Central Bank of Nigeria (CBN) on Monday said it plans to move half of Nigeria’s cash into the banking system and bring 50 million more people into formal finance by 2028. The plan was unveiled by CBN Governor Olayemi Cardoso on Monday in Abuja during the launch of _Payments...
CBN
Nigerian banks reported stronger interest income in the first quarter of 2026 as lending rates stayed near record levels and the Central Bank of Nigeria (CBN) kept monetary policy tight. The average maximum lending rate held steady at 28.20% in March 2026, unchanged from February. The rate marked the...
Justice Maryanne Anineh of the Federal Capital Territory, FCT, High Court, Maitama, Abuja, on Monday, May 11, 2026 admitted in evidence, newspaper publications tendered by the Economic and Financial Crimes Commission (EFCC) in the trial of the former governor of the Central Bank of Nigeria, CBN, Godwin Ifeanyi Emefiele...
Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso has revealed that Nigeria’s gross and net foreign reserves improved significantly at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms. The apex bank disclosed this in a post issued on Tuesday via its official X...
By ABDUL SULEIMAN – Nigeria may have lost over N400 billion in technical equipment, accessories, trainings and first aid materials procured by the National Population Commission (NPC) for the botched 2023 census, investigations have shown. This is even as local contractors who supplied the materials and provided other logistics...
Many bank customers have frowned at the 7.5 per cent Value Added Tax(VAT) on selected electronic banking services, saying taxes are becoming too much for citizens. Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, appealed to the Central Bank of Nigeria...
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors. Head, Public Affairs of the NCC, Nnenna Ukoha, who made this known in...
stock market bounced back by 0.10 per cent on Tuesday, posting a gain of N94 billion for investors. This is after six consecutive sessions of bearish performance. The uptick was due to renewed investors interest in stocks like NCR Nigeria, Ikeja Hotel, Prestige Assurance, Eunisell Interlinked and 19 other...
The House of Representatives Committee on Nutrition and Food Security has invited the Central Bank of Nigeria (CBN), Nigeria Incentive-Based Risk Sharing System for Agriculturaal Lending (NIRSAL) PLC, NIRSAL Micro Finance Bank, the Bank of Agriculture (BOA), and others to the third leg of its investigative hearing into the...
In a surprising twist to a high-stakes legal faceoff, the Osun State Government on Friday formally withdrew its lawsuit against the Central Bank of Nigeria (CBN) and the Accountant-General of the Federation (AGF) over alleged withholding of local government allocations. Appearing before Justice Emeka Nwite at the Federal High...
Nigeria’s trade surplus has risen to six percent of the country’s Gross Domestic Product (GDP), according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. Cardoso disclosed this while speaking at the ongoing IMF/World Bank Group Annual Meetings in Washington, D.C., where he is leading Nigeria’s...
Senior Advocate of Nigeria, Chukwuma-Machukwu Ume, has petitioned the Central Bank of Nigeria (CBN) to sanction Polaris Bank over its alleged refusal to disburse a ₦868 million loan facility meant for his client, Kanchez Nigeria Limited. In the petition dated October 2, which was acknowledged by the apex bank...
Central Bank of Nigeria (CBN) has reaffirmed its commitment to ensuring the circulation of clean Naira notes across the country while calling on Nigerians to treat the national currency with respect. The bank also encouraged citizens to become ambassadors for the protection and proper handling of the Naira. The...
Nigeria Deposit Insurance Corporation (NDIC) has cautioned citizens to steer clear of Ponzi schemes and other dubious investment platforms that promise quick returns but often lead to financial loss. Speaking during the NDIC’s Special Day at the 20th Abuja International Trade Fair, the Corporation’s Managing Director, Mr. Bello Thompson...
Shareholders and Boards of Directors of Providus Bank and Unity Bank have officially approved a merger between the two institutions, paving the way for the creation of a more formidable player in Nigeria’s banking sector. The approval was secured during a court-ordered Extraordinary General Meeting (EGM) held on Friday,...
Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has revealed that 14 banks have successfully complied with the apex bank’s revised capital requirements as part of the ongoing banking sector recapitalisation. Speaking in Abuja on Tuesday during the presentation of the communiqué from the 302nd Monetary Policy...
Central Bank of Nigeria (CBN) has set an ambitious target of achieving a $1 billion diaspora reserve by 2026, according to CBN Governor Dr. Olayemi Cardoso. Speaking at the 18th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday,...
Nick AguleEmail: nick.agule@yahoo.co.ukX: Nick Agule, FCAFacebook: Nick Agule, FCA15.08.2025 There are indications that the CBN intends to revive the eNaira. There are 12 questions for the CBN to tackle. 1. Security and Competition: The eNaira’s security—being backed by the CBN—is reassuring. However, does this not position the CBN, as...
More than 100 tennis players are set to compete in the 2025 NTF-CBN Tennis Championship, kicking off on July 21 at Package B of the Moshood Abiola National Stadium in Abuja. The 46th edition of the Senior Open Tennis Championship is organized by the Nigeria Tennis Federation (NTF) with...
Court of Appeal in Abuja on Wednesday overturned a Federal High Court (FHC) ruling that had ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services N579 billion for its role in stamp duty collection. Delivering the majority judgment in a 2:1 decision, Justice Adebukola Banjoko sided...