The Centre for the Promotion of Private Enterprise (CPPE) has expressed concern that the Central Bank of Nigeria (CBN) benchmark interest rate cut will require the federal government to play a complementary role to fully unlock growth potential for the Nigerian economy. The CPPE Chief Executive Officer, Muda Yusuf, raised this in a statement on …
Nigeria’s gross external reserves expanded by $1.03 billion in the last 30 days, according to data from the Central Bank of Nigeria (CBN). This represents a 2.51 per cent increase to $42.03 billion as of September 19 from $41 billion as of August 19. A review of the CBN data shows that this is the …
The Centre for the Promotion of Private Enterprise (CPPE) has called on the Central Bank of Nigeria (CBN) Governor, Dr Olayemi Cardoso, to balance price stability with growth, raising concerns over the cash reserve ratio (CRR) and monetary policy rate (MPR) environment. CPPE made the call in a statement on Sunday, September 21, by its …
The possibility that the Central Bank of Nigeria (CBN) will cut the benchmark interest rate seems tempting than maintaining the status quo when its committee meet next week. Its two-day bi-monthly Monetary Policy Committee (MPC) meeting has been scheduled to be held on Monday, September 22 and Tuesday 23. CBN has held the rate unchanged …
As Nigeria pushes for a digital revolution to drive economic growth, the Lagos Business School (LBS) has projected that the country's e-commerce market will exceed $16 billion by 2030. The Dean of Lagos Business School, Professor Olayinka David-West, stated this on Saturday in Lagos, at the 35th annual conference of the Finance Correspondents Association of …
The Central Bank of Nigeria (CBN) has approved an operating licence for Apices Finance Company Limited to boost lending to small and medium-sized enterprises (SMEs) and deepen financial inclusion in the country. The approval was conveyed in a letter signed by the Director of Financial Policy and Regulation, Rita Sike, on Thursday, September 18. It …
The Central Bank of Nigeria (CBN) has called on banks to secure its approval before appointing a new successor to the position of managing director six months before the exit of an incumbent, as provided in the corporate governance guidelines. It issued the directive in a circular signed by the Director of Financial Policy and …
Nigeria’s push into digital finance is under scrutiny as doubts grow about the credibility of the country’s flagship stablecoin, the cNGN. Promoted as Africa’s gateway to global crypto adoption, the project now faces tough questions about reserves, adoption, and sovereignty. cNGN’s last attested report showed about 298 million tokens in circulation as of June. By …
As banks' recapitalisation remains about six months to the deadline, 28 banks are now under pressure, with only six listed and two other non-listed banks fully crossing the minimum capital thresholds. Among the listed banks are Access, Zenith, GTB, Wema, Jaiz, and Stanbic IBTC. At the press briefing on its July monetary policy committee (MPC) meeting, …
Beginning January 1, 2026, Nigerians and foreign residents will no longer be able to open or operate a bank account without a Tax Identification Number (Tax ID), following the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu. The new Act is part of government efforts to expand …
