Central Bank of Nigeria (CBN) has assured Nigerians that both the standard ₦100 banknote and the commemorative ₦100 note remain valid for use across the country, warning that refusing to accept either of them is against the law. The clarification followed reports that some individuals, businesses and even financial...
Central Bank of Nigeria (CBN)
Providus Bank and Unity Bank have officially completed their merger and are now operating under a new name, ProvidusUnity Bank. The development marks the formal integration of the two financial institutions as part of efforts to create a stronger banking entity with a wider reach and enhanced service delivery....
A member of the Central Bank of Nigeria’s Monetary Policy Committee, Professor Murtala Sabo Sagagi, has urged the apex bank to take additional measures to reduce lending rates for households and businesses, saying the successful completion of the banking sector recapitalisation exercise should translate into more affordable credit. In...
The 15th Prosecution Witness, PW15, Jim Osayande Obazee, in the trial of the former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, on Friday, July 3, 2026 told Justice Hamza Muazu of the Federal Capital Territory, FCT, High Court, Abuja that the $6.2 million allegedly earmarked for...
The trial of the former governor the Central Bank of Nigeria, CBN, Godwin Emefiele, before Justice H.Muazu of the Federal Capital Territory High Court, Abuja, continued on Thursday, July 2, 2026, with the 14th Prosecution Witness, PW14, Okpoziakpo Eloho, informing the court that the $6,230,000 (Six Million, Two Hundred and...
Nigeria Deposit Insurance Corporation (NDIC) has paid N51.04 billion in insured deposits to customers of Heritage Bank following the revocation of the bank’s operating licence. The Executive Director, Operations, NDIC, Mr. Mustapha Sunday, disclosed this at a stakeholder engagement session organised by the Federal Ministry of Finance in Abuja....
Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Friday, June 26, 2026, adjourned proceedings in the alleged $4.5 billion fraud trial involving a former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and his co-defendant, Henry Omoile, till July 9, 2026, for...
Central Bank of Nigeria (CBN) has directed banks and other financial institutions across the country to immediately freeze the accounts, assets and financial transactions of 6 individuals and four Bureau De Change (BDC) operators over alleged links to terrorism financing. The directive was contained in a circular dated June...
Central Bank of Nigeria (CBN)has launched the CBN Naira Ambassadors Club to promote respect for and proper handling of the Naira among young Nigerians. CBN Governor Olayemi Cardoso inaugurated the club in the Federal Capital Territory with secondary school students as pioneer members. He said the Naira is legal...
Nigerian banks and their customers lost a combined N134.48bn to fraud between 2020 and 2025, according to data contained in the CBN’s ‘Nigeria Payments System Vision 2028 document.’ The document, obtained from the apex bank’s website, showed that attempted fraud across the banking and payments ecosystem amounted to N187.79bn...
Central Bank of Nigeria (CBN) has directed all financial institutions with digital payment operations to disclose the Ultimate Beneficial Ownership of significant shareholders, citing concerns over transparency, market concentration and data localisation. In a circular issued Monday June 15 to Deposit Money Banks, Payment Service Providers, fintechs and other...
Central Bank of Nigeria (CBN), through the Debt Management Office (DMO), is set to offer N1 trillion worth of Nigerian Treasury bills for subscription at Wednesday’s primary market auction as authorities step up efforts to control liquidity in the financial system. According to a revised second-quarter Treasury bills issuance...
Central Bank of Nigeria (CBN) has increased its yields on Treasury Bills at its latest primary market auction as investor demand surged to more than three times the amount offered. The auction, conducted through the Debt Management Office, offered ₦700 billion across three maturities. The CBN allotted ₦1.243 trillion...
Central Bank of Nigeria (CBN) has approved Abbey Mortgage Bank Plc’s conversion to a regional commercial bank, clearing the lender to offer full banking services beyond mortgages. The approval was announced in a regulatory filing to the Nigerian Exchange. The bank has also changed its name to Abbey Bank...
Central Bank of Nigeria (CBN) overhauled its top leadership on June 1, 2026, redeploying all four Deputy Governors to new directorates in a bid to sharpen monetary policy and boost operational efficiency. The changes, now updated on the CBN website, rotated the DGs across Economic Policy, Corporate Services, Operations,...
Central Bank of Nigeria (CBN) has postponed the implementation of its new geo-tagging regulations for Point-of-Sale (PoS) terminals to August 1, 2026, while also easing part of the policy by widening the permitted operating radius for devices from 10 metres to 70 metres. The directive was contained in a...
Nigeria’s foreign exchange reserves have risen above $50 billion, according to the Central Bank of Nigeria (CBN). CBN Director of Monetary Policy Department, Victor Oboh disclosed this during an interview on TVC News’ _Business Nigeria_ programme on Monday, May 25. According to Oboh the current level of Nigeria’s foreign...
Nigerian banks reported stronger interest income in the first quarter of 2026 as lending rates stayed near record levels and the Central Bank of Nigeria (CBN) kept monetary policy tight. The average maximum lending rate held steady at 28.20% in March 2026, unchanged from February. The rate marked the...
In an era marked by global economic volatility, few nations have demonstrated the strength and foresight of Nigeria’s Central Bank and its Monetary Policy Committee (MPC). The recent decision to retain the Monetary Policy Rate (MPR) at 26.5%, maintain the Cash Reserve Requirement (CRR) for deposit money banks at...
Central Bank of Nigeria (CBN) and commercial banks are reviewing the high volume of transaction alerts sent to customers and complaints about bank charges, CBN Governor Olayemi Cardoso said on Wednesday. Speaking after the 305th Monetary Policy Committee meeting in Abuja, Cardoso said many customers are confused by receiving...