The Central Bank of Nigeria (CBN) has issued a directive to financial institutions to implement mandatory dual connectivity for Point of Sale (PoS) transactions within one month. It gave the order in a circular, signed by the Director of the Payments System Supervision Department, Rakiya Yusuf, dated December 11. It said the move is to …
The Central Bank of Nigeria Governor, Olayemi Cardoso, has inaugurated the new Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF). The apex bank made this known in a statement on Wednesday, December 10. Cardoso said the inauguration of the ACGSF board reaffirms the apex bank’s commitment to strengthening Nigeria’s agricultural sector. He highlighted the …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed recent reports alleging that it is deliberately withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPCL). Addressing the allegations, Eniola Akinkuotu, the Head of Media and Strategic Communication, in a statement on Monday, December 8, confirmed that the Commission has approved …
FCMB Group Plc's profit before tax soared 46 per cent to ₦134.5 billion in the third quarter (Q3) of the year on stronger interest margins despite a decline in loans and advances to customers. The bank disclosed this in its unaudited financial statements for the nine months ended September 30, 2025. The results show that FCMB's …
The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals for individuals to ₦500,000 and corporates to ₦5 million. It gave the directive to banks in a new revised set of rules, stating that the order will take effect from January 2026. This ends the previous special authorisation permitting individuals to withdraw ₦5 million …
The naira depreciated against the dollar on Monday, December 1, 2025, as year-end demand for foreign currency pushed exchange rates upward. At the Nigerian Foreign Exchange Market (NFEM), where the official trading takes place, the naira dropped to N1,448.43 on Monday, against N1,446.74 recorded on Friday, November 28. At the parallel market, bureau-de-change operators in …
The Central Bank of Nigeria (CBN) has reported that seven subsectors recorded mild contractions in economic activities in November. It revealed this in its Purchasing Managers’ Index (PMI) report for November. It stated that the composite PMI expanded to 56.4 index points in November, compared to 55.4 index points in October. A reading of the …
The Central Bank of Nigeria (CBN) has directed banks, payment service banks (PSBs) and other financial institutions (OFIs) to immediately withdraw all advertisements and promotional materials which do not comply with existing consumer-protection regulations and, within 30 days, submit a compliance attestation. It issued the instruction in a circular on Thursday, November 27, signed by …
When the Nigerian Bureau of Statistics (NBS) announced that inflation had declined for the seventh consecutive month, falling from 34.6% last year to 16.05% in October 2025, policymakers celebrated. On paper, the trajectory suggested a successful year of monetary policy tightening, stable exchange rates, and improved food supply. Yet for households in Abuja’s Nyanya, Lagos’ …
Nigeria’s foreign-exchange market daily turnover has reached $500 million, while spreads between official and parallel markets have narrowed to less than 2%. The CBN Governor, Olayemi Cardoso disclosed this during the 303rd Monetary Policy Committee (MPC) meeting, the final MPC session for 2025 held in Abuja. CBN Governor Olayemi Cardoso revealed that Twelve months ago, …
