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Nigeria’s currency held firm against the United States Dollar in the early hours of Thursday, May 21, 2026, trading at 1,371.25 per Dollar in the Nigerian Foreign Exchange Market, the official window for formal currency trade, following the Central Bank of Nigeria’s decision to retain its benchmark interest rate unchanged. The Monetary Policy Committee…
Nigeria’s Central Bank has opted to hold its benchmark lending rate steady at 26.5 per cent, resisting pressure from a fresh uptick in inflation and global economic uncertainty that analysts say tilted the policy balance firmly toward caution. CBN Governor Olayemi Cardoso announced the decision on Wednesday at the conclusion of the 305th meeting of…
The Central Bank of Nigeria has launched a revised foreign exchange manual to boost dollar inflows and stabilise the volatile currency market. Deputy Governor Muhammad Abdullahi announced the new framework at a World Bank event in Abuja, stating that the guidelines will open all doors for foreign capital. The document updates market rules, cuts regulatory…
Nigeria’s commercial banking sector generated combined gross earnings of N18.2tn in the 2025 financial year, a figure that underscores the industry’s enduring revenue strength even as profitability weakened considerably across several major institutions. Audited financial statements from leading banks reveal a sector navigating a delicate tension between impressive top line growth and shrinking bottom…
The Central Bank of Nigeria is shifting its focus from bank balance sheets to the character of the men and women who run them. Governor Olayemi Cardoso told a Lagos audience on Thursday that higher capital is useless without boardroom discipline. He made it clear that the era of regulatory leniency is over. The apex…
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 (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 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…
