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
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
The Nigerians in Diaspora Commission (NIDCOM) has attributed the recent increase in diaspora remittances, estimated at $600 million monthly, to the ongoing foreign exchange reforms initiated by the Central Bank of Nigeria (CBN). The Commission described the development as a strong signal that confidence is gradually returning to Nigeria’s formal financial system. Speaking on the
Abuja — August 30, 2025 The Central Bank of Nigeria (CBN) has opened fresh bilateral engagements with the Central Bank of Brazil aimed at boosting collaboration in financial technology, cross-border remittances, and overall financial system stability. CBN Governor, Olayemi Cardoso, held high-level discussions with his Brazilian counterpart, Gabriel Muricca Galípolo, on the sidelines of President
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 15, 2025 The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has held a strategic meeting with the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, in Abuja to map out pathways for boosting Nigeria’s trade competitiveness and economic growth. The closed-door talks, hosted at the
Lagos, Nigeria – August 14, 2025 Reports claiming that a fintech firm named Graph has received a Central Bank of Nigeria (CBN) license to operate as an international money transfer operator (IMTO) have been found to lack credible verification. A review of official CBN announcements, regulatory filings, and industry reports revealed no record of any
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
