Cardoso Explains Why CBN Cut Interest Rate to 23%
CBN Governor Olayemi Cardoso explains why the bank cut interest rates to 23%, citing falling inflation, stronger reserves and fiscal coordination.
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SERAP Sues CBN Over Missing Public Funds
SERAP has taken the CBN to the Federal High Court in Abuja. The lawsuit follows allegations in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026. The report raises concerns about $6.23 million linked to an allegedly fraudulent election-funding request attributed to former President Muhammadu Buhari. It also…
SERAP to CBN: Explain $6.23m Election Funds or Face Legal Action
The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) seven days to explain $6.23 million in alleged election funds. The group also wants answers over more than N1.63 trillion in other public funds. SERAP addressed its demand to CBN Governor Olayemi Cardoso. It made the demand in a September…
Nigeria’s Foreign Reserves Hit $51 Billion, Highest Level in 17 Years
Nigeria’s foreign reserves have crossed the $51 billion mark for the first time in 17 years. Fresh data from the Central Bank of Nigeria (CBN) shows that reserves rose to $51.04 billion on June 18, 2026. The last time reserves reached this level was in January 2009. This milestone highlights a stronger external position for…
CBN Directs Banks to Restrict Services for Large Ticket Loan Defaulters
CBN (The Central Bank of Nigeria), directed commercial banks to restrict access to certain banking services for large ticket borrowers with non performing loans. Officials took this decisive step on March 12 2026 to safeguard the financial system and strengthen credit discipline. Central Bank Issues Circular Dr Olubukola Akinwunmi Akinniyi signed the circular as director…
CBN Directs Banks to Supply $150,000 Weekly to BDC Operators
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…
CBN Approves Temporary Importation with Expired NAFDAC Licences
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 229 Branches as POS Transactions Surge
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…
CBN Sets New Withdrawal Limits, Removes Deposit Cap
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,…
16 Banks Meet CBN Recapitalisation Ahead of 2026
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,…