabar, Cross River State, with the theme: “Driving Alternative Payment Channels as Tools for […]

featured Finance

Electronic payment transactions hit N384trn in July 2025

Nigeria’s journey toward a fully cashless economy continues to gain momentum as electronic payment transactions surged to N384 trillion in July 2025, according to the Central Bank of Nigeria. This marks a significant rise from N280 trillion in August 2024, reflecting deepening public confidence in digital payments and the rapid transformation of the country’s financial […]

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