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CBN latest news - Page 23

CBN cuts MPR to 23% as MPC Recalibrates Policy Corridor

September 22, 2026

Nigeria’s central bank cut its benchmark interest rate by 350 basis points to 23% on Tuesday, while recalibrating the Standing Facilities Corridor as it adjusted its monetary policy implementation framework, Prime Business

Finance & Economy·News·Nigeria·Top Stories

CBN Elevates Terrorism Financing Supervision as Priority

September 9, 2026

The Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current priority as part of efforts to prevent the country’s financial system from being exploited by illicit actors. In

Business News·News·Top Stories

Why CBN Revoked Operating Licences of 46 Microfinance Banks

July 1, 2026

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet the regulatory requirements necessary to continue operating as licensed financial

Business News·Currency·Markets

Naira Ends Week Flat At Official Market As Foreign Reserves Rise

July 26, 2025

The Nigerian naira recorded a mixed performance across foreign exchange market windows on Friday, 25 July 2025. While it closed flat at the official market, the local currency weakened at the parallel

Opinion

Economy And Creative Disruptions For Stability

July 19, 2025

On the assumption of office by President Bola Ahmed Tinubu, both the fiscal authority and monetary authority embarked on creative disruptions towards reconstructing essential economic variables for stability going forward. Creative disruption

Business News·Finance & Economy

How Nigeria’s External Reserves Rose By 5.6% To $38.8bn In 2024 — CBN

May 4, 2025

The Central Bank of Nigeria (CBN) says the country’s external reserves increased by 5.6 per cent (about $2.2 billion) to $38.8 billion in 2024. The apex bank stated this in its recently

Energy, Exchange Rate, Transportation Top Three Drivers Of Inflation In Nigeria - CBN Survey

Finance & Economy·Opinion

CBN And Economy: Policy Options And Projections

January 23, 2025

Central banks are at the heart of the economy and they evolve monetary policies to keep a nation’s currency and economy stable. But it has been observed that central banks are often

How Nigeria’s External Reserves Rose By 5.6% To $38.8bn In 2024 — CBN

Finance & Economy·Opinion

Economy And CBN’s Coordinated Strategies

November 18, 2024

The present economic challenges are undoubtedly harsh, but great efforts are being made by both the fiscal and monetary authorities to arrest the situation and stabilize the economy. Worldwide, economies go through

Financial Inclusion Key To Realising Nigeria's $1trn Economy Target - Cardoso

Opinion

CBN Governor Should Rethink Misaligned Twin Policies Of Capitalisation And Rate Increase – Nze Duru

August 4, 2024

These are not the best of times for the Nigerian banking industry. This is despite its increasing contribution to the National Gross Domestic Product annually. In 2023, the financial sector contributed a

Capital Importation: Banking Sector Records Highest Inflow In Q3 2024

Business News·Finance & Economy·News

Nigeria’s External Reserves Rise To $37bn, Gain $2.35bn In 18 Days

July 23, 2024

Nigeria’s external reserves have increased to $37.05 billion as of July 18, 2024. This amounts to $2.35 billion or 6.7 per cent increase from $34.70 billion in June 2024. This was revealed

Finance & Economy·News

CBN Raises Benchmark Interest Rate To 26.75% Amid Soaring Inflation

July 23, 2024

The Central Bank of Nigeria’s (CBN) monetary policy committee has increased the benchmark interest rate, known as the Monetary Policy Rate (MPR), from 26.25 per cent to 26.75 per cent. This was

Survey: 65.8% Respondents Want Interest Rate Cut As CBN Holds MPC Meeting

Opinion

Reflections On CBN’s Remedial Policies

July 23, 2024

The Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, and his team assumed office at a critical time when there was a crisis of confidence in CBN and the economy at large,

Business News·Currency·News

Forex Crisis: CBN Sells $122.67m To 46 Authorised BDC Operators

July 13, 2024

In an effort to foster stability and lessen market volatility, the Central Bank of Nigeria (CBN) has again intervened in the foreign exchange (forex) market, selling a total of $122.67 million to

Business News·Finance & Economy

Banks’ Recapitalisation Will Strengthen Nigeria’s Economy – UBA GMD

May 21, 2024

Group Managing Director of United Bank for Africa PLC, Mr Oliver Alawuba, has underscored the critical role of banks’ recapitalisation in strengthening Nigeria’s economy. Prime Business Africa recalls that the Central Bank

Opinion

Economic Challenges, CBN And Reconstruction Policies

April 18, 2024

Economic reconstruction is defined as "a process for creating a proactive vision of economic change.’’ The need for economic reconstruction arises from the existing fundamental problems

Anambra APC Chieftain, Nze Duru, Hails Ejidike-Led Exco

News

Forex Backlogs: APC Chieftain, Nze Duru, Calls On CBN To Investigate Foreign Airlines’ Claim Of Unpaid $700m

March 24, 2024

Nze Duru, has called on President Bola Tinubu and the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to intervene and order a thorough investigation into the circumstances surrounding settlement of unpaid

Business News·Finance & Economy

How CBN’s New Monetary Policy Rate Will Affect Businesses In Nigeria – Economic Experts

February 28, 2024

Economic experts have raised concerns about the implications of the decision of the Central Bank of Nigeria (CBN) to further tighten monetary policy on businesses in the country.

CBN Directs IMTOs To Use I&E Window Rate To Convert Diaspora Remittances

Business News·Currency

Why CBN Fixed $1m As Capital Requirements For International Money Transfer Operators

February 3, 2024

Central Bank of Nigeria (CBN) has set the bar high for International Money Transfer Operators (IMTOs) with a fixed minimum share capital requirement of $1 million.

CBN Reforms Yielding Positive Returns As FX Transactions Surge To $800m, CBN Gov Assert

Business News·Finance & Economy·News

How Currency In Circulation Surged By N890bn In 3 Months Under Cardoso

February 2, 2024

Nigeria has witnessed a surge in currency in circulation (CIC), with an increase of N890 billion within the short span of three months under the leadership of Governor Cardoso at the Central

Business News·News

CBN Orders Banks To Sell Excess Dollars In 24hrs

February 1, 2024

The Central Bank of Nigeria (CBN) has issued a circular instructing Deposit Money Banks to sell off excess dollar stocks by February 1, 2024. The directive comes as part of a broader

Business News

Relocation Of Some CBN Units To Lagos Will Ensure Efficient Oversight Of Banks – Economist

January 31, 2024

As reactions continue to trail the decision of the Central Bank of Nigeria (CBN) to relocate some of its departments from Abuja to Lagos, some economic experts have averred that it is

Business News

CBN, Foreign Airlines Differ On $700m Trapped Fund

January 31, 2024

The Central Bank of Nigeria (CBN) declared on Tuesday that it had settled all verified claims by foreign airlines, culminating in an additional payment of $64.44 million

News

Over 1,500 CBN Staff Will Relocate To Lagos February 2

January 30, 2024

1,500 Central Bank of Nigeria (CBN) staff members are set to resume work at its Lagos office this Friday after being redeployed from the headquarters, according to a source.

Business News

CBN Disburses $500m To Tackle Forex Backlog

January 29, 2024

CBN has announced the release of $500 million to address the backlog of verified foreign exchange transactions across various sectors.

Opinion

CBN, Economy And Expectations

January 28, 2024

President Tinubu is a political tactician who often defines his roadmaps and works slowly, steadily and strategically to achieve his set goals

News

It’ll Be Unpatriotic Not To Tell Tinubu The Truth, Ndume Replies Critics Over Comment On Relocating CBN, FAAN To Lagos

January 26, 2024

In response to the backlash against his recent comments on the proposed relocation of the headquarters of the Federal Airports Authority of Nigeria (FAAN) and certain departments within the Central Bank of

Nigerian Naira Vs U.S. Dollar: What To Expect This Week (17th-22nd, March 2025)

Business News·FEATURES

Naira’s Uphill Battle: Unraveling The Forces Behind Its Continuous Depreciation

January 25, 2024

In the intricate dance of global currencies, the Naira finds itself caught in a relentless downward spiral, grappling with a depreciation that shows no sign of abating.

CBN Reveals JP Morgan’s Intention After Report On Nigeria’s Foreign Reserves

Business News·Finance & Economy

NNPC, Others Now Remit Dollar Revenue To CBN To Boost Nigeria’s Depleting Foreign Reserves

January 25, 2024

In a move, the Central Bank of Nigeria (CBN) has announced a collaboration with the Nigeria National Petroleum Corporation Limited (NNPCL) and the Ministry of Finance to channel all dollar revenues directly

News

Tinubu Not Relocating FCT To Lagos- Nigerian Govt Debunks Misinformation

January 24, 2024

Nigerian government has refute speculations surrounding President Bola Tinubu's alleged plans to relocate the Federal Capital Territory (FCT) to Lagos.

Business News

Nigeria Anticipates Drop In Petrol Prices – CBN

January 24, 2024

CBN Governor, Olayemi Cardoso, on Wednesday, January 24, announced that the pump prices of petrol are set to experience a noteworthy decrease throughout the year.

Nigeria's Treasury Bills Surpass N6.6trn In 2023 Amid Economic Headwinds

Business News

New Naira: Sterling Bank Contravenes CBN Directive, Zenith Bank, Others Find Way To Avoid Sanction

Nigerian banks are in a dilemma due to the threat by the Central Bank of Nigeria (CBN) to sanction banks still dispensing old naira notes. The financial regulator had warned that any bank caught dispensing old naira notes will be fined N1

January 24, 2023

CBN Places Service Restriction On PoS Agents Across Nigeria

Business News

Updated: Why CBN Raised Interest Rate To 17.5%, Highest In 22 Years

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the interest rate to 17.5 per cent on Tuesday, 24 January 2023. This was disclosed by the central bank governor, Godwin Emefiele, during the post-MPC meeting held on Monday

January 24, 2023

Governor of Nigerias Central Bank Godwin Emefiele

Business News

If Banks Give You Old Naira Notes, Reject Them – CBN Says, Issues New Warning

The Deputy Director, of Currency Operations at the Central Bank of Nigeria (CBN), Rekiyat Yusuf, has urged Nigerians to reject old naira notes dispensed to them by commercial banks. Yusuf gave the advice on Thursday during a new naira notes presentation in selected

January 20, 2023

Criticism Trails Senate's Approval Of CBN’s N22.7 trillion Loans To FG

Business News

CBN’s Godwin Emefiele Gets Buhari’s Support Amid Faceoff With DSS

President Muhammadu Buhari and the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, met on Thursday at the State House, Abuja. Emefiele met President Buhari during a delegation visit of the Arab Bank for Economic Development led by its Director

January 19, 2023

Business News

Naira Hawkers Face Arrest, CBN Says Banks Ignoring New Banknotes

The Central Bank of Nigeria (CBN) has threatened to arrest persons selling the new naira notes, as it begs banks to come collect the redesigned currencies. During a sensitization programme on Wednesday, January 18, the head of Legal department of the central

January 19, 2023

Business News

Court Adjourns Summons Of CBN Gov, Godwin Emefiele, Set New Date

The appearance of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, scheduled for Wednesday, 18 January 2023, has been adjourned. Emefiele was summoned by Justice Inyang Ekwo to appear before the Federal High Court Abuja over a $53 million

January 18, 2023

CBN Releases Another Around Of $10,000 FX To Each BDC, Mandates Them To Sell At N1,117/$1

Business News·Currency

Dollar Rate Rises As CBN Finds It Difficult To Supply Forex

The naira couldn’t hold its ground against the dollar on Friday, 13 January 2023, depreciating in value by 0.16 per cent, data from the FMDQ Exchange has shown. According to the data rate aggregator of the official market, it was learnt that

January 16, 2023

Business News

CBN Fumes As Politicians Mop Up New Naira Notes In Nigerian Banks

Commercial banks in Nigeria risk sanction from the country’s financial regulator, the Central Bank of Nigeria (CBN), for exclusively dishing out the new naira notes politicians. In a statement signed by Benedict Maduagwu, the CBN’s Awka-Anambra State Branch Controller, the financial regulator

January 13, 2023

Naira Ends Week With Marginal Gain Against Dollar

Business News·Currency

Forex Supply Falls In Official Market, As Dollar Trades At N461.67, Pound Rises

The supply of foreign exchange (forex) fell by 40.3 per cent in the official market on Monday, as the exchange rate stabilises in the window backed by the Central Bank of Nigeria (CBN). During trading on January 10, Prime Business Africa leant

January 10, 2023

Polaris Bank Media Seminar: Expert Calls For More Training On Investigative Journalism

Business News

2 Reasons We Didn’t Sell Polaris Bank To Fairview Acquisition Partners – CBN

The Central Bank of Nigeria (CBN) has revealed that Fairview Acquisition Partners undervalued Polaris Bank in their acquisition offer. The CBN revealed this in a statement reacting to the allegation of bias after selling Polaris Bank to Strategic Capital Investment Limited (SCIL).

January 5, 2023

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