Lagos, Nigeria – September 16, 2025 The Central Bank of Nigeria (CBN) has issued a directive requiring all Domestic Systemically Important Banks (D-SIBs) to implement succession planning for their Managing Directors (MDs) and Chief Executive Officers (CEOs). This policy aims to enhance corporate governance and ensure the stability of the Nigerian banking sector.According to a
Abuja, Nigeria | September 8, 2025 An economist has urged the Central Bank of Nigeria (CBN) to maintain caution on its benchmark Monetary Policy Rate (MPR), warning that any premature relaxation could undermine efforts to rein in inflation. The caution comes as fresh inflation data continues to show significant volatility, with prices of food and
Abuja, Nigeria | September 5, 2025 The Central Bank of Nigeria (CBN) has inaugurated a dedicated Compliance Department to enhance its supervision of non-prudential risks, including financial crimes, market conduct, and cybersecurity. In a circular issued on Thursday, the apex bank directed all regulated financial institutions to henceforth submit reports and communications relating to Anti-Money
Nigeria’s business environment continues to reflect mixed signals, as the latest Business Performance Index (BPI) shows a moderate uptick to 107.3 points, even as many companies grapple with deepening financial constraints. The figure, recently released by the National Bureau of Statistics (NBS) in collaboration with key industry stakeholders, indicates marginal growth in business activity compared
In a dramatic turn within Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has concluded a forensic audit into undelivered FX forward contracts, valued at around $2 billion, igniting serious questions about market integrity, custodial responsibilities, and the fate of these stalled commitments. FX forwards function as pre-agreed deals: counterparties hand over naira today
In a decisive move to raise the bar for financial security and operational integrity, the Central Bank of Nigeria (CBN) has issued a firm deadline of October 31 for all regulated entities to align with its rigorous payment system standards. This directive encompasses compliance with global benchmarks such as PCI DSS (Payment Card Industry Data
Abuja, Nigeria | August 8, 2025 The Central Bank of Nigeria (CBN) has initiated strategic engagements with key national and international financial stakeholders, including the International Monetary Fund (IMF), the Federal Inland Revenue Service (FIRS), and mortgage banking operators, in a bid to reinforce economic coordination and advance Nigeria’s financial sector development. The meetings, held
LAGOS, July 24, 2025 The Nigeria Employers’ Consultative Association (NECA) and prominent economists have expressed support for the Central Bank of Nigeria’s (CBN) continued tight monetary policy stance, even as the Lagos Chamber of Commerce and Industry (LCCI) raised concerns over its impact on businesses. The CBN, earlier this week, retained the Monetary Policy Rate
News Report – July 23, 2025 At least eleven commercial banks in Nigeria have exceeded the regulatory threshold of five percent for non-performing loans (NPLs), following an industry-wide reclassification of risk assets in April 2025. The Central Bank of Nigeria’s (CBN) guidelines stipulate that lenders must maintain NPL ratios below 5% to ensure financial system
The Nigerian naira ended last week on a weaker note, closing at 1,532.34 per dollar in the official market despite various interventions by the Central Bank of Nigeria aimed at supporting the currency. The local currency had started the week strong, reaching a four-month high of 1,518.88 per dollar on the first trading day. However,
