Tag: CBN
-
Monetary Policy Committee of the Central Bank of Nigeria has kept the benchmark interest rate at 27 percent, extending its pause on monetary tightening. CBN Governor Olayemi Cardoso announced the decision yesterday Tuesday after the committee’s 303rd meeting in Abuja. He stated, “The Committee decided by a majority vote to maintain the monetary policy stance,”…
-
The Central Bank of Nigeria has reaffirmed that the ongoing recapitalisation of commercial banks is vital to achieving the Federal Government’s goal of building a $1 trillion economy by 2030. Speaking at the Association of Corporate Affairs Managers of Banks’ retreat in Abeokuta, the CBN Deputy Governor for Financial System Stability, Philip Ikeazor, emphasised…
-
House of Representatives has urged the Federal Government and the Central Bank of Nigeria to provide cassava farmers with easy access to short-term loans to boost food security and strengthen the agricultural value chain. The lawmakers also called on President Bola Tinubu to revive the defunct Presidential Committee on Cassava Initiative to improve farmers’ welfare…
-
Central Bank of Nigeria’s Business Expectation Survey In September 2025 has shown that businesses and households in Nigeria highlighted high interest rates, multiple taxes, and poor infrastructure as top business constraints, despite remaining optimistic about the macroeconomy. It further showed a Confidence Index of 31.5, with optimism expected to rise to 51.8 in six…
-
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigeria is developing a new framework for using national currencies in bilateral trade settlements, aimed at reducing reliance on foreign exchange and ensuring mutual benefits. Speaking at the IMF/World Bank Annual Meetings in Washington DC, Cardoso admitted that earlier efforts, including the…
-
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…
-
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…
-
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.…
-
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…
-
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…
