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latest CBN News

SERAP Sues 36 State Govs, Demands Transparency On N72bn Palliative Spending

SERAP Gives CBN Seven Days to Account for $6.23m Election Payment, ₦1.63trn Funds

September 27, 2026

The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, seven days to account for $6.23 million linked to an alleged election-funding

Business News·Nigeria·Top Stories

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

Africa·Business News·News·Top Stories

African Economic Leaders Meet in Abuja to Shape Response to Global Market Risks

July 29, 2026

Top policymakers, central bankers, business executives and development experts from across Africa have converged on Abuja for the 7th African Emerging Markets Forum, where they are seeking practical solutions to shield the

Business News·News·Top Stories

CBN Retains MPR at 26.5% Amid Global Uncertainties

July 21, 2026

The Central Bank of Nigeria (CBN) has retained its benchmark interest rate at 26.5 per cent, as the Monetary Policy Committee (MPC) maintained a cautious stance in response to inflationary pressures and

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

News

CBN Warns Nigerians Against Engaging Fraudsters For Fake Contracts, Grants, Loans

May 13, 2025

The Central Bank of Nigeria (CBN) has warned Nigerians against falling victim to fraudsters who publicise fake offers of contracts, loans, grants, and other financial benefits purportedly endorsed by the apex bank.

News

Diaspora Group Protests Against Alleged Marginalisation Of South-East In CBN Directorship Appointment

April 7, 2025

The umbrella body of South-East Socio-cultural Associations in the diaspora has decried the alleged marginalisation of the South-East region in the appointment of directors at the Central Bank of Nigeria (CBN). The

Business News

NO Cash In ATMs: CBN Slams N1.35bn On 9 Banks

January 14, 2025

The Central Bank of Nigeria (CBN), has imposed fines totalling on N1.350 billion on nine Deposit Money Banks (DMBs) over failure to dispense cash through their Automated Teller Machines (ATMs) during the

Business News

CBN Imposes N1.2m Daily Cash Transaction Limit On PoS Agents

December 18, 2024

In its quest to deepen implementation of cashless policy, the Central Bank of Nigeria (CBN) has set a daily transaction limit of N1.2 million for Point of Sales (PoS) agents across the

Business News·Currency·News

Cash Scarcity: Old ₦1000, ₦500, ₦200 Notes Still Valid – CBN

December 14, 2024

The Central Bank of Nigeria (CBN) has reassured that the old ₦1,000, ₦500 and ₦200 naira banknotes currently in circulation are still valid as legal tender across the country. The CBN in

Business News·News

Reps Move To Probe CBN’s Planned Retirement Of 1000 Workers, N50bn Pay off

December 4, 2024

Nigeria’s House of Representatives has decided to probe planned retirement of not less than 1000 staff members by the Central Bank of Nigeria (CBN) before the end of the year. The Green

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

Finance & Economy

CBN Increases Interest Rate For Deposits By Commercial Banks To 26.5% From 19%

November 30, 2024

The Central Bank of Nigeria (CBN) has raised the interest rate on the Standing Deposit Facility (SDF) from 19% to 26.5%. This was announced in a circular released on Friday, 29th November

Business News

Cash Scarcity: CBN, Banks, PoS Operators Trade Blame

November 27, 2024

The Central Bank of Nigeria (CBN), bank managers, and point of sale (POS) operators have continued to banter blame as the cash crunch continues to grow. With what happened in Nigeria during

CBN Raises Benchmark Interest Rate To 26.75% Amid Soaring Inflation

Business News·Finance & Economy

Inflation: CBN Raises Interest Rate To 27.5%

November 27, 2024

In response to the resurgence of inflationary pressure on Nigeria’s economy, the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), has again raised the Monetary Policy Rate (MPR), also known as

How Nigeria's FX Reserves Dropped By $1.3bn– Report

Business News·News

Depositors’ Funds Safe, CBN Assures

October 8, 2024

The Central Bank of Nigeria (CBN) has reassured that it is fully committed to ensuring the stability and reliability of the Nigerian financial system. The CBN in a statement released Tuesday, 8th

Weak Naira: CBN Sells $543.5m To Boost FX Market

Business News·News

Again, CBN Sells $20,000 To BDC As Naira Weakens To N1700/$

September 26, 2024

The Central Bank of Nigeria (CBN) has announced a fresh sale of US$20,000.00 to each eligible Bureau de Change (BDC) operator at N1,590 per dollar. This was announced in a circular released

Dangote Refinery Reduces Ex-depot Price Of Diesel To ₦1,020 Per Litre

Business News·News

Dangote Petrol Will Reduce FX Demand, Transport, Food Costs – CBN

September 25, 2024

The Central Bank of Nigeria (CBN) has expressed optimism that the supply of refined petrol from Dangote Petrochemical Refinery will reduce transportation costs, and food prices across the country. The CBN Governor,

Finance & Economy·News

CBN Further Raises Benchmark Interest Rate To 27.25%

September 24, 2024

The Central Bank of Nigeria (CBN) has further increased Monetary Policy Rate (MPR), also known as the benchmark interest rate by 50 basis points to 27.25 per cent. Prime Business Africa reports

Business News·Opinion

Cybersecurity Tax: How Multiple Bank Charges Won’t Help Our Tinubu Economy

September 24, 2024

Everyone appears to know the reason for bank charges. But in recent times, there seems to be no end to the introduction of bank charges, many of them taxing the same thing

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

Opinion

Governor Cardoso’s Year Of Economic Pangs

September 21, 2024

Today marks one year since Olayemi Cardoso took office as the Governor of the Central Bank of Nigeria (CBN), a tenure that has raised eyebrows and left many questioning the direction of

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

Finance & Economy·News

CBN To Hold 297th MPC Meeting Next Week

September 18, 2024

The Central Bank of Nigeria (CBN) has announced that its 297th Monetary Policy Committee (MPC) meeting will hold on Monday, 23 and Tuesday, 24 September 2024. The MPC meeting will be held

Naira Opens Week With Gain Across FX Markets

Business News·Currency·News

CBN Sells $20,000 To BDCs At N1,580 As Naira Depreciation Persists

September 7, 2024

In its bid to increase liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has offered to sell $20,000 to each eligible Bureau De Change (BDC) operator at a

Breaking: Senate Confirms Cardoso As CBN Governor, 4 Deputies

Business News·News

Binance Trial: Court Orders CBN Governor, Others To Appear On Monday, September 2

September 1, 2024

A Federal High Court sitting in Abuja has ordered the Central Bank of Nigeria (CBN) Governor, Dr Olayemi Cardoso, and Head of Legal Services Department to appear on Monday, 2nd September 2024,

Business News

Inflation: How CBN’s New Deposit, Lending Rates Will Affect Liquidity

August 27, 2024

The Central Bank of Nigeria (CBN) has announced changes in its lending and deposit facilities, in a bid to manage liquidity in the nation’s financial system. The CBN lifted the suspension of

Business News·News

Heritage Bank: NDIC Begins Debt Recovery, Repays 86.36% Customers

August 12, 2024

The Nigeria Deposit Insurance Corporation (NDIC) said it has repaid 86.36 per cent of customers of the defunct Heritage Bank with the use of Bank Verification Number (BVN). The Corporation said the

Business News·Currency·News

CBN FX Retail Auction: How 26 Banks Got $876.26m At N1,495/$

August 7, 2024

The Central Bank of Nigeria (CBN) has announced that it sold a total of US$876.26 million to end users using Retail Dutch Auction System (RDAS). It said the transaction was done by

Business News·Finance & Economy·News

Unity, Providus Banks Merger Will Avert Systemic Risks, Boost Financial System – CBN

August 7, 2024

The Central Bank of Nigeria (CBN) has said the proposed merger between Unity Bank and Providus Bank Limited will help avert systemic risks and boost the stability of Nigeria’s financial system. The

Naira Appreciates, Ends Week Positive Across Official, Black Markets

Business News·News

How CBN’s Delay In Providing Market Guidance Triggers Naira Fall – Report

August 3, 2024

Afrinvest Group’s 2024 Nigerian Banking Sector Report has attributed the notable decline in the value of the naira to the Central Bank of Nigeria Governor Olayemi Cardoso’s delay in offering market direction

Naira vs Dollar: What To Expect This Week (24th-30th, March 2025)

Business News·Currency·Finance & Economy·News

Naira Weakens Again, Falls To N1,617/$ At Official Market

August 3, 2024

After two days of respite, the value of the naira on Friday, 2nd August 2024, depreciated to N1617.08/$ at the official market. This reflects 3.0 per cent depreciation when compared to N1,570/$

Business News·Finance & Economy

CBN Sells $148m To 29 Authorised Dealers

July 27, 2024

In its relentless efforts to boost liquidity in the foreign exchange market and stabilise value of the naira, the Central Bank of Nigeria (CBN) has sold another tranche of FX to 29

Business News·Currency

Nigeria’s FX Allocation To Foreign Education Drops By 83% Amid Enrolment Decline

Nigeria’s FX allocation to foreign education has dropped amid decline in enrolment of international students, especially in the United Kingdom universities. The latest Central Bank of Nigeria (CBN) statistical bulletin revealed that Nigerians spent $38.17 million on overseas schooling in the first

July 25, 2024

Business News·Currency·News

CBN Orders Banks, Forex Dealers To Accept Old, Lower Dollar Denominations

The Central Bank of Nigeria (CBN) has warned licensed forex dealers and Deposit Money Banks (DMBs) against rejecting older and smaller denominations of US dollars. The apex bank stated that they are mandated to be accepting them from customers. The bank gave

July 3, 2024

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

Business News·News

Naira Scarcity: Latest CBN News, Updates On Naira Notes For Today

Amid subsisting controversy on new naira notes, Prime Business Africa (PBA), brings you the latest news on naira redesign policy of the Central Bank of Nigeria (CBN) for today. GTBank, Others Limit Cash Withdrawal To N10,000 The Central Bank of Nigeria (CBN)

March 16, 2023

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