The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, says Nigeria’s trade surplus has climbed to six per cent of the nation’s Gross Domestic Product (GDP). Cardoso said this in a statement by the Director of Information and Public Relations, Federal Ministry of Finance, Mr Mohammed Manga, in Washington on Wednesday. Cardoso,…
The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system. The directive is contained in a draft guideline released by the apex bank on…
Former Central Bank of Nigeria (CBN) Governor, Sanusi Muhammadu Sanusi, has praised the current leadership of the apex bank for what he described as a “remarkable turnaround” in Nigeria’s monetary and economic stability. Speaking on recent economic developments, Sanusi said he had “nothing but positive words” for the CBN’s policies, noting that the institution had…
The Central Bank of Nigeria has introduced new operational guidelines for agent banking across the country, capping daily cumulative transactions per agent at N1.2 million. The revised framework, released on Monday, also mandates all financial institutions to submit monthly reports on the activities of their Point-of-Sale agents to enhance oversight and service quality. The Circular…
The Central Bank of Nigeria (CBN) has announced a phased operational overhaul of the Nigerian Fixed Income Market in a strategic move to deepen transparency and efficiency in Nigeria’s financial ecosystem. According to a formal communication signed by Okey Umeano, Acting Director of the Financial Markets Department at the CBN, the first phase of the…
The Central Bank of Nigeria (CBN) has introduced a 75 percent cash reserve ratio (CRR) on non-treasury single account (TSA) public sector deposits for enhanced liquidity management. Olayemi Cardoso, CBN’s governor, announced at a press conference on Tuesday after the monetary policy committee (MPC) 302nd meeting in Abuja. Non-TSA public sector deposits are government-related funds…
The Central Bank of Nigeria (CBN), on Tuesday, announced a reduction in its Monetary Policy Rate (MPR) by 50 basis points and cut the interest rate from 27.5 percent to 27 percent. CBN governor, Olayemi Cardoso, announced this at the 302nd meeting of its Monetary Policy Committee (MPC) on Tuesday. The unanimous decision also included…
The Central Bank of Nigeria has directed that all Point of Sale (PoS) terminals in the country be geo-tagged within 60 days as part of measures to curb fraud and strengthen oversight of digital payments. “This initiative is designed to ensure that all PoS terminals are traceable and that transactions are secure. Terminals operating outside…
The execution of Nigeria’s N54.99 trillion budget suffered a major setback as the crude price dropped to $66 per barrel from $70 per barrel, indicating a 5.7 percent decrease, yesterday. This was even as Nigeria’s oil output, including condensate and foreign exchange, stood at 1.8 million barrels per day and more than N1,500 per dollar,…
The Central Bank of Nigeria (CBN) has confirmed that eight Nigerian banks have met the minimum regulatory requirements under the current forbearance regime. This was disclosed by CBN Governor Yemi Cardoso during the Monetary Policy Committee (MPC) briefing held on Monday, July 22, 2025. “Eight banks have surpassed the minimum required,” Cardoso said in response…