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 …
The Centre for the Promotion of Private Enterprise (CPPE) has called for a major overhaul of Nigeria's development finance framework, warning that the country's manufacturing, agriculture, agribusiness, micro, small and medium-sized enterprises (MSMEs) and export-oriented businesses are facing a financing gap of more than ₦50 trillion. In a policy brief issued on Sunday, August 2, …
The Central Bank of Nigeria (CBN) spent much of 2025 battling rising fraud, growing consumer complaints, weak financial institutions and regulatory breaches, even as it intensified supervision across the financial system. Pinnacle Daily analysis of the CBN 2025 Annual Report shows that while Nigeria's banking sector remained stable overall, several areas of the financial system …
Businesses are yet to reap the benefits of Nigeria's improving macroeconomic stability as borrowing costs remain stubbornly high despite signs that the Central Bank of Nigeria (CBN) is making progress in its fight against inflation. The CBN's decision to retain the Monetary Policy Rate (MPR) at 26.5 per cent at its July Monetary Policy Committee …
Following the Central Bank of Nigeria's decision to retain its benchmark interest rate, Governor Olayemi Cardoso used the post-Monetary Policy Committee (MPC) briefing on Tuesday to explain the bank's position on some of the country's most pressing financial and monetary issues. Responding to questions from journalists after the two-day MPC meeting, Cardoso defended the CBN's …
