Nigeria’s foreign reserves declined by $547 million over two weeks in March 2026, falling from $50.03 billion to $49.48 billion, according to Central Bank of Nigeria (CBN) data. The drop, between March 11 and March 26, pushed reserves below the $50 billion mark, reversing gains from earlier in the year. Analysts attribute the decline to forex market interventions, external debt servicing, and other international…
The Central Bank of Nigeria has announced plans to review a recent Federal High Court judgment involving Union Bank of Nigeria Plc, while maintaining that the bank remains stable and fully operational. In a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said it is currently obtaining the Certified…
The Central Bank of Nigeria has given International Oil Companies the green light to repatriate 100% of their export earnings, allowing them complete access to their foreign exchange through authorised dealer banks. This decision, announced in a circular by the bank’s Trade and Exchange Department, is part of ongoing efforts to boost liquidity and stabilise…
Nigerian banks have raised N4.61 trillion in new capital through the Central Bank of Nigeria (CBN)’s Banking Sector Recapitalisation Programme, the apex bank announced on Tuesday during the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum in Abuja. Launched in 2024, the programme aimed to strengthen the resilience of Nigerian banks amid ongoing economic reforms, including subsidy removals and exchange rate adjustments….
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged African financial regulators to strengthen collaboration in managing cross-border risks, emphasizing that regional financial integration is outpacing political coordination. Speaking at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision in Abuja, Cardoso stressed that cooperation among regulators…
The Central Bank of Nigeria (CBN) has urged banking customers to safeguard their financial information by never sharing their PINs, passwords, or sensitive banking details with anyone — not even individuals claiming to be bank officials. In a statement released on its official X handle, the apex bank emphasized the importance of protecting personal data…
The Central Bank of Nigeria (CBN) has announced that mobile banking applications in Nigeria will now be restricted to a single device per user in a move aimed at strengthening the security of digital transactions. Under the new rule, bank customers will no longer be able to use the same mobile banking app on multiple devices at…
President Bola Ahmed Tinubu has nominated Lamido Yuguda, a former Director-General of the Securities and Exchange Commission (Nigeria) (SEC), for the position of Deputy Governor of the Central Bank of Nigeria (CBN). The development was announced on Wednesday in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, the nomination has been forwarded to the…
The Central Bank of Nigeria (CBN) has announced that 30 banks have successfully met the revised minimum capital requirements under its ongoing banking sector recapitalisation programme. The update was revealed in a statement released on Friday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali. According to the apex bank, the latest figure follows an earlier announcement confirming that…
Nigeria’s gross and net foreign reserves climbed significantly to $34.80 billion at the end of 2025, reflecting stronger external fundamentals and the impact of sustained reforms by the Central Bank of Nigeria (CBN). CBN Governor Olayemi Cardoso disclosed that net foreign exchange reserves rose to $34.80 billion as of December 2025, up sharply from $3.99…
