The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals for individuals to ₦500,000 and corporates to ₦5 million. It gave the directive to banks in a new revised set of rules, stating that the order will take effect from January 2026. This ends the previous special authorisation permitting individuals to withdraw ₦5 million …
The naira depreciated against the dollar on Monday, December 1, 2025, as year-end demand for foreign currency pushed exchange rates upward. At the Nigerian Foreign Exchange Market (NFEM), where the official trading takes place, the naira dropped to N1,448.43 on Monday, against N1,446.74 recorded on Friday, November 28. At the parallel market, bureau-de-change operators in …
The Central Bank of Nigeria (CBN) has reported that seven subsectors recorded mild contractions in economic activities in November. It revealed this in its Purchasing Managers’ Index (PMI) report for November. It stated that the composite PMI expanded to 56.4 index points in November, compared to 55.4 index points in October. A reading of the …
The Central Bank of Nigeria (CBN) has directed banks, payment service banks (PSBs) and other financial institutions (OFIs) to immediately withdraw all advertisements and promotional materials which do not comply with existing consumer-protection regulations and, within 30 days, submit a compliance attestation. It issued the instruction in a circular on Thursday, November 27, signed by …
When the Nigerian Bureau of Statistics (NBS) announced that inflation had declined for the seventh consecutive month, falling from 34.6% last year to 16.05% in October 2025, policymakers celebrated. On paper, the trajectory suggested a successful year of monetary policy tightening, stable exchange rates, and improved food supply. Yet for households in Abuja’s Nyanya, Lagos’ …
Nigeria’s foreign-exchange market daily turnover has reached $500 million, while spreads between official and parallel markets have narrowed to less than 2%. The CBN Governor, Olayemi Cardoso disclosed this during the 303rd Monetary Policy Committee (MPC) meeting, the final MPC session for 2025 held in Abuja. CBN Governor Olayemi Cardoso revealed that Twelve months ago, …
The Central Bank of Nigeria (CBN) has steadily grown the foreign Exchange reserve by $6.7 billion in 11 months, starting from $40 billion in January to the current amount. The current, which is the highest in seven years, is just a few million dollars from the $47 billion recorded on the 3rd of August in …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said 16 banks have successfully met the recapitalisation requirements. He hinted at this while briefing newsmen at the 303rd Monetary Policy Committee (MPC) meeting, which concluded on Tuesday, November 25. According to the CBN governor, the Committee noted with satisfaction the sustained resilience of …
The Central Bank of Nigeria (CBN) on Tuesday decided to hold the benchmark interest rate, known as the monetary policy rate (MPR), at 27 per cent to rein in inflation. The apex bank took the decision at its 303rd Monetary Policy Committee (MPC) meeting, which concluded on Tuesday, November 25. Briefing newsmen after the 2-day …
By Lukman Otunuga Despite the shortened holiday week, November could end with a bang due to a lineup of high-impact events. In Nigeria, the CBN could cut rates as much as 100 basis points on Tuesday as inflationary pressures cool. Annual inflation fell to 16.05% in October 2025, its softest level since March 2022. …
