central bank of nigeria

The Digest: Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed that Nigeria's external reserves have risen to approximately $49 billion as of February 5, 2026. Speaking at the National Economic Council Conference, Cardoso described the increase as a strong signal of...

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 value of cash withdrawals from Automated Teller Machines (ATMs) in Nigeria rose sharply to N36.34 trillion in the first half of 2025, representing a 196% increase from the same period in 2024. According to data from the Central Bank of Nigeria (CBN), transaction volume also...

The Digest: Under the Central Bank of Nigeria's revised capital requirement policy, several Nigerian banks have secured their operational licences ahead of the March 2026 deadline. Access Bank, Fidelity Bank, First Bank, GTBank, UBA, and Zenith Bank have met the ₦500 billion paid-up capital...

The Digest: The Central Bank of Nigeria has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing multiple breaches of banking laws and severe capital inadequacy. Key Points: The CBN revoked the operating licences of Aso Savings and Loans...

The Digest: The Central Bank of Nigeria has issued final operating licences to 82 Bureau De Change operators in line with its updated regulatory framework, while warning the public against patronising unlicensed forex dealers. This follows the revocation of over 4,000 BDC licences earlier in...

The Digest: The Central Bank of Nigeria has abolished cash deposit ceilings and raised weekly withdrawal limits, recalibrating the rules of financial engagement in Nigeria's cash-driven economy. This move, rooted in the storm of managing physical currency, seeks to balance cost, security, and...

The Central Bank of Nigeria demanded that Bureau De Change operators raise billions in capital or lose their licenses, and most thought it was negotiable. They were wrong. As the June 3 deadline arrived with only 10% of over 5,000 BDC operators meeting requirements, the naira responded with...