The Centre for the Promotion of Private Enterprise (CPPE) has called on the Central Bank of Nigeria (CBN) to address structural bottlenecks in the financial system and push for stronger fiscal discipline to ensure that the benefits of its latest monetary easing are fully realised. The centre's position follows the decision of the CBN's Monetary …
Nigeria’s foreign exchange reserves have reached a significant milestone, with the gross reserves now standing at $50.4 billion as of mid-February 2026, marking the highest level in the past 13 years, offering a strong indicator of the country’s economic resilience and positive outlook. This was confirmed by the Central Bank of Nigeria (CBN) Governor, Olayemi …
The Central Bank of Nigeria (CBN) said 20 banks have fully met the new minimum capital requirements, with just one month to the March 2026 recapitalisation deadline. CBN Governor Olayemi Cardoso disclosed this on Tuesday during a briefing at the end of the two-day Monetary Policy Committee (MPC) meeting. He said the committee acknowledged the …
The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate by 50 basis points to 26.5 per cent, marking a shift toward moderate monetary easing amid sustained disinflation and improved macroeconomic indicators. CBN Governor Olayemi Cardoso announced the decision on Tuesday at the end of the two-day Monetary Policy Committee (MPC) meeting. He …
Recently, key economic data have revealed stronger foreign exchange (FX) inflows, tighter Central Bank controls, cooling inflation, and a shift in investor positioning, all of which are reinforcing the naira’s recent gains, although oil revenue and global risk remain key threats. Analysts are beginning to say that the naira’s recent strength is starting to look …
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has warned that slow, costly, and fragmented cross-border payment systems are limiting economic opportunities for millions, especially in developing countries. Speaking on Thursday at the G-24 Technical Group Meetings held in Abuja, Cardoso said these inefficiencies block individuals and small businesses from fully participating in …
The proposed merger between Unity Bank Plc and Providus Bank Limited has moved closer to completion, with integration efforts progressing steadily and key regulatory milestones already secured. This was contained in a statement on Wednesday. It follows a Court-Ordered Meeting where shareholders overwhelmingly endorsed the transaction, reaffirming confidence in the combination. According to the Managing …
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 …
