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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…
The Central Bank of Nigeria (CBN) has announced a significant tightening of the Bank Verification Number (BVN) framework to combat the rise in digital financial crimes. Under new rules taking effect on 1 May 2026, the apex bank will limit phone number amendments linked to a BVN to a one-time change only. Furthermore, the regulator…
The Nigerian Naira concluded a week of steady gains on Friday, 13 March 2026, appreciating by 0.3% in the official market. Data from the Central Bank of Nigeria (CBN) showed the currency closed at N1,366.23 per dollar, up N5.27 for the week’s final trading session. This performance caps a five-day rally that began with the…
The Central Bank of Nigeria (CBN) has banned large-scale loan defaulters from accessing new credit and essential banking services. In a directive issued on 12 March 2026, the regulator ordered all financial institutions to immediately freeze the accounts of “large-ticket obligors” with non-performing loans. The move aims to instill credit discipline and protect the banking…
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…
The Nigerian Naira maintained its stability against the US Dollar on Friday, 13 March 2026, closing a resilient trading week. Data from the Nigerian Foreign Exchange Market (NFEM) shows the currency opened at 1,398.74 and held steady at 1,398.63 by mid-morning. This marginal appreciation of 0.01% reflects a period of rare calm in the foreign…
Net foreign exchange inflow into the Nigerian economy fell by 18.3 per cent year on year to 61.29 billion dollars in the eleven months ended November 2025. The Central Bank of Nigeria data showed the drop from 69.61 billion dollars recorded in the corresponding period of 2024. This development stemmed from a 25.2 per…
The Nigerian currency recorded its second consecutive daily depreciation in both the official Nigerian Foreign Exchange Market and the parallel market, reversing some of the gains achieved during February’s appreciation rally. The naira extended its losing streak against the United States dollar yesterday, depreciating across both the official and parallel foreign exchange windows as…
The United Kingdom has been identified as the largest source of capital importation into Nigeria during the third quarter of 2025, contributing nearly half of all foreign capital inflows recorded in the period, according to official data released by the National Bureau of Statistics. Figures published by the NBS on its X handle on…
The Bank of Industry has obtained regulatory clearance from the Central Bank of Nigeria to establish a Non-Interest Banking window, a development the development finance institution says will broaden financial access for ethically motivated enterprises and underserved segments of the economy. According to a statement issued by the bank, the approval authorises BoI to…
