Economic analysts and financial experts have reacted to the decision by the Central Bank of Nigeria to retain the country’s benchmark interest rate at 26.50 percent, warning that businesses and ordinary Nigerians may continue to struggle with rising living costs and expensive borrowing conditions. CBN Governor Olayemi Cardoso announced the decision on Wednesday after the…
The Central Bank of Nigeria (CBN) has introduced new regulations governing instant payment services in the country, including a rule that limits mobile banking applications to a single device per customer. The directive was announced in a circular issued on Friday by the bank’s Payments System Policy Department and signed by its Director, Musa Jimoh….
The Central Bank of Nigeria (CBN) has dismissed reports claiming it has introduced new N5,000 and N10,000 banknotes, labeling them as false. In a statement shared on its official Instagram page on Wednesday, the apex bank clarified that it had not issued any such currency denominations and urged the public to disregard the misinformation. “The…
President Bola Tinubu has taken decisive action in the fight against corruption by appointing a Special Investigator to look into the activities of the Central Bank of Nigeria (CBN) and Related Entities. In a letter addressed to Jim Osayande Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), Tinubu named him…
The Central Bank of Nigeria (CBN) recently announced the closure of 31 banks in Lagos as part of a larger effort to strengthen the banking sector in Nigeria. This action was taken as a result of the banks’ inability to meet minimum regulatory requirements, and the CBN has emphasized that the closures are necessary to…
