The Federal Competition and Consumer Protection Commission (FCCPC) has thrown its support behind the Central Bank of Nigeria (CBN)’s draft guideline mandating banks to refund customers within 48 hours for failed ATM transactions. FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, announced in a statement on Monday, October 13, 2025. The endorsement follows the FCCPC’s September…
The Central Bank of Nigeria (CBN) has announced new limits for agent banking operations across the country, capping daily cash-in and cash-out transactions at N100,000 per customer, and N500,000 weekly. The move is part of efforts to boost financial inclusion, reduce cash handling risks, and strengthen oversight. According to a circular issued on October 6,…
Nigeria spent $2.86 billion servicing external debt between January and August 2025, according to data released by the Central Bank of Nigeria (CBN) on Wednesday. This figure accounted for 69.1% of the country’s total foreign payments of $4.14 billion within the period. By comparison, debt servicing during the same period in 2024 stood at $3.06…
The Central Bank of Nigeria (CBN) has expressed serious concern over the growing abuse and mishandling of naira notes, warning that such practices are significantly driving up the cost of printing and replacing currency. This warning came on Wednesday in Abuja during the launch of a nationwide sensitisation campaign titled “Naira Our Pride: Handle with…
Oil prices rose for a second consecutive day on Wednesday following the Central Bank of Nigeria’s decision to cut its benchmark interest rate. On Tuesday, the CBN reduced the Monetary Policy Rate (MPR) by 50 basis points — from 27.5% in July to 27% — marking its first rate cut in five years. Brent crude…
The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate by 50 basis points, bringing the Monetary Policy Rate (MPR) down from 27.5% to 27%. This decision was reached during the 302nd meeting of the Monetary Policy Committee (MPC), held on September 22–23, 2025. The asymmetric corridor around the MPR was maintained at…
The Central Bank of Nigeria (CBN) has reduced its Monetary Policy Rate (MPR) by 50 basis points — from 27.5% to 27% — following its 302nd Monetary Policy Committee meeting held on September 22–23, 2025. CBN Governor Dr. Olayemi Cardoso explained that the decision was driven by five consecutive months of disinflation, positive inflation projections…
Nigeria’s gross external reserves have climbed to 42 billion, marking their highest level since September 2019, according to fresh data from the Central Bank of Nigeria (CBN). The rise is largely attributed to stronger hydrocarbon export revenues and a steady influx of foreign exchange, following a surge that began in August, when reserves surpassed the…
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ease its tight monetary policies to improve credit access for small and medium businesses. In a statement on Sunday reviewing Governor Yemi Cardoso’s two years in office, CPPE’s CEO, Dr. Muda Yusuf, said that while reforms under…
The Central Bank of Nigeria (CBN) has initiated the development of a new strategic roadmap for the nation’s payments landscape with the official launch of the Nigeria Payments System Vision 2028 (PSV 2028). This new framework aims to establish a more inclusive, innovative, and globally competitive digital financial system. At the inaugural meeting of the…
