The Central Bank of Nigeria (CBN) has dismissed claims that Polaris Bank is facing liquidation, describing the circulating report as false and misleading. In a post on X on Thursday, the apex bank reassured the public that the Nigerian banking system remains stable and secure. The CBN statement followed a viral claim that Polaris Bank …
The Nigerian banking sector has entered a new phase of financial strength with the completion of the Central Bank of Nigeria’s (CBN) recapitalisation exercise. The programme, aimed at boosting the resilience, competitiveness, and lending capacity of banks, required Nigerian financial institutions to raise their minimum capital by March 31, 2026. The results are nothing short …
In this interview, Professor Uche Uwaleke, President of the Capital Market Academics of Nigeria, shares his insights on the recent recapitalisation of Nigeria’s banking sector. He discusses the importance of recapitalisation in strengthening the financial system, the benefits Nigerians can expect, and the potential risks involved. Professor Uwaleke, what role does recapitalisation play in …
Commercial banks in Nigeria are tilting their lending portfolios in favour of the oil and gas sector, offering more competitive credit terms to energy firms while agriculture and manufacturing continue to face relatively higher borrowing costs. Data released by the Central Bank of Nigeria (CBN) as of March 20, 2026, show that although many lenders …
The Central Bank of Nigeria (CBN) said it has concluded the banking sector recapitalisation programme, announcing that banks raised a total of ₦4.65 trillion. The apex bank said this in a statement issued on Wednesday, April 1, signed by its Director of Banking Supervision, Olubukola Akinwunmi, and Acting Director of Corporate Communications, Hakama Sidi Ali. …
Nigeria’s economic activity continued to grow in March 2026, showing the 16th consecutive month of expansion. This is according to the latest Purchasing Managers’ Index (PMI) report from the Central Bank of Nigeria (CBN). It shows that the composite PMI stood at 53.2 points, reflecting broad-based growth as 31 of the 36 surveyed subsectors reported …
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit detailed cybersecurity assessments under a newly deployed supervisory framework, warning that false disclosures will attract sanctions. In a circular dated March 30 and signed by Olubunmi Ayodele-Oni, Director of the Compliance Department, the apex bank announced the rollout of its …
As the Central Bank of Nigeria's (CBN) recapitalisation deadline closes on March 31, 2026, Nigeria’s banking sector is entering a new phase, with attention shifting from capital raising to the real economic impact of the exercise. The recapitalisation programme, launched in March 2024 with a 24-month compliance window from April 1, 2024, is designed to …
The Central Bank of Nigeria (CBN) says it is set to review the Federal High Court judgement on its 2024 intervention in Union Bank of Nigeria Plc, signalling possible next steps after the ruling. In a statement issued Wednesday and signed by its acting director of corporate communications, Hakama Sidi Ali, the apex bank said …
The Central Bank of Nigeria (CBN) has removed its cash pooling requirement for International Oil Companies (IOCs), allowing them unrestricted access to their export earnings in a move aimed at boosting liquidity in the foreign exchange market. In a statement issued on Wednesday and signed by the Director of the Trade and Exchange Department, Musa …
