Lagos, June 23, 2025 – Nigeria’s financial landscape is undergoing a major transformation, with Point of Sale (POS) agents now handling a record-breaking ₦223.27 trillion in transactions in 2024, even as ATM usage continues to decline steadily across the country. According to the latest data from the Central Bank of Nigeria (CBN), total transactions via
Lagos, June 21, 2025 – The Nigerian Naira continued its downward slide on the foreign exchange market, trading at an alarming ₦2,200 to one British Pound Sterling, amid persistent liquidity challenges and growing demand for foreign currency. This latest depreciation marks a significant drop in value and adds to the pressure on Nigeria’s fragile exchange
Abuja, June 16, 2025 — In a bid to shore up economic stability, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Central Bank of Nigeria Governor, Dr. Olayemi Cardoso, convened at the CBN headquarters today to discuss enhanced coordination between Nigeria’s fiscal and monetary authorities. The meeting, supported by a joint
Abuja, Nigeria – June 14, 2025 The Federal Government on Friday announced new measures aimed at reviving the Ajaokuta Steel Company, one of Nigeria’s most strategic yet dormant industrial assets. In a statement issued by the Ministry of Steel Development, the government reaffirmed its commitment to restoring the facility to full operational capacity as part
Nigeria’s total merchandise trade for the first quarter of 2025 has surged to ₦36.02 trillion, reflecting a 6.19% increase compared to the ₦33.92 trillion recorded during the same period in 2024, according to the latest data released by the National Bureau of Statistics (NBS). The figures, which signal a gradual rebound in external trade activities,
The African Export-Import Bank (Afreximbank) has strongly condemned Fitch Ratings’ recent decision to downgrade its credit rating, describing the move as based on a flawed understanding of its treaty obligations. Last week, Fitch lowered Afreximbank’s rating from BBB to BBB-, placing it dangerously close to speculative or “junk” status. The downgrade was attributed mainly to
The Central Bank of Nigeria (CBN) has officially launched the Non-Resident Bank Verification Number (NRBVN), a strategic initiative aimed at extending banking access to Nigerians living abroad. The move is part of the apex bank’s efforts to strengthen financial inclusion and improve diaspora engagement. The NRBVN will allow Nigerians in the diaspora to seamlessly link
ABUJA — After several months of high borrowing, credit extended to the Federal Government dropped significantly to N23.55 trillion in April 2025 — the lowest figure recorded in the past 12 months, according to the latest data from the Central Bank of Nigeria (CBN). The reduction signals a shift in the government’s borrowing strategy, potentially
Mrs. Hafsat Abubakar Bakari, Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), led a delegation on a courtesy visit to the Honourable Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, at the Ministry’s headquarters in Abuja. The visit aimed to strengthen collaboration between the NFIU and the Ministry in combating financial crimes and
President Bola Ahmed Tinubu has described the recent upgrade of Nigeria’s credit rating by international financial services giant Moody’s Investors Service as a strong vote of confidence in the country’s economic reforms and a clear signal to global investors that Nigeria is on a path of sustainable growth. Speaking in Lagos on Saturday, the President
