The Central Bank of Nigeria (CBN) said it has created a new compliance department to strengthen oversight of non-prudential and emerging risks in the financial institutions. It disclosed this in a circular on Thursday, September 4. It said the new department was created in the first quarter of this year and became operational in the …
The Central Bank of Nigeria (CBN) has recently implemented several key reforms that are significantly impacting the country’s economy. Among the most notable changes, monthly diaspora remittances have surged to $600 million, marking a 200% increase from previous months. This boost in remittances is attributed to reforms such as the Non-Resident Bank Verification Number initiative …
Approximately N1.43 billion in interest will be returned to investors who participated in the August 2025 FGN Savings Bonds. The bonds were allotted by the Federal Government of Nigeria (FGN) through the Debt Management Office (DMO). In a publication on Monday, September 1, the DMO disclosed that the bonds attracted N3.32 billion from subscribers. The …
Pressures are mounting on mid-tier banks in Nigeria to meet the Central Bank of Nigeria's (CBN) mandatory recapitalisation deadline of March 2026. This may force mergers and alliances among the tier-2 banks, as SB Morgen Intelligence, an Africa-focused research firm, documented in its latest report. It listed the leading tier-2 banks to include First City …
The Central Bank of Nigeria (CBN) has issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025. In a circular published on its official website on Tuesday, signed by Dr Rakiya O. Yusuf, …
Nigeria’s external reserves have been projected to reach $45 billion by the end of 2025, bolstering efforts by the Central Bank of Nigeria (CBN) to stabilise the naira and pave the way for economic growth. This comes as external reserves have recorded a steady rise in recent times, reaching $41 billion on Tuesday, August …
By Victor Ezeja While economic theory says a drop in money supply could lead to a reduction in inflation, experts have, however, argued that such may not be the case in Nigeria’s situation. The relationship between Nigeria's money supply and inflation is said to be a complex one. Recent Declines in Money Supply Amid Economic …
The Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) have pledged commitment to enhancing collaboration for the stability of Nigeria’s financial system. The commitment was made when newly appointed management of the NDIC, led by Managing Director/Chief Executive Mr Thompson O. Sunday, recently paid a courtesy visit to the CBN Governor, …
By Esther Ososanya Nigeria may be basking in the glow of global praise, but Central Bank Governor Olayemi Cardoso says it’s no time to relax. Speaking during the Monetary Policy Committee (MPC) meeting in Abuja, Cardoso acknowledged the International Monetary Fund’s (IMF) commendation of Nigeria’s recent fiscal and monetary reforms but issued a stern reminder,the …
With Nigeria set to roll out its long-awaited open banking policy in August 2025, hopes are high, but so are concerns. The question on the lips of everyone is this: will this digital shift finally bring financial services to over 38 million unbanked Nigerians? Or will it widen the gap between those online and those …
