Central Bank of Nigeria (CBN) has postponed the implementation of its new geo-tagging regulations for Point-of-Sale (PoS) terminals to August 1, 2026, while also easing part of the policy by widening the permitted operating radius for devices from 10 metres to 70 metres. The directive was contained in a...
Central Bank of Nigeria (CBN)
Nigeria’s foreign exchange reserves have risen above $50 billion, according to the Central Bank of Nigeria (CBN). CBN Director of Monetary Policy Department, Victor Oboh disclosed this during an interview on TVC News’ _Business Nigeria_ programme on Monday, May 25. According to Oboh the current level of Nigeria’s foreign...
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...
In an era marked by global economic volatility, few nations have demonstrated the strength and foresight of Nigeria’s Central Bank and its Monetary Policy Committee (MPC). The recent decision to retain the Monetary Policy Rate (MPR) at 26.5%, maintain the Cash Reserve Requirement (CRR) for deposit money banks at...
Central Bank of Nigeria (CBN) and commercial banks are reviewing the high volume of transaction alerts sent to customers and complaints about bank charges, CBN Governor Olayemi Cardoso said on Wednesday. Speaking after the 305th Monetary Policy Committee meeting in Abuja, Cardoso said many customers are confused by receiving...
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has called on banks to stay vigilant against emerging risks after the banking sector recapitalisation exercise, even as the Monetary Policy Committee kept the benchmark interest rate unchanged. Speaking after the MPC 305th meeting in Abuja, Cardoso said the...
The legal fight between Union Bank and the Central Bank of Nigeria (CBN) is now centered on control of the bank, but for customers the immediate question is whether daily banking will be affected. On March 25, 2026, the Federal High Court in Lagos nullified the CBN’s January 2024...
In a strategic move to bolster its leadership team, First Bank of Nigeria Limited has appointed Dr. Julius Omodayo-Owotuga as an Executive Director, effective May 13, 2026. The appointment was disclosed Thursday in a public notice filed with the Nigerian Exchange Limited and signed by Company Secretary Abiola Baruwa...
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...
Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) that both organisations said would safeguard consumers against fraud while opening opportunities for them to leverage the potentials of the telecommunications and financial sectors. The MoU was signed as NCC and...
Nigeria’s banking sector has entered a new phase of strength and global relevance following the successful completion of a sweeping recapitalisation exercise led by the Central Bank of Nigeria (CBN). The exercise, which mandated banks to meet new capital thresholds by 31 March 2026, is widely regarded as the...
For those who studied Economics at the Ordinary Level in the 1970s, the name O.A. Lawal likely rings a bell. His seminal work, O’ Level Economics of West Africa, outlines the four pillars of production—land, labour, capital, and enterprise—as the essential resources for creating value. Centuries earlier, in 1776,...
“The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”– Olayemi Cardoso, Governor, Central Bank of Nigeria. In April 2026, Nigeria finished a major project to...
The Seventh Prosecution Witness, PW7, Chinedu Eneanya, in the trial of the former governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele on Wednesday, April 1, 2026, told Justice Maryanne Anineh of the Federal Capital Territory High Court, Maitama, Abuja, that Emefiele violated the provisions of the...
Economic and Financial Crimes Commission (EFCC) has called for enhanced collaboration and operational support with the Central Bank of Nigeria (CBN) in Enugu State. The call, made on Tuesday, March 17, 2026 by the Zonal Director, Enugu Zonal Directorate of the EFCC, Commander of the EFCC, CE Daniel Isei...
President Bola Ahmed Tinubu has approved the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria, subject to confirmation by the Senate. The appointment according to a statement by the presidential spokesman, Bayo Onanuga, is in accordance with Section 8(1) of the Central Bank...
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...
Data has shown that improving macroeconomic conditions and financial systems contributes to stabilising the economy, where evidence-based policy frameworks are positioned to safeguard the soundness and resilience of the financial system. The Monetary Policy Committee (MPC) is far more than a technical update; it is a decision of steady...