Nigeria’s foreign reserves have climbed above $52.5 billion, reaching a 17-year high, as the Central Bank of Nigeria (CBN) says its ongoing monetary and foreign exchange reforms continue to strengthen the economy. The CBN disclosed that the country’s external reserves surpassed its annual target as of July 17, 2026, attributing the achievement to sustained capital inflows, renewed…
The Senate Committee on Public Accounts has issued a 72-hour ultimatum to the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), the Niger Delta Development Commission (NDDC), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and other government agencies to appear before it over unresolved audit queries. The directive was issued on Monday after…
The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent following the conclusion of the 306th Monetary Policy Committee (MPC) meeting in Abuja. Announcing the decision on Tuesday, CBN Governor Olayemi Cardoso said the committee opted to hold the rate steady after assessing…
President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified regulatory framework for Nigeria’s cryptocurrency and virtual assets sector. The new directive, which takes immediate effect, establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange…
The Supreme Court has reinstated the final forfeiture of seven multi-million naira properties linked to the former Governor of the Central Bank of Nigeria, Godwin Emefiele, completely overturning an earlier Court of Appeal decision that had halted the seizure. In a unanimous judgment delivered on Friday, a five-member panel of the apex court, led by…
President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified framework to regulate virtual assets, strengthen inter-agency collaboration and protect Nigerians from fraud while promoting responsible innovation in the digital economy. The Executive Order, which takes immediate effect, establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue…
Nigeria’s gross external reserves have climbed to $51.86 billion, their highest level since January 2009, according to the latest data from the Central Bank of Nigeria (CBN). The new reserve level surpasses the CBN’s 2026 target of $51.04 billion, highlighting stronger foreign exchange inflows and an improving external position. Analysts attribute the growth to higher crude oil earnings, stronger…
The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard ₦100 banknote, reaffirming that it remains legal tender across the country. The apex bank issued the clarification following reports that some individuals and businesses had refused to accept the standard ₦100 note due to uncertainty…
Fellows of the Lateef Jakande Leadership Academy (LJLA) recently participated in an engaging Fireside Chat with the Deputy Governor, Economic Policy Directorate of the Central Bank of Nigeria (CBN), Mr. Muhammed Sani Abdullahi (Dattijo), gaining valuable insights into the role of economic policy in driving sustainable development, institutional growth, and national prosperity. Drawing from his…
The Nigeria Deposit Insurance Corporation (NDIC) has taken over the assets and operations of 46 microfinance banks following the revocation of their operating licences by the Central Bank of Nigeria (CBN). The NDIC warned Nigerians against conducting any transactions with the affected institutions, stating that they are no longer legally permitted to operate. In a…
