cbn

The Digest: The Central Bank of Nigeria has introduced stricter Bank Verification Number (BVN) rules effective May 1, 2026, aimed at strengthening fraud monitoring and identity management. Key changes include restricting BVN enrolment to individuals 18 years and above, limiting phone number...

The Digest: The Central Bank of Nigeria has issued three circulars introducing new rules affecting Bank Verification Number (BVN), instant payment services, and dormant accounts management. Key changes include allowing customers to opt out of instant transfers, setting lower transaction...

The Digest: The Central Bank of Nigeria (CBN) has directed commercial banks to block loan defaulters, particularly large-ticket borrowers, from accessing new credit facilities within the banking system. In a circular issued Friday, the apex bank stated that "any large-ticket obligor with a...

The Digest: President Bola Tinubu has approved the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), subject to Senate confirmation. Special Adviser Bayo Onanuga announced the appointment, made under Section 8(1) of the CBN Act 2007. Yuguda replaces...

The Digest: The Central Bank of Nigeria (CBN) has directed all commercial banks to conduct stress tests effective April 1, 2026, to evaluate their resilience against extreme economic conditions. In a letter dated March 6, the apex bank said the exercise aligns with Sections 13 and 63 of BOFIA...

The Digest: The Central Bank of Nigeria (CBN) has announced that 30 banks have met the new minimum capital requirements ahead of the March 31, 2026 deadline for the ongoing recapitalisation exercise. In a statement by Acting Director of Corporate Communications Hakama Ali, the CBN disclosed...

The Digest: Nigerian Treasury bills remain one of the safest investment options in 2026, offering predictable returns backed by the federal government. These short-term debt instruments, issued by the Central Bank of Nigeria, come in three tenors: 91 days (3 months), 182 days (6 months), and...

The Digest: The Nigerian Communications Commission (NCC) is set to launch a cross-sector platform called the Telecom Identity Risk Management System (TIRMS) by end of March to prevent fraud linked to SIM card reassignment. The portal will collect and share data on churned (recycled) mobile...

The Digest: As the Central Bank of Nigeria's March 31 recapitalisation deadline approaches, at least 13 banks are racing to meet new minimum capital requirements, with analysts warning that mergers may reshape the industry. CBN Governor Olayemi Cardoso announced that 20 banks have fully met...

The Digest: Vice-President Kashim Shettima has revealed that the naira would have appreciated to N1,000 per dollar within weeks if the Central Bank of Nigeria (CBN) had not intervened in the foreign exchange market on Monday to ensure stability. Speaking at the Progressive Governors Forum...

The Digest: Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has announced that 20 banks have fully met the apex bank's minimum capital requirements, raising a total of N4 trillion as of February 19, 2026. Speaking at the MPC's 304th meeting in Abuja, Cardoso revealed that an additional...

The Digest: The Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) has reduced the Monetary Policy Rate (MPR) from 27 percent to 26.5 percent, the lowest level since May 2024 when it stood at 26.25 percent. Governor Olayemi Cardoso announced the 50-basis-point cut at the...

The Digest: Nigeria's headline inflation eased marginally to 15.10 per cent in January 2026, down from 15.15 per cent in December 2025, according to the National Bureau of Statistics (NBS). The figures, released Monday, come ahead of the Central Bank of Nigeria's Monetary Policy Committee...

The Digest: The Central Bank of Nigeria (CBN) has issued a fresh directive warning banks and accredited cheque printers that repeated breaches of cheque standards will attract fines of up to N20 million. In a circular signed by banking services director Hamisu Abdullahi, the apex bank...

The Digest: The Central Bank of Nigeria (CBN) has reportedly classified the popular Valentine's Day gift of "money bouquets"—arrangements of folded naira notes—as an act of naira abuse, punishable by a minimum of six months imprisonment or a ₦50,000 fine. The prohibition extends the bank's...

The Digest: The Central Bank of Nigeria (CBN) has directed authorised dealer banks to sell foreign exchange to licensed Bureau De Change (BDC) operators from the Nigerian Foreign Exchange Market (NFEM). According to a circular signed by Director Musa Narkoji, each BDC can access a maximum of...

The Digest: The Court of Appeal in Abuja has dismissed attempts by the Central Bank of Nigeria (CBN) and Ahmadu Bello University (ABU) to stop the payment of ₦2.5 billion to 110 workers unlawfully dismissed in 1996. In a unanimous judgment, the court ordered the CBN to immediately release the...

The Digest: A new Central Bank of Nigeria (CBN) policy report identifies key regulatory challenges stifling the fintech sector. Industry stakeholders cited unclear compliance requirements, prolonged licence and product approval delays, inconsistent rule application, and poor inter-agency...

The Digest: The Central Bank of Nigeria (CBN) has upgraded the operating licenses of major fintech firms Moniepoint, OPay, and Kuda from microfinance to national microfinance bank status. According to reports from financial outlets, the announcement was made by CBN Director Yemi Solaja at a...

The Digest: Credit rating agency DataPro has projected at least three significant bank mergers by early 2026 as tier-2 lenders rush to meet the Central Bank of Nigeria's March 31 recapitalisation deadline. The agency's report highlights that while major banks like Access, Zenith, and UBA have...