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 …
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained the Monetary Policy Rate (MPR) at 26.5 per cent, choosing to keep monetary policy tight as rising geopolitical tensions in the Middle East continue to threaten inflation and global economic stability. The decision was taken at the committee's 306th meeting, …
The Central Bank of Nigeria (CBN) on Monday confirmed that it opened two foreign currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC), contradicting an earlier claim by the Accountant-General of the Federation that no such accounts existed. The disclosure was made during a public hearing by the House of Representatives Ad-hoc …
High and multiple taxation, insecurity, and elevated interest rates remained the biggest challenges facing Nigerian businesses, according to the Central Bank of Nigeria (CBN). It revealed this in its latest Business Expectations Survey (BES) for June 2026, conducted by the CBN's Statistics Department with responses from 1,900 businesses with a 96.5 percent response rate. The …
The House of Representatives Public Accounts Committee (PAC) has directed the Office of the Accountant-General of the Federation (OAGF) to submit a detailed report on outstanding operating surplus and other revenues allegedly owed to the Federal Government by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and other government agencies. …
The Central Bank of Nigeria (CBN) has warned individuals, businesses and financial institutions against rejecting the standard ₦100 banknote, stressing that it remains legal tender and that violators risk sanctions. The apex bank issued the warning in a statement released on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali. Its warning follows reports …
The Alliance for Economic Research and Ethics has called on the Central Bank of Nigeria (CBN) to urgently clear the outstanding $2.4 billion foreign exchange forward contract backlog owed to manufacturers. The group stressed that the unresolved obligations are undermining confidence, weakening industrial growth, and threatening the country's economic transformation. It made the call in …
The Office of the Accountant-General of the Federation (OAGF) has said the controversial Presidential Foreign Intervention Promotion Council (PFIPC) has neither an operational account with the Central Bank of Nigeria (CBN) nor received any public funds, despite being listed with a ₦1.3 billion allocation in the 2026 appropriation act. The clarification comes amid growing concern …
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026. CBN said the banks failed to meet regulatory requirements for continued operation. It announced the decision in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali. It …
