The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate at 27.50 per cent, marking its second consecutive hold in 2025. This decision was announced by the CBN Governor, Olayemi Cardoso, during a press briefing on Tuesday in Abuja, following the conclusion of the MPC’s 300th meeting. This second pause in rates …

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), officially inaugurated the Non-Resident Bank Verification Number (NRBVN) platform on Tuesday in Abuja. According to the apex bank, this innovative digital gateway allows Nigerians in the diaspora to obtain a Bank Verification Number (BVN) remotely without needing a physical presence in Nigeria. The CBN governor, …

The Central Bank of Nigeria (CBN) says it will begin mystery shopping exercises across bureau de change (BDC) outlets to strengthen compliance with anti-money laundering and counter-terrorism financing regulations. The CBN spoke in a circular to all licensed BDC operators, signed by Amonia Opusunju, director of compliance department, on Thursday. Mystery Shopping is a technique used by companies to evaluate …

Access Holdings said it paid N1.243 billion in penalties to regulatory authorities in 2024 for various infractions. The regulators include the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC), Access Bank said in its audited full-year 2024 financial statement. According to the document, published on the Nigerian Exchange Group (NGX) on Tuesday, the penalties were related to …

The Central Bank of Nigeria (CBN) has said that Nigeria would need strong, resilient and stable banks in its quest to achieve the $1 trillion economy target set by President Bola Tinubu against 2030 timeline. In an address at the 36th CBN Seminar for Finance Correspondents and Business Editors, in Abuja, yesterday, the Deputy Governor, Corporate Services of the bank, …

Two dangerous rumours grew wings and spread like wildfire in the harmattan haze last week, but thank goodness the Presidency moved swiftly to shoot them down. The first rumour was that the government had given the Central Bank of Nigeria (CBN) the nod to introduce N5,000 and N10,000 denominations in addition to the existing denominations, the highest of which is …

The naira depreciated by 2.4 per cent and 2.6 per cent in March at both the Nigerian Autonomous Foreign Exchange Market window and the parallel market compared to the previous month. According to the latest Afrinvest Monthly Market Report titled ‘Analysing Global and Nigerian Economies & Financial Markets’, the naira dropped to N1,536.82/$ and N1,530.00/1.00 at the NAFEM window and …

The Central Bank of Nigeria (CBN) injected $197.71 million into the foreign exchange market last Friday, as part of its commitment to ensuring adequate liquidity and maintaining orderly market functioning. This was disclosed in a statement on Saturday by the Director of the Financial Markets Department, Dr Omolara Omotunde-Duke, reiterating the bank’s stance on maintaining market integrity and operational transparency. …

The Central Bank of Nigeria, CBN, yesterday, expressed its commitment to the Nigerian Foreign Exchange (FX) Code saying that it has aligned its roles with the principles of the code. In a statement signed by the Governor, Olayemi Cardoso, Deputy Governor, Economic Policy, Mohammad Abdullahi and Director, Financial Markets Department, Dr.Omolara Duke, the apex bank said its decision follows a …

The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership shakeups. These appointments affect crucial areas such as Monetary Policy department, Trade and Exchange Department, Banking Supervision, Payment Systems and Consumer Protection among others. This new appointments are coming at a time when regulators are tightening oversight on banks and financial technology …