The Central Bank of Nigeria (CBN) said it has concluded the banking sector recapitalisation programme, announcing that banks raised a total of ₦4.65 trillion. The apex bank said this in a statement issued on Wednesday, April 1, signed by its Director of Banking Supervision, Olubukola Akinwunmi, and Acting Director of Corporate Communications, Hakama Sidi Ali. …
Nigeria’s economic activity continued to grow in March 2026, showing the 16th consecutive month of expansion. This is according to the latest Purchasing Managers’ Index (PMI) report from the Central Bank of Nigeria (CBN). It shows that the composite PMI stood at 53.2 points, reflecting broad-based growth as 31 of the 36 surveyed subsectors reported …
The Senate has passed a ₦68.323 trillion budget for Nigeria's 2026 fiscal year. The approval marked an increase from the initial ₦58.47 trillion proposed. President Bola Tinubu had requested an upward revision of over ₦9.09 trillion to the budget. The fresh request is to accommodate legacy commitments, particularly in the transportation and health sectors, as …
Nigeria could see short-term gains from surging global oil prices, but heightened geopolitical tensions and policy uncertainty may temper the upside, according to Lukman Otunuga, Head of Market Research at FXTM. In a statement on Tuesday, Otunuga said oil benchmarks are “heading for their best monthly gain since 1990,” driven by fears of supply disruptions …
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit detailed cybersecurity assessments under a newly deployed supervisory framework, warning that false disclosures will attract sanctions. In a circular dated March 30 and signed by Olubunmi Ayodele-Oni, Director of the Compliance Department, the apex bank announced the rollout of its …
Federal Government bond auction attracted strong investor interest, with total subscriptions rising to about ₦931.5 billion, well above the ₦750 billion on offer in March. Data from the Debt Management Office (DMO) on Tuesday showed that the bulk of the demand came from the 9-year bond, highlighting strong investor demand for government securities. The 9-year …
As the March 31 deadline for bank recapitalisation set by the Central Bank of Nigeria (CBN) expires on Tuesday (tomorrow), a handful of banks remain under pressure to meet the requirement. The affected banks are still dealing with regulatory, legal and structural challenges that have slowed their progress, even as most of the industry has …
The Centre for the Promotion of Private Enterprise (CPPE) says Nigeria’s bank recapitalisation has strengthened the financial system but warns that without increased lending to businesses, the exercise will have little impact on the real economy. It gave the warning in a statement issued on Sunday, March 29, by its Chief Executive Officer, Muda Yusuf, …
The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has said Nigeria’s capital market is yet to unlock its full potential, calling for urgent collaboration among regulators, investors and issuers to drive sustainable growth and global competitiveness. Speaking at the Emerging Africa Capital Limited Investor Summit & Awards, Agama said while recent reforms …
As the Central Bank of Nigeria's (CBN) recapitalisation deadline closes on March 31, 2026, Nigeria’s banking sector is entering a new phase, with attention shifting from capital raising to the real economic impact of the exercise. The recapitalisation programme, launched in March 2024 with a 24-month compliance window from April 1, 2024, is designed to …
