The Court of Appeal in Abuja has dismissed fresh attempts by the Central Bank of Nigeria (CBN) and Ahmadu Bello University (ABU) to block the payment of a ₦2.5 billion judgment debt owed to 110 workers unlawfully dismissed by the university in 1996. In two separate unanimous judgments delivered by a three-member panel, the appellate…
The Central Bank of Nigeria (CBN) has granted a temporary window allowing businesses to use expired National Agency for Food and Drug Administration and Control (NAFDAC) licences for import documentation, offering short-term relief to importers affected by ongoing changes in the country’s trade processing system. In a circular issued on January 26, 2026, the CBN’s…
The Central Bank of Nigeria (CBN) has unveiled new regulations aimed at improving the deployment, operations, maintenance, and security of Automated Teller Machines (ATMs) across the country. According to the newly issued guidelines, all card issuers in Nigeria are now required to deploy at least one ATM per 5,000 payment cards issued. This move is…
The Central Bank of Nigeria (CBN) is set to roll out new regulations on debit card issuance and ATM operations to tackle recurring congestion and cash access problems across the banking sector. CBN Governor Yemi Cardoso disclosed the plan through his Special Adviser, Fatai Karim, at the 2026 Committee of Heads of Bank Operations Conference…
Nigeria’s banking sector recorded a rise in bad loans in 2025 following the withdrawal of regulatory forbearance by the Central Bank of Nigeria (CBN), according to the apex bank’s latest macroeconomic outlook report. The report showed that the industry’s non-performing loans (NPL) ratio climbed to an estimated seven per cent, exceeding the regulatory benchmark of…
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…
