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CBN latest news - Page 36

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.

CBN Issues Guideline On How To Avoid Getting Duped By Illegal Financial Operators

Business News

CBN Reveals When To Stop Sales Of Forex To Banks, Gives Reasons

The Central Bank of Nigeria (CBN) has revealed that it will stop the sale of foreign exchange to Deposit Money Banks by the end of the year. The CBN Governor, Godwin Emefiele, noted that the banks must begin to source their forex

February 11, 2022

Business News·News

CBN Introduces New Scheme To improve Dollar Supply

The Central Bank of Nigeria (CBN) on Thursday introduced a new scheme to improve dollar supply, known as Bankers’ Committee “RT200 FX Programme”, which stands for the “Race to $200 billion in FX Repatriation.”

February 10, 2022

Business News

Economy Improved On Increased Business Activities In December – CBN

Economic recovery improved in December, according to the Central Bank of Nigeria (CBN), due to increased business. The CBN made this known in a report on its last Monetary Policy Committee meeting on the Purchasers Managers Index. PMI readings above 50.0 signal

February 10, 2022

Editorial·News

Double Whammy In NDIC, AMCON Travesty For Banks

If the Asset Management Corporation of Nigeria (AMCON) is a going concern and would continue to buy bad loans and bad banks, what then is the need for NDIC, given the overlapping roles of both institutions?

February 7, 2022

CBN Asked To Disburse N250 billion To Cushion Subsidy Removal

Finance & Economy

CBN Spends N23.202b On First Cycle Of 100 For 100 Policy Scheme

The Central Bank of Nigeria (CBN) has spent N23.202 billion in funding 28 private companies that benefited from the bank's "100 for 100 policy on production and productivity (PPP) scheme.

February 2, 2022

Nigerian Banks Rely More On Liquidity, As Borrowing From CBN Rises To N19.8trn

Business News·Finance & Economy

Imports: Banks Rally Elite Customers For New Product Price Verification Mechanism

Banks are now sending out notices to potential import and export business customers for the first phase of the Central Bank of Nigeria (CBN) workshop on the new Product Price Verification Mechanism in Abuja. The workshop will hold on Thursday February 3,

February 1, 2022

CBN Owes Goldman Sachs, JP Morgan $7.5bn, Releases Financials Amid Probe

Business News

How To Lodge A Complaint Against Your Bank – CBN

The Central Bank of Nigeria (CBN) has released a guide on how and where you can lodge a complaint against financial institutions it regulates. Prime Business Africa can report that financial institutions include Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Primary Mortgage

January 31, 2022

Business News

CBN Slices ATM Withdrawal Charges, Inter Bank Transfer Fees

The Central Bank of Nigeria (CBN) has sliced ATM withdrawal charges, inter-bank transfer fees as it issues a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions.

January 31, 2022

Business News

Nigeria’s Forex Inflow Hits $55.5bn In Seven Months – CBN

Nigeria, according to Central Bank of Nigeria (CBN), recorded a foreign exchange inflow of $55.5bn in seven months. The data obtained from the CBN shown the rise in forex inflow was attributed to increased non-oil receipts and proceeds from Eurobonds, among other

January 29, 2022

Business News

Nigeria Hasn’t Imported Cement In Several Years, Says CBN

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has disclosed that Nigeria has not spent dollars to import cement in the last seven years. Emefiele, in a statement at the inauguration, said the new BUA cement plant in Sokoto,

January 27, 2022

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