The Central Bank of Nigeria (CBN) projects a 4.17% GDP growth for 2025, driven by fiscal and monetary reforms, stable oil prices, and improved oil production. The bank aims to reduce inflation to 15%, supporting SMEs and fostering a resilient, diversified economy through ongoing reforms.
The...
CBN Governor Dr. Olayemi Cardoso has pledged to combat the commoditization of the Naira, emphasizing its vital role in Nigeria’s economy. Speaking at the CHBO Stakeholders’ Conference, he outlined strategies including public awareness, improved cash distribution, digital payment promotion, and...
Former employees of the Central Bank of Nigeria (CBN) have filed a lawsuit over alleged wrongful dismissal during a mass layoff in 2024. The claimants argue that their termination violated internal policies, Nigerian labor laws, and constitutional rights, seeking reinstatement and N30 billion in...
The Central Bank of Nigeria (CBN) has granted Bureau De Change (BDC) operators temporary access to purchase $25,000 weekly from banks to meet increased foreign exchange demand during the yuletide period, from December 19, 2024, to January 30, 2025. This aims to stabilize the retail market and...
The Central Bank of Nigeria (CBN) has introduced limits on Point of Sale (PoS) withdrawals, capping daily transactions at N100,000 per customer. This new measure aims to promote a cashless economy, combat fraud, and enforce consistent operational standards, with penalties for non-compliance...
The Central Bank of Nigeria (CBN) confirmed that old N200, N500, and N1000 notes remain valid following a Supreme Court ruling. The notes will continue to circulate indefinitely with no deadline for use, despite claims otherwise. Nigerians are encouraged to accept all Naira notes and embrace...
The Central Bank of Nigeria (CBN) introduces dedicated phone numbers and emails for Nigerians to report cash withdrawal challenges at banks and ATMs. This initiative aims to improve currency circulation, enforce compliance among banks, and address public concerns about cash scarcity efficiently...
The Central Bank of Nigeria (CBN) plans to retire 1,000 employees by December 31, 2024, under a ₦50 billion workforce realignment initiative. Eligible staff will receive financial incentives through the Early Exit Package (EPP), with applications closing on December 7. This move aims to...
The Central Bank of Nigeria (CBN) has warned banks to prioritize cash disbursement through ATMs, threatening severe penalties for non-compliance. Governor Olayemi Cardoso emphasized that banks engaged in sabotage or malpractices will face strict penalties. The CBN also highlighted reforms to...
The Naira depreciated to N1,740 per dollar in the parallel market while appreciating to N1,601.2 in the Nigerian Autonomous Foreign Exchange Market. Trading volume in the official market increased by 23%, widening the gap between parallel and official rates to N140 per dollar, signaling ongoing...
CBN Governor Olayemi Cardoso explained the rationale for floating the Naira to align official rates with market realities. He highlighted the need for credibility in monetary policy, acknowledging criticism but emphasizing transparency and stability. Cardoso also discussed raising the Monetary...
The Central Bank of Nigeria (CBN) will penalize banks that fail to dispense cash via ATMs, aiming to ensure sufficient cash availability. CBN Governor Yemi Cardoso announced a monitoring system for compliance and plans to release an additional N1.4 trillion into circulation over the next three...
The Central Bank of Nigeria (CBN) predicts that Dangote Refinery's petrol supply will reduce transportation costs and ease food inflation. The CBN has raised the Monetary Policy Rate to tackle rising inflation, which currently stands at 32.15%, driven by increasing food prices and energy costs...
The Central Bank of Nigeria (CBN) has raised its Monetary Policy Rate from 26.75% to 27.25% to control rising inflation. CBN Governor Olayemi Cardoso announced this decision after the Monetary Policy Committee’s 297th meeting. The increase is aimed at stabilizing the economy by curbing...
Nigeria's central bank warns of risks to foreign reserves due to petrol subsidy removal and lower oil earnings. Despite $36.08 billion in reserves, increased debt servicing and potential capital outflows pose challenges. The CBN remains optimistic, citing favorable trade terms and rising oil...
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