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The Central Bank of Nigeria (CBN) has declared the country’s development finance sector critically undersized and in urgent need of a total overhaul. Speaking at the World Bank’s Nigeria Development Update in Abuja, CBN Deputy Governor Mohammed Sani Abdullahi revealed a staggering ₦230 trillion financing gap for micro, small, and medium enterprises (MSMEs). Nigeria’s current…
The Nigerian Naira opened trading on Wednesday, April 8, 2026, with modest appreciation against the United States Dollar at the Nigerian Foreign Exchange Market, even as the parallel market continued to trade at a significant premium. The divergence between official and unofficial exchange rates highlights persistent structural pressures within the domestic foreign exchange ecosystem….
The Central Bank of Nigeria (CBN) has formally announced the conclusion of its 24-month banking sector recapitalisation programme, with participating lenders raising a combined N4.65 trillion in fresh capital. Domestic investors accounted for 72.55 per cent of the total funds raised, contributing approximately N3.37 trillion, while international investors supplied the remaining 27.45 per cent,…
The global appetite for Nigerian bank stocks is returning. The Central Bank of Nigeria (CBN) has revealed that offshore sources provided 28% of the total funds raised in the ongoing bank recapitalisation exercise. Hakama Sidi-Ali, the CBN’s Acting Director of Corporate Communications, shared these figures on Friday at the Enugu International Trade Fair. She argued…
Nigeria has effectively ended the era of fiscal dominance. Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced on Thursday that the federal government’s “Ways and Means” debt has crashed to N2.84 trillion. This represents a massive reduction from the N26.95 trillion inherited by the current administration. Speaking at the Monetary Policy Forum in Abuja,…
The Naira maintained a fragile stability against the US Dollar on Friday, March 27, 2026. At the Nigerian Foreign Exchange Market (NFEM), the currency traded within a narrow band of ₦1,350 to ₦1,370. Mid-market indicators placed the official rate at approximately ₦1,356, reflecting a period of uncharacteristic calm. This follows months of aggressive interventions by…
The Central Bank of Nigeria has directed all International Money Transfer Operators in the country to open and maintain dedicated naira settlement accounts with authorised dealer banks, in a move designed to tighten regulatory oversight of diaspora remittances and improve transparency across the foreign exchange market. The directive was contained in a circular dated March…
The Central Bank of Nigeria has been awarded Central Bank of the Year by London-based Central Banking magazine, following a series of monetary reforms credited with stabilising the Nigerian economy after years of macroeconomic distortions. The recognition centres on policy changes introduced under Governor Olayemi Cardoso, who assumed office in October 2023 amid mounting…
The Central Bank of Nigeria has issued a stern warning to all banking customers across the country, urging them to protect their financial information by refusing to share passwords, personal identification numbers, or other sensitive banking details with anyone, including individuals claiming to be bank officials. The advisory, released as part of activities marking Global…
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed confidence that the country’s ongoing macroeconomic reforms have fortified the economy against potential shocks from escalating geopolitical tensions in the Middle East, particularly the evolving crisis involving the United States, Israel and Iran. Cardoso made the assertion on Wednesday while delivering a Distinguished…
