The Centre for the Promotion of Private Enterprise (CPPE) has commended the Central Bank of Nigeria’s decision to keep interest rates unchanged, describing the outcome of the 305th Monetary Policy Committee (MPC) meeting as a balanced response to Nigeria’s inflation challenges. In a statement issued on Wednesday, May 20, Chief Executive Officer of CPPE, Dr …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Wednesday defended the bank’s policy direction on inflation, foreign exchange management, SME financing, banking recapitalisation, customer complaints and external reserves, insisting that recent economic pressures stem largely from external shocks and that ongoing reforms remain on course. Speaking while responding to journalists’ questions …
The Central Bank of Nigeria (CBN) has retained its benchmark interest rate at 26.5 per cent, as policymakers weighed moderating inflation, stronger external reserves and growing global economic uncertainties. CBN Governor, Olayemi Cardoso, announced the decision on Wednesday at the end of the two-day 305th meeting of the Monetary Policy Committee (MPC) in Abuja. The …
When the Central Bank of Nigeria's Monetary Policy Committee gathered in February 2026 for its 304th meeting, the mood was one of cautious optimism. Headline inflation had fallen for eleven consecutive months. Reserves had climbed to a 13-year high of $50.45 billion. The naira was holding. The committee voted, 10 to 1, to cut the …
The Central Bank of Nigeria (CBN) has introduced a new banking policy framework that raises the cost of ATM card issuance while cutting a wide range of other charges, in a move aimed at making financial services cheaper, clearer, and more accessible. It made this known in a circular signed by the Director of Financial …
The Central Bank of Nigeria (CBN) has introduced a new money market benchmark, known as the Nigerian Overnight Financing Rate (NOFR). The move, announced on April 17, 2026, by the CBN, in collaboration with the Financial Markets Dealers Association (FMDA), aims to improve transparency and strengthen confidence in the financial system. It is designed to …
Seven Nigerian banks wrote off about ₦2.38 trillion in bad loans in 2025, as the Central Bank of Nigeria’s (CBN) stricter stance on forbearance and loan classification forced lenders to clean up long-standing credit risks. A review of banks' financial statements reveals that the write-offs, which cut across Zenith Bank, First HoldCo, GTCO, Stanbic IBTC, …
The Central Bank of Nigeria (CBN) has warned Nigerians to be on high alert due to a surge in fraudulent messages and cyberattack attempts aimed at deceiving the public and compromising personal information. The warning was contained in a statement issued on Tuesday and signed by Hakama Sidi-Ali, the Acting Director of Corporate Communications. According …
The Central Bank of Nigeria (CBN) has introduced the Nigerian Overnight Financing Rate (NOFR) as the country’s new money market benchmark. It announced this in a statement issued on Friday, signed by the Acting Director of Corporate Communications, Hakama Sidi Ali. The move is aimed at improving transparency, strengthening monetary policy transmission, and deepening the …
Nigeria’s gross external reserves have come under sustained pressure over the past month, shedding more than $1.18 billion between March 11 and April 9, 2026, amid persistent market interventions and rising global uncertainty. Data from the Central Bank of Nigeria (CBN) shows the reserves declined from a peak of $50.03 billion on March 11 to …
