In a decisive move to promote transparency and efficiency within Nigeria’s banking sector, the Central Bank of Nigeria (CBN) has issued a fresh set of operational guidelines aimed at standardising credit reporting practices among commercial banks and other financial institutions. The apex bank stated that the new rules are designed to enhance data accuracy, ensure
Abuja, July 9, 2025 — The Central Bank of Nigeria (CBN) has issued a directive mandating all commercial banks to submit detailed Capital Restoration Plans (CRPs) by July 14, 2025, as part of its exit strategy from COVID-era regulatory forbearance. The circular, signed by the Director of Banking Supervision, Olubukola Akinwunmi, stipulates that affected banks must present
Abuja, July 9, 2025 — The Central Bank of Nigeria (CBN) has issued a warning that persistent increases in input costs across key sectors may soon trigger a resurgence in consumer price inflation. The alert follows the release of the June 2025 Purchasing Managers’ Index (PMI) report by the bank. According to the CBN, input
The Central Bank of Nigeria (CBN) has provided clarity on the charges associated with the Naira Remittance-Based Virtual Naira (NRBVN) service, specifically targeting Nigerians in the diaspora. In a statement issued by the apex bank, it reassured the public—particularly citizens residing outside the country—of its commitment to transparent financial practices and deepening financial inclusion across
Abuja, Nigeria – June 2025The House of Representatives has issued a 14-day ultimatum to the Central Bank of Nigeria (CBN) to remit a total of ₦3.64 trillion to the Federation Account, citing concerns over delayed transfers of government revenues. The resolution was passed during plenary following the adoption of a motion presented by a member
Lagos, June 18, 2025 – Access Bank Plc has officially reaffirmed its commitment to fully comply with the Central Bank of Nigeria’s (CBN) forbearance conditions before the regulatory deadline of June 30, 2025, while also assuring shareholders of ongoing dividend payments. This announcement was made during a recent shareholders’ meeting where the bank’s management detailed
Abuja, Nigeria | June 18 — 2025 The Central Bank of Nigeria (CBN) has reaffirmed the resilience and soundness of the Nigerian banking sector, assuring the public of continued financial stability despite ongoing global and domestic economic pressures. In a statement released on Monday, the apex bank noted that recent actions involving certain financial institutions
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
The total amount of physical cash circulating outside Nigeria’s formal banking system declined once again in April 2025, sliding to N4.57 trillion from N4.60 trillion recorded in March. This development, confirmed in the latest data released by the Central Bank of Nigeria, comes against the backdrop of sustained monetary tightening by the apex bank. The
In a landmark move that could redefine the future of Islamic finance in Nigeria, the Central Bank of Nigeria (CBN) has announced the official rollout of strategic liquidity management tools tailored exclusively for non-interest financial institutions. These include the deployment of the Nigerian Non-Interest Financial Institutions’ Master Repurchase Agreement (NNMRA) and the commencement of auctions
