The Central Bank of Nigeria (CBN) has introduced a new money market benchmark, known as the Nigerian Overnight Financing Rate (NOFR). The move, announced on April 17, 2026, by the CBN, in collaboration with the Financial Markets Dealers Association (FMDA), aims to improve transparency and strengthen confidence in the financial system. It is designed to …
Seven Nigerian banks wrote off about ₦2.38 trillion in bad loans in 2025, as the Central Bank of Nigeria’s (CBN) stricter stance on forbearance and loan classification forced lenders to clean up long-standing credit risks. A review of banks' financial statements reveals that the write-offs, which cut across Zenith Bank, First HoldCo, GTCO, Stanbic IBTC, …
The Central Bank of Nigeria (CBN) has warned Nigerians to be on high alert due to a surge in fraudulent messages and cyberattack attempts aimed at deceiving the public and compromising personal information. The warning was contained in a statement issued on Tuesday and signed by Hakama Sidi-Ali, the Acting Director of Corporate Communications. According …
Stanbic IBTC Holdings Plc paid ₦119 million in regulatory fines in 2025 over reporting failures and disclosure issues, even as the bank posted one of its strongest financial performances on record. The fines were linked to various infractions, including failures to report cyber incidents and incorrect disclosures in fund statements, according to details in its …
The Central Bank of Nigeria (CBN) has introduced the Nigerian Overnight Financing Rate (NOFR) as the country’s new money market benchmark. It announced this in a statement issued on Friday, signed by the Acting Director of Corporate Communications, Hakama Sidi Ali. The move is aimed at improving transparency, strengthening monetary policy transmission, and deepening the …
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the final phase of winding down 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) across the country, following their acquisition by new operators under its resolution framework. The move comes after the Central Bank of Nigeria (CBN) revoked the licences of 179 microfinance banks and …
Ecobank Transnational Incorporated (ETI) delivered solid growth in 2025, but a loss in its Nigerian business and a rising tax exposure across its subsidiaries cast a shadow over an otherwise strong performance. The pan-African banking group grew earnings, expanded its balance sheet, and improved efficiency, according to a Pinnacle Daily review of its 2025 audited …
The 2025 financial year has revealed a clear shift in where growth is coming from for two of Nigeria’s most valuable banks — Zenith Bank Group and Guaranty Trust Holding Company (GTCO). A review of their 2025 audited financial results revealed that while home operations in Nigeria and some developed markets like the United Kingdom …
Nigeria’s gross external reserves have come under sustained pressure over the past month, shedding more than $1.18 billion between March 11 and April 9, 2026, amid persistent market interventions and rising global uncertainty. Data from the Central Bank of Nigeria (CBN) shows the reserves declined from a peak of $50.03 billion on March 11 to …
A review of Zenith Bank Plc’s 2025 audited financial statements reveals a year marked by numerous risks, pressure on profits, and new challenges in business operations. Although the bank grew in size and strengthened its financial position, from difficult accounting decisions to risks linked to climate change, the bank’s performance was influenced by five major …
