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The Central Bank of Nigeria (CBN) has issued an urgent warning to the public regarding a rise in fraudulent online communications, emails, and text messages falsely claiming to originate from the bank. In a statement released Tuesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank cautioned that these messages are…
Nigeria’s foreign exchange market opened the week on a mixed note as the naira strengthened marginally in the parallel market but weakened at the official window, highlighting persistent liquidity pressures and uneven supply dynamics. Latest figures show the naira appreciated to N1,387 per dollar in the parallel market, improving slightly from N1,389 per dollar…
The International Monetary Fund has offered a definitive endorsement of Nigeria’s freshly concluded bank recapitalisation programme, describing the policy as a timely buffer against global oil volatility and a cornerstone for the country’s projected 4.1 per cent economic expansion in 2026. During the 2026 Spring Meetings of the World Bank and the IMF in…
The Central Bank of Nigeria has launched the Nigerian Overnight Financing Rate (NOFR) to serve as the primary benchmark for the domestic money market. Developed alongside the Financial Markets Dealers Association, the rate replaces older, fragmented methods of measuring short-term liquidity. It aims to improve transparency and sharpen the transmission of monetary policy. The bank…
The Nigeria Deposit Insurance Corporation (NDIC) has begun the final legal process to wind down 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs). These institutions were part of a larger group of 183 lenders whose licences were revoked by the Central Bank of Nigeria (CBN) in May 2023. The corporation is now approaching…
The Central Bank of Nigeria has proposed a specialised mediation panel that would serve as the mandatory first point of resolution for disputes arising from secured lending transactions, effectively reducing immediate recourse to litigation in matters involving movable assets used as collateral. The proposal was outlined in a circular issued on Tuesday and signed…
The Central Bank of Nigeria (CBN) has successfully propped up the naira through aggressive Open Market Operations (OMO), despite a worrying $1.14 billion slide in external reserves. Over a four-day trading week, the local currency gained 1.76 per cent to close at N1,356.89 per dollar at the official window. This recovery suggests that the central…
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,…
