An investigation by Pinnacle Daily has revealed that the Central Bank of Nigeria (CBN) was buzzing with jubilation over the ‘sacking’ of Deputy Governor, Operations Directorate, Bala Mohammed Bello, just two and a half years after his appointment on 5th October 2023. The jubilation was also shared by former CBN staff who consider themselves …
President Bola Ahmed Tinubu has approved the nomination of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), subject to Senate confirmation. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Wednesday, March 11. He stated that the appointment is in accordance with …
The Central Bank of Nigeria (CBN) has given deposit money banks an 18-month deadline to fully comply with new baseline standards. The baseline standards require the deployment of automated anti-money laundering (AML) solutions aimed at strengthening the fight against financial crimes in the country. The CBN has the directive in a circular dated March 10 …
The Senate Committee on Banking, Insurance and Other Financial Institutions has called on the Central Bank of Nigeria (CBN) to strengthen regulatory oversight of financial technology firms in order to curb rising cases of fraud within Nigeria’s banking system. The committee also urged the apex bank to introduce stricter regulatory measures to tackle the growing …
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 …
