Tag: CBN
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Central Bank of Nigeria (CBN) has launched a nationwide campaign to address the abuse of the naira, which is driving up the cost of printing and replacing banknotes. During the campaign flag-off in Abuja, the Deputy Governor of the Operations Directorate, Dr. Bala Bello stated that careless handling of the currency—including folding, tearing, spraying…
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Central Bank of Nigeria’s Monetary Policy Committee MPC has announced a reduction in the country’s interest rate to 27percent for the first time in 2025. CBN Governor Olayemi Cardoso made the disclosure during a press briefing today Tuesday, following the 302nd MPC meeting in Abuja. He explained, “The Committee decided to reduce the monetary policy…
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Central Bank of Nigeria (CBN) has reiterated its commitment to boosting productivity, enhancing financial inclusion, and maintaining monetary and price stability to strengthen the economy. CBN Governor Mr. Olayemi Cardoso announced this during the opening of the 2025 CBN Fair in Kano, emphasizing the bank’s efforts to engage the public on policies supporting sustainable growth.…
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Central Bank of Nigeria (CBN) has established a new Compliance Department to enhance oversight of non-prudential risks in the financial system, effective from Q2 2025. This move aims to strengthen regulatory frameworks amid rising global standards, technological threats, and financial crimes. The department will oversee four key areas: financial crime supervision (e.g., anti-money laundering), market…
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Central Bank of Nigeria (CBN) has mandated all participants in Nigeria’s payment ecosystem, including banks, mobile money operators, and payment service providers, to migrate to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025. The directive, outlined in a circular dated August 25, 2025, aligns with SWIFT’s global…
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Central Bank of Nigeria’s Monetary Policy Committee has maintained the Monetary Policy Rate (MPR) at 27.5% for the third time in 2025. Governor Olayemi Cardoso announced that other parameters, including the asymmetric corridor, cash reserve ratio, and liquidity ratio, were also retained. The decision aims to reduce inflation and address emerging monetary pressures. Additionally, the…
