The Central Bank of Nigeria (CBN) has announced new penalties for banks and cheque printers that fail to follow cheque standards, declaring that offenders could face fines of up to ₦20 million. The new rules were shared in a circular sent on Thursday to deposit money banks (DMBs), cheque printers, and personalisers, according to a …
The Central Bank of Nigeria (CBN) has directed that each licensed Bureau de Change (BDC) operator can access up to $150,000 in foreign exchange weekly from the Nigerian Foreign Exchange Market (NFEM) through authorised dealer banks. The directive was issued on Tuesday in a circular signed by the CBN’s Director of Trade and Exchange Department, …
The Central Bank of Nigeria (CBN) has outlined price stability and strengthening external reserves as the core pillars of its medium-term growth strategy, reinforcing its transition to an inflation-targeting framework and its commitment to defending the naira. Speaking at the National Economic Council Conference at the Presidential Villa in Abuja, CBN Governor Olayemi Cardoso said …
The 2025 financial year was marked by cautious lending across the banking sector, despite the Central Bank of Nigeria’s (CBN) decision to reduce the Loan-to-Deposit Ratio (LDR) requirement to 50 per cent. A Pinnacle Daily review of the financial results of major banks shows that while some lenders maintained loans slightly above the regulatory minimum, …
The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, a move that marks a major milestone in the bank’s growth and long-term development strategy. In a statement, the BOI said the approval allows it to formally commence non-interest banking operations. The …
Nigeria’s economic activity grew for the 14th straight month in January 2026, with entertainment and agriculture leading the expansion. This is contained in the latest Purchasing Managers’ Index (PMI) report released by the Central Bank of Nigeria (CBN). The report stated the composite PMI stood at 55.7 points in January. It remained well above the …
Nigeria’s net foreign exchange inflow declined by 18.3 per cent year-on-year to $48.1 billion in the nine months ended September 2025, reflecting weaker capital inflows and persistent pressure on foreign exchange supply. Central Bank of Nigeria (CBN) data showed that the decline was largely driven by a sharper 15 per cent drop in total foreign …
Nigeria processed close to 11 billion electronic payment transactions in 2024, more than double the 5 billion transactions recorded in 2022, according to the Central Bank of Nigeria (CBN). The apex bank disclosed this in its report titled 'Shaping the Future of Fintech in Nigeria: Innovation, Inclusion and Integrity', released on Monday. The report shows …
A Prosecution witness in the trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), has told the Federal Capital Territory (FCT) High Court in Abuja that $6.23 million was withdrawn from the apex bank using forged documents. Bashirudden Maishanu, an assistant director at the CBN and the 11th prosecution witness, gave …
The Central Bank of Nigeria (CBN) has approved the temporary use of expired National Agency for Food and Drug Administration and Control (NAFDAC) licences for import documentation. In a circular issued on Tuesday and signed by the Director of the Trade and Exchange Department, Aliyu Ashiru, the apex bank asked authorised dealer banks to continue …
