The Central Bank of Nigeria permitted licensed bureau de change operators to access foreign exchange from the Nigerian Foreign Exchange Market through authorised dealer banks. Officials announced this development in a circular on February 10, 2026. Musa Nakorji, director of the trade and exchange department, signed the circular. The document addressed all authorised dealer banks…
The Central Bank of Nigeria approved a temporary measure. This decision allowed importers to use expired NAFDAC licences, the approval addressed challenges in import processes. Authorities issued the circular on January 27, 2026. Aliyu Ashiru signed it for the Director of Trade and Exchange Department. The measure took effect immediately. Details of the Approval CBN…
Nigerian banks shut down 229 physical branches within one year as customers increasingly relied on Point of Sale (POS) terminals for daily transactions. Data from the Central Bank of Nigeria (CBN) show a clear shift away from traditional banking halls toward electronic payment channels. According to the CBN’s 2024 financial sector statistical bulletin, the number…
The Central Bank of Nigeria removes all restrictions on cash deposits. This move reverses tight measures from the previous administration. Nigerians can now deposit any amount without limits or fees. Key Policy Changes First the CBN scraps cumulative deposit limits for individuals and companies. Banks do not charge fees on large deposits anymore. In addition,…
The Central Bank of Nigeria (CBN) confirmed that 16 banks have successfully met the recapitalisation requirements ahead of the March 31, 2026 deadline. Governor Olayemi Cardoso made the announcement after the 303rd Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, November 25, 2025. The banks raised the required capital through share offers, bond issuances,…
