The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has underlined the crucial importance of collaboration between the bank and the Nigeria Deposit Insurance Corporation (NDIC) to alleviate risks in the financial domain and bolster depositor trust. Cardoso expressed that the CBN is counting on NDIC’s support to proactively address potential disturbances…
The Central Bank of Nigeria (CBN) has decided to keep its benchmark interest rate, known as the Monetary Policy Rate (MPR), unchanged at 27.5%. This decision was made in light of ongoing pressures on the prices of goods and services, as well as persistent global uncertainties. The CBN also reported that eight banks have successfully…
The Central Bank of Nigeria has scheduled its 301st MPC meeting for Monday and Tuesday, July 21 and 22, 2025. This information was shared on the bank’s official website over the weekend. The MPC, which is the bank’s top body for making key monetary decisions, will gather in Abuja to discuss the country’s interest rates…
The Central Bank of Nigeria (CBN) has mandated commercial banks in the country to develop and submit a capital restoration plan. This directive is part of the CBN’s regulatory efforts to facilitate the transition away from the forbearance regime. Olubukola Akinwunmi, the CBN’s Director of Banking Supervision, announced this requirement in a circular released on…
The Recently experienced a notable appreciation against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the Naira strengthened to N1,536.08, up from N1,549.26 the previous day, marking a gain of N13.18 against the dollar. This marks the first increase for the Naira in the official exchange…
Ajibola Olarinoye The Central Bank of Nigeria (CBN) has instructed banks operating under regulatory forbearance to suspend dividend payments and bonuses to their foreign subsidiaries and ventures. This directive was communicated in a circular released on Friday by Olubukola Akinwunmi, the director of banking supervision at the CBN. The CBN stated that this action is…
Ajibola Olarinoye The Central Bank of Nigeria (CBN) has announced a six-month extension for the recapitalization of Bureau De Change (BDC) operators, pushing the new deadline to December 31, 2025. This decision comes as the naira appreciates against the dollar in the foreign exchange markets, as reported by BDC operators in their group chat. However,…
The Central Bank of Nigeria’s Monetary Policy Committee has decided to keep the country’s interest rate at 27.50 percent. During a press briefing on Tuesday following the 300th MPC meeting in Abuja, CBN Governor Olayemi Cardoso announced, “The committee unanimously agreed to maintain the MPR at 27.50 percent.” Cardoso also revealed that the MPC has…
The Central Bank of Nigeria (CBN) has announced that the country’s external reserves rose by 5.6%, or approximately $2.2 billion, reaching a total of $38.8 billion in 2024. This information was revealed in the CBN’s recently published consolidated and separate financial statements for the year ending December 2024. The increase marks a notable rise in…
As of March 2025, Nigeria’s broad money supply has surged to N114.22 trillion, countering the Central Bank of Nigeria’s (CBN) recent monetary policy tightening efforts from the previous quarter. This information comes from the latest money and credit statistics released by the CBN for the first quarter of 2025. The current figure marks a 24…
