The Nigeria Deposit Insurance Corporation (NDIC) has significantly shifted its approach to handling failed banks, marking a crucial step towards reducing the risks of moral hazard in the country’s financial sector. This shift is particularly evident in the recent liquidation of Heritage Bank and other recent failures, such as Aso Savings and Loans and Union …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Monday reaffirmed the country's commitment to stabilising the economy and enabling sustainable, private-sector-led growth. He spoke on this at the US–Nigeria Executive Business Roundtable. He said Nigeria is committed to rules-based economic management, transparent markets, and predictable policy frameworks, against a backdrop of …
Nigeria’s external reserves have witnessed a surge in recent times, reaching a seven-year high of $46.7 billion as of November 14. According to the Central Bank of Nigeria (CBN), the figure can provide 10.3 months of import cover in goods and services. The CBN Governor, Olayemi Cardoso, hinted at this at the 20th Anniversary of …
The Central Bank of Nigeria Governor, Olayemi Cardoso, has inaugurated the new Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF). The apex bank made this known in a statement on Wednesday, December 10. Cardoso said the inauguration of the ACGSF board reaffirms the apex bank’s commitment to strengthening Nigeria’s agricultural sector. He highlighted the …
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 Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to account for or explain an alleged N3 trillion missing funds cited in the 2022 annual report of the Auditor-General of the Federation. The group said the report reveals a violation of public …
The key messaging from Nigeria’s delegation at the 2025 International Monetary Fund/World Bank annual meeting in Washington DC is that Nigeria's economic reform agenda is yielding tangible results, steering the nation toward stability, inclusiveness, and innovation-driven growth. According to Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) and the Leader of the …
Central Bank of Nigeria (CBN), Governor, Dr Olayemi Cardoso, has said Nigeria’s economic reforms are yielding significant benefits and positioning the country firmly on the path to stability, inclusiveness, and innovation-driven growth. Cardoso said the economic reforms such as the removal of fuel subsidies, foreign exchange overhaul and policies aimed at boosting fiscal strength, have …
The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to deepen financial and technical cooperation. The agreement was signed on Thursday, October 16, on the sidelines of the ongoing IMF/World Bank annual meeting in Washington, DC, United States. It was endorsed by the Governor of the …
The International Monetary Fund (IMF) has commended Nigeria's decisive monetary and fiscal reforms, acknowledging their positive impact on stabilising the economy, reducing inflation, and bolstering foreign exchange reserves. At the launch of its latest World Economic Outlook (WEO), the IMF revised Nigeria's growth forecast upward, predicting a 3.9% growth in 2025 and 4.2% in 2026. …
