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 …
The Central Bank of Nigeria (CBN) has ordered all international money transfer operators (IMTOs) to open naira settlement accounts and route all remittance transactions through them, effectively ending dollar payouts to recipients in Nigeria. The policy, which takes effect May 1, 2026, requires that diaspora remittances be disbursed in local currency, marking a significant shift …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for stronger collaboration among African financial regulators. He made the call at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision in Abuja on Tuesday, March 24. He warned that growing cross-border linkages in the continent’s …
Nigeria’s Net Domestic Credit (NDC) declined by 6.9 per cent year-on-year to N109.4 trillion in January 2026, down from N102.4 trillion recorded in the same period of 2025, according to the latest money and credit report released by the Central Bank of Nigeria. NDC, which measures total bank lending to both the public and private …
The recent escalation of tensions in the Middle East, between the United States (US) and Iran, is raising fresh concerns that the Central Bank of Nigeria (CBN) may be forced to reconsider its plans to continue lowering benchmark interest rates, as rising oil prices and inflation risks ripple through the global economy. A senior market …
In a series of regulatory guidelines issued last week, the Central Bank of Nigeria (CBN) introduced new measures aimed at strengthening security, transparency and consumer protection across Nigeria’s financial services sector. Released through several circulars between March 10 and March 13, 2026, the new rules cover areas including instant payments, ATM deployment, fraud monitoring, Bank …
Sacked former deputy governor of the Central Bank of Nigeria (CBN), Bala Bello, has expressed gratitude to President Bola Tinubu following his appointment as Special Adviser to the President on Political Economy. According to Bello, the new role will allow him to contribute more directly to the administration’s reform agenda. It will also allow him …
The Central Bank of Nigeria (CBN) has directed banks to deny new credit and certain banking services to large borrowers with non-performing loans, as part of efforts to strengthen credit discipline and protect financial system stability. In a circular dated March 12, 2026 and addressed to all banks, CBN said the directive was issued to …
The Central Bank of Nigeria (CBN) has introduced new operational requirements for instant payments and stricter rules governing Bank Verification Number (BVN) operations as part of measures to strengthen fraud detection and ensure financial system stability. In a circular issued on Thursday and signed by the Director of the Payments System Policy Department, Musa Jimoh, …
The Federal Government reduced its debt service spending sharply in early 2026. Payments dropped by 38.5 per cent year-on-year to $405.3 million in January 2026, down from $659.7 million recorded in January 2025. Data from the Central Bank of Nigeria (CBN) International Payments Report revealed the decline. Nigeria also recorded a slight drop in total …
