CBN May Raise Interest Rate Before 2027 Elections
The Central Bank of Nigeria (CBN) may increase its benchmark interest rate, known as the Monetary Policy Rate (MPR), in the second half of 2026 as rising liquidity linked to preparations for the 2027 general elections could fuel inflation. The projection was made by capital market economist, Prof. Uche Uwaleke, during the Arthur Steven Asset […]
Reps Probe CBN, NNPCL Revenue Remittances
The House of Representatives Public Accounts Committee has intensified its investigation into revenue remittances by government agencies, directing the Office of the Accountant-General of the Federation (OAGF) to provide details of outstanding operating surplus allegedly owed to the Federal Government by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and […]
Beyond Elumelu: UBA Faces Its Biggest Test of Institutional Strength
United Bank for Africa (UBA) has announced the retirement of its Group Chairman, Tony Elumelu, effective August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria’s (CBN) Corporate Governance Code. The bank’s Board of Directors, at its meeting on July 6, approved Elumelu’s retirement and […]
CBN Warns Against Rejection of Standard N100 Note
The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the standard N100 banknote, insisting that it remains legal tender and must be accepted for all transactions across the country. The warning follows reports that some traders, transport operators and other members of the public have refused to accept the […]
NDIC Liquidates 46 MFBs Over Regulatory Breaches Line
The Nigeria Deposit Insurance Corporation (NDIC) has taken over the liquidation process of 46 microfinance banks following the revocation of their operating licences by the Central Bank of Nigeria (CBN). The corporation said it was appointed as the official liquidator under the provisions of the Banks and Other Financial Institutions Act 2020 and the NDIC […]
CBN Eyes Biometric Payments Revolution, But Trust and Data Privacy Remain Major Hurdles
The Central Bank of Nigeria (CBN) is charting a new course for the country’s payment ecosystem with plans to introduce biometric-driven and “invisible” payments, a move that could fundamentally change how millions of Nigerians pay for everyday services. However, the apex bank has acknowledged that the success of the initiative will largely depend on the […]
CBN To Deploy AI In Fight Against Payment Fraud
The Central Bank of Nigeria (CBN) has announced its intention to implement Artificial Intelligence (AI) to bolster fraud prevention and improve the efficiency of the nation’s digital payments framework, as part of its Nigeria Payments System Vision (PSV) 2028.This initiative, outlined in the apex bank’s recently published PSV 2028 document, identifies AI as a crucial […]
CBN Unveils Nigeria Digital Payments System To Strengthen Financial Inclusion
The Central Bank of Nigeria (CBN) on Monday launched the Nigeria Digital Payments System framework, a new policy direction aimed at expanding financial inclusion, deepening digital payments, and strengthening the country’s financial technology ecosystem. The framework, known as the Nigeria Payments System Vision, was unveiled in Abuja at a stakeholder event attended by banking executives, […]
Nigerians Seeks Lower Interest Rates Ahead of CBN Meeting
A new survey by the Central Bank of Nigeria has revealed that most Nigerians are in favour of a reduction in interest rates ahead of the Monetary Policy Committee meeting scheduled for May 19 and 20, 2026. According to the CBN’s April 2026 Inflation Expectations Survey released by its Statistics Department, 63.3 per cent of […]
CBN Raises Alarm Over Fake Messages, Moves to Strengthen Digital Security
The Central Bank of Nigeria has issued a fresh warning to Nigerians over the rise in fraudulent messages falsely claiming to come from the Bank, as cybercriminals adopt more convincing tactics to deceive the public. In an advisory released on April 21, 2026, the Bank’s spokesperson, Hakama Sidi Ali, revealed that scammers are circulating emails, […]
CBN, NCC Partner to Tackle Digital Fraud, Boost Trust in Nigeria’s Payment Systems
Nigeria’s push toward a safer and more reliable digital economy received a boost on Monday, as the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) formalised a new partnership aimed at tightening electronic payment systems and improving how critical data is shared. The agreement, sealed in Abuja, sets the stage for closer […]
CBN Mandates Naira Settlement Accounts For All Diaspora Inflows
The Central Bank of Nigeria (CBN) has announced a major policy shift in the management of diaspora remittances, directing all International Money Transfer Operators (IMTOs) to open and maintain designated Naira settlement accounts. The directive, which was detailed in a circular signed by the Director of the Trade and Exchange Department, Musa Nakorji, was made […]