The Alliance for Economic Research and Ethics has challenged Mustafa Chike-Obi’s claim that Nigeria loses more than $10 billion annually from maintaining its foreign reserves, arguing that the calculation does not establish the actual cost of holding the country’s external assets. In a policy essay issued on October 18, the Alliance’s chairman, Dele Kelvin Oye, …
The recent Memorandum of Understanding (MoU) between the Federal Government and the Central Bank of Nigeria (CBN) on fiscal and monetary policy coordination has created a new test for how government borrowing, cash management and monetary policy are coordinated. The Alliance for Economic Research and Ethics said in a statement on Tuesday, through its Chairman, …
The Centre for the Promotion of Private Enterprise (CPPE) has said the Central Bank of Nigeria’s decision to cut its benchmark interest rate to 23 per cent could ease borrowing costs for businesses and reduce the Federal Government’s domestic debt-service burden. The CPPE, in a policy brief issued on Tuesday by its Chief Executive Officer, …
The Central Bank of Nigeria (CBN) has reset its benchmark interest rate to 23 per cent as part of an operational overhaul aimed at strengthening the transmission of monetary policy to the economy. CBN Governor Olayemi Cardoso announced the decision on Tuesday after the two-day Monetary Policy Committee (MPC) meeting. He said the reset was …
The World Bank has challenged Nigerian banks to unlock the full economic value of the ₦4.65 trillion raised in the recently concluded recapitalisation exercise, warning that the fresh capital must reach businesses that can create jobs and expand production. World Bank Country Director for Nigeria, Matthew Verghis, said the banking sector was now stronger and …
The Central Bank of Nigeria (CBN) has elevated terrorism financing controls to a current supervisory priority. The move signals a tighter scrutiny of banks and other financial institutions as the regulator steps up efforts to prevent the financial system from being used by illicit actors. It hinted at this in a circular issued on Tuesday …
Former Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Jim Osayande Obazee, has accused the Central Bank of Nigeria (CBN) of engaging in what he described as deceptive accounting, fraudulent financial reporting, weak corporate governance and possible earnings management in its 2025 financial statements. Obazee made the allegations on …
The Central Bank of Nigeria’s (CBN) latest changes to Open Market Operations (OMO) and repurchase transactions may be doing more than simply improving access to the fixed-income market. The review could give the apex bank a more flexible liquidity-management toolkit ahead of a period when global economic risks and Nigeria’s 2027 election cycle could put …
Nigeria’s foreign exchange market recorded a significant boost in July, as total forex inflows climbed to a five-month high of $4.36 billion, driven largely by aggressive Central Bank interventions and a remarkable surge in domestic participation. According to the latest data released by FMDQ, this represents a 31.9 per cent month-on-month increase from the $3.31 …
The Senate Committee on Public Accounts has given the Central Bank of Nigeria (CBN), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Niger Delta Development Commission (NDDC), the Nigeria Extractive Industries Transparency Initiative (NEITI), and other defaulting agencies 72 hours to appear before it over their failure to honour invitations to a public hearing on …
