The Central Bank of Nigeria (CBN) has officially revoked the operating licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc due to multiple regulatory breaches and financial instability. Key Reasons for Revocation: Background: Official Statement: Implications for Depositors and Stakeholders:
The Central Bank of Nigeria has scrapped all charges and limits on cash deposits into bank accounts. It also raised weekly cash withdrawal limits to ₦500,000 for individuals and ₦5 million for corporate entities—up from the previous ₦100,000 and ₦500,000 caps. Daily ATM withdrawal limits have also been increased to ₦100,000. According to the CBN,…
The Central Bank of Nigeria (CBN) has maintained its Monetary Policy Rate (MPR) at 27%, the apex bank announced during the 303rd meeting of the Monetary Policy Committee (MPC) in Abuja. The MPR serves as the benchmark for other interest rates in the economy. The Committee also affirmed its commitment to a tight monetary stance,…
Nigeria’s foreign reserves have climbed above $46 billion, marking the country’s highest reserve level since 2018. The disclosure was made by the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, represented by the Deputy Governor in charge of the Economic Policy Directorate, Dr. Muhammad Abdullahi, at the opening of the Monetary Policy Department’s…
A recent economic review by Quartus Economics has called on the Central Bank of Nigeria (CBN) to introduce higher-denomination currency notes, such as N10,000 and N20,000 bills, to restore the naira’s portability and reduce the escalating cost of cash transactions. The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, highlighted that the…
The House of Representatives has urged the Federal Government, through the Central Bank of Nigeria (CBN), to facilitate easy access to short-term loans for cassava farmers as part of efforts to strengthen food security and boost the agricultural value chain. Lawmakers also called on President Bola Tinubu to reconstitute the defunct Presidential Committee on Cassava…
Nigeria’s broad money supply (M₂) declined month-on-month to ₦118 trillion in September 2025, reflecting the impact of the Central Bank of Nigeria’s (CBN) sustained monetary tightening aimed at curbing inflation. According to the CBN’s Money and Credit Statistics for September 2025, released on Tuesday, most components of the money supply contracted during the month —…
The Central Bank of Nigeria (CBN) has refuted media reports alleging that it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing such claims as inaccurate and misleading. In a statement on Tuesday, the Bank clarified that the figure cited in its Q1 2025 Sectoral…
The Central Bank of Nigeria (CBN) has released a total of $1.259 billion to oil sector operators for the importation of petroleum products and related items between January and March 2025. The disbursement comes amid the continued insistence of petroleum marketers on importing fuel despite increased domestic supply from the Dangote Refinery. According to new…
The Nigeria Governors’ Forum (NGF) has lauded the country’s removal from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in restoring global confidence in Nigeria’s financial system. In a statement issued on Saturday, NGF spokesperson Yunusa Abdullahi quoted the forum’s Chairman and Kwara State Governor, AbdulRahman AbdulRazaq, as attributing…
