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CBN latest news - Page 6

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

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.

How Nigeria’s FDI Fell By $19bn In 10 Years – Finance Minister

News

Finance Minister Vows Responsible Budget Support As Nigeria Seeks $1.5bn World Bank Deal

Nigeria’s Finance Minister Wale Edun has stated that President Tinubu is committed to adhering to statutory limits when seeking budget support from the Central Bank of Nigeria. Edun, who made this known at the ongoing World Bank/IMF Annual Meetings in Marrakech, stated:

October 15, 2023

Naira Vs Dollar: What To Expect This Week (2nd - 6th June 2025)

Business News·Currency

Official Forex Market Sees $53.02m Surge As Nigeria Lifts Ban On 43 Items

Forex Market witnessed a surge in turnover, totaling $53.02 million, following the Central Bank of Nigeria's decision to lift the ban on 43 items.

October 15, 2023

IMF, World Bank Aplauds CBN For Lifting Forex Restrictions On 43 Items

Africa·News

IMF, World Bank Praise CBN For Lifting Forex Ban On 43 Items

The International Monetary Fund (IMF) and World Bank have lauded the Central Bank of Nigeria’s decision to lift restrictions on 43 items banned from accessing foreign exchange through official channels. Speaking at the ongoing IMF/World Bank Annual meetings in Marrakech, Morocco, the

October 14, 2023

Business News·Currency

CBN Finally Lifts Forex Restrictions On 43 Items Banned By Emefiele [FULL LIST]

Nine years after the Central Bank of Nigeria (CBN) under its former Governor, Godwin Emefiele, placed restriction on access to the official foreign exchange (forex) market for the importation of some 43 items, the ban was on Thursday lifted by the

October 12, 2023

Breaking: Senate Confirms Cardoso As CBN Governor, 4 Deputies

Business News

CBN Sustains Market Intervention To Stabilize Exchange Rates, Announces New Measures

In its half-year financial markets report, the Central Bank of Nigeria (CBN) revealed that it has maintained efforts to alleviate demand pressures and ensure exchange rate stability. Mr. Fola Shonubi, the then acting governor of the Central Bank of Nigeria highlighted the

October 11, 2023

Opinion

CBN Governors And Policy Priorities

By Arize Nwobu The Central Bank of Nigeria (CBN) was established by the CBN Act of 1958 and commenced operation in 1959. The current legal framework within which the CBN operates is the CBN Act of 2007 which repealed the CBN

October 11, 2023

eNaira Sees Surge In Transaction Volume, Yet Adoption Lags Behind

Business News

CBN Defends eNaira, Emphasizes Role In Financial Inclusion

CBN has pushed back against claims in some quarters that its digital currency, the eNaira, poses a threat to the nation's financial stability.

October 9, 2023

Naira To Sustain Depreciation In 2024 - Analysis Reveals

Business News·Currency

40% Depreciation Pushes Nigeria’s Naira Among Worst Currencies In Africa

A World Bank report released this October has ranked the Naira among the worst-performing currencies in Africa, as the Nigerian currency lost 40 per cent of its value following the devaluation carried out by the Central Bank of Nigeria (CBN) on

October 5, 2023

Naira Gains More As Exchange Rate Drops To N1,300/$1 At Official Market

Business News·Finance & Economy

Unprecedented Naira Depreciation As Black Market Rate Hits N1000/$1 In Q3 2023

Nigeria’s currency, the Naira, experienced a significant depreciation during the third quarter of 2023, with the unofficial market rate plummeting to N1000/$1. This alarming drop, coupled with a decline in external reserves, is raising concerns about the nation’s economic stability. Official figures

October 4, 2023

Business News·News

Senate Warns Tinubu Against Unapproved Use Of CBN Funds For CNG Buses

The Nigerian Senate, in Tuesday’s plenary, stood firmly against any potential move by President Bola Tinubu to utilize the Central Bank of Nigeria’s Ways and Means to finance the purchase of Compressed Natural Gas (CNG) buses. These buses were envisioned as a

October 4, 2023

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