The Central Bank of Nigeria (CBN) says it is pursuing economic reforms aimed at refocusing financial system stability and stimulating productivity. The CBN Governor, Olayemi Cardoso, who disclosed this on Tuesday at its fair, holding in Kano, said it’s working hard to deepening financial inclusion and sustaining monetary and price stability. The theme of the…
Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has called on manufacturers to spearhead efforts to diversify Nigeria’s foreign exchange earnings away from crude oil dependence. Cardoso made the call at the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Apapa Branch, themed “Complementing the Oil Sector, a…
Customers of various banks have continued to lament over the numerous debit alerts from their accounts in spite of their appeals to banks. Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, ,ppealed to the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) and other…
The Central Bank of Nigeria (CBN) has reiterated that its Early Exit Package (EEP), implemented in 2024, was entirely voluntary and not aimed at targeting or destabilising Northern staff. CBN’s Deputy Governor in charge of Economic Policy, Muhammad Abdullahi, made this clarification on Wednesday in Kaduna at a two-day Interactive Session on Government-Citizen Engagement, organised…
The Centre for the Promotion of Private Enterprise (CPPE) says the decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold the interest rates was anticipated. Dr Muda Yusuf, Chief Executive Officer of CPPE, said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in…
The Central Bank of Nigeria (CBN) has, once again, kept its key lending rate, known as the Monetary Policy Rate (MPR), at 27.5 per cent. The Governor of CBN, Yemi Cardoso, announced the decision on Tuesday in Abuja, following the 301st Monetary Policy Committee (MPC) meeting. Cardoso said that all 12 MPC members voted unanimously…
The Court of Appeal in Abuja on Wednesday, reversed the Federal High Court (FHC) judgment that ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services N579 billion for its involvement in stamp duty collection. Justice Adebukola Banjoko, while delivering the majority judgment, agreed with the CBN’s argument that the company had no…
Stanbic IBTC Holdings Plc has successfully concluded its Rights Issue, raising N148.7 billion—exceeding the Central Bank of Nigeria’s (CBN) recapitalisation requirement. In a statement issued on Tuesday, the bank said the offer recorded an impressive oversubscription rate of 21.9 per cent, underscoring strong investor confidence and shareholder support. The capital raise, described as a strategic…
Nigeria’s Central Bank has instructed banks to submit comprehensive Capital Restoration Plans by 14 July 2025, formally ending financial relief measures that were introduced to cushion the sector during the COVID-19 pandemic. In an official circular dated 20 June 2025, signed by Director of Banking Supervision Dr Olubukola Akinwunmi, the CBN set out a clear…
The International Monetary Fund (IMF) has commended the Central Bank of Nigeria (CBN) over its monetary policy reforms, which are significantly contributing to the nation’s economic recovery. IMF gave the commendation was its 2025 Article IV Consultation report on Nigeria. The fund commended the Federal Government for bold and politically difficult policies that had improved…
