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The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) rules effective from May 1, 2026, aimed at reducing fraud, especially SIM swap and identity theft cases. The regulations include stricter controls on phone number changes, age restrictions, device limits, and...

The Central Bank of Nigeria's policy rate at 27.5 percent is forcing a major reset in forex trading strategies across Nigeria, as traders adapt to a high-rate environment that changes how risk, timing, and market structure are approached. According to a report by Business Post, the CBN raised...

The Senate is set to confirm Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), barring any last-minute changes. The Senate Committee on Banking, Insurance and Other Financial Matters is due to present a report to this effect during ongoing plenary. Yuguda, nominated...

An EFCC witness has told an FCT high court in Abuja how $6.23 million was withdrawn from the Central Bank of Nigeria (CBN) for a purported election monitoring exercise during the 2023 general election under former governor Godwin Emefiele. Assistant commander Chinedu Eneanya testified that...

The Digest: The Central Bank of Nigeria (CBN) has increased the fee for the issuance or replacement of debit and credit cards from N1,000 to N1,500, effective from May 1. The apex bank also announced that no maintenance fee will be charged on naira-denominated debit or credit cards, while...

The Digest: The Emir of Kano, Lamido Sanusi, has questioned the Nigerian government's continued reliance on borrowing despite the removal of petrol subsidy. In an interview with News Central TV, the former CBN governor said that while fuel subsidy removal and exchange rate liberalisation were...

The Digest: The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) regulations aimed at combating financial fraud, including a 24-hour temporary watch list for accounts linked to suspicious transactions. Starting May 1, financial institutions must flag such BVNs...

The Digest: Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has stated that the $1.37 billion drop in Nigeria's external reserves over six weeks is normal and not a cause for concern. Speaking at a press briefing in Washington, DC, Cardoso said reserves remain well above IMF minimum...

The Digest: The Central Bank of Nigeria (CBN) has dismissed as fake a viral image circulating on social media claiming to show a newly introduced N5,000 banknote featuring President Bola Tinubu's portrait. The bank posted on its official X handle: "This content is fake. Let the public be...

The Digest: The Central Bank of Nigeria (CBN) is considering the recapitalisation and restructuring of development finance institutions (DFIs) to bridge the funding gap for micro, small, and medium-sized enterprises (MSMEs). Deputy Governor Muhammad Abdullahi said the total asset base of all...

The Digest: Fresh details have emerged regarding the Central Bank of Nigeria's (CBN) January 2024 takeover of Union Bank, with a forensic audit alleging financial irregularities under the bank's former owners and directors. Key issues include a $300 million Afreximbank facility allegedly...

The Digest: The Central Bank of Nigeria has announced the conclusion of its bank recapitalisation programme, with 33 banks meeting the minimum capital requirements set to strengthen the resilience of the financial system. The programme, which commenced in March 2024, ran for 24 months. The...

The Digest: The Central Bank of Nigeria has unveiled its 2026 monetary policy agenda, focusing on reducing inflation to single digits, stabilizing the exchange rate, and strengthening the financial system. Governor Olayemi Cardoso announced the plan at the 2026 First Monetary Policy Forum in...

The Digest: The Central Bank of Nigeria has stated that it will review the Federal High Court judgment that nullified its January 2024 dissolution of Union Bank's board and management, while assuring the public that the bank remains stable and fully operational. In a statement, the CBN said it...

The Digest: Central Bank of Nigeria Governor Olayemi Cardoso has declared that Nigeria's "bad systemic past is dead and buried," assuring foreign investors that reforms are laying the foundation for a transparent, stable, and investor-friendly economy. Speaking at the Africa Capital Forum in...

The Digest: A Federal High Court in Lagos has nullified the Central Bank of Nigeria's January 2024 dissolution of Union Bank's board and management, declaring the action ultra vires. Justice Chukwujekwu Aneke quashed all decisions taken by the CBN-appointed board and ordered the immediate...

The Digest: The Central Bank of Nigeria has directed all International Money Transfer Operators to open and maintain naira settlement accounts with authorized dealer banks, effective May 1, 2026. The directive aims to enhance transparency, traceability, and monitoring of diaspora remittances...

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...