The Central Bank of Nigeria (CBN) today removed the limit on cash deposits and raised the weekly cash withdrawal limit across all channels to N500,000, up from N100,000. The apex bank disclosed this in a circular to all banks titled “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director, Financial Policy & Regulation Department….
Nigeria’s economic recovery is gaining traction, with the Central Bank of Nigeria (CBN) reporting that the country’s external foreign-exchange reserves have risen to US $46.7 billion, the highest level in nearly seven years. That surge reflects renewed investor confidence and stronger inflows. According to the CBN Governor, increased oil receipts, robust portfolio and foreign-investment flows,…
The Central Bank of Nigeria (CBN) has directed all banks, payment service banks, and other regulated financial institutions to immediately withdraw any advertisement or promotional material that fails to comply with existing consumer-protection and fair-marketing rules. The directive is contained in a circular issued on November 27, 2025, signed by Olubunmi Ayodele-Oni for the Director…
The Central Bank of Nigeria has proposed stricter sanctions for individuals who repeatedly issue dud cheques, including an automatic five-year ban each time a repeat offence occurs. The measure is part of a new exposure draft titled Guidelines on the Treatment of Dud Cheques by Banks and Other Financial Institutions in Nigeria, released on Monday…
A new economic review by Quartus Economics has called on the Central Bank of Nigeria (CBN) to introduce higher-value currency notes such as N10,000 and N20,000 to restore the naira’s portability and reduce the rising cost of cash transactions. The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?” warned that the continued…
The Central Bank of Nigeria (CBN) has refuted the report that it allocated $1.269 billion foreign exchange for the importation of petroleum products in the first quarter of the year. It said in a statement on Tuesday that the report was misleading and inaccurate. “The Central Bank of Nigeria (CBN) has noted some misreporting that…
Governors of the 36 states of the federation have expressed their support for ongoing efforts by the Federal Government, through the Central Bank of Nigeria (CBN), to restore price stability and strengthen confidence in the nation’s economy. The governors made this known after a briefing on the issue by the Deputy Governor (Economic Policy) of…
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…