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CBN shuts 46 microfinance banks over regulatory breaches, as NDIC begins process of orderly closure of affected MFBs
Central Bank of Nigeria (CBN) has announced revocation of the operating licences of 46 microfinance banks (MFBs) for failing to comply with key regulatory requirements. This is also as the Nigeria Deposit Insurance Corporation (NDIC) said it has commenced the…
ProvidusUnity Bank announces commencement of unified operations
Fresh from its recent merger deal, the ProvidusUnity Bank has announced official commencement of operations as a single banking institution. The new bank disclosed that it has completed all regulatory approvals, shareholder endorsements and judicial processes required to consummate the business…
FCCPC places 112 loan apps on watchlist over infraction, grants operational licenses to 48 others
Federal Competition and Consumer Protection Commission (FCCPC) has granted full operational approvals to 48 digital loan companies that previously held conditional approval, bringing the total number of fully licensed digital money lenders in Nigeria to 505. This is also as the…
CBN orders banks to freeze assets of six persons, four BDCs over terrorism financing
Sequel to the action taken by the United States government in exposing three persons, including a Nigerian foreign exchange dealer linked to a terrorism group, the Central Bank of Nigeria (CBN) has followed with a directive to commercial banks to freeze…
Only 20% of POS operators registered, as EFCC, CAC move to review MoU on tackling financial crimes
Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have pledged to collaborate in a bid to safeguard Nigeria’s financial system. This is also at it emerged that only 20 per cent of the country’s Point of Sale…
Providus, Unity Bank merger deal enters final phase
Proposed merger of Providus Bank and Unity Bank has officially entered its integration phase. According to the new establishment, now known as ProvidusUnity Bank Limited, the merger deal is now in its final integration stage following the successful completion of all…
CBN to ease transparency concerns with new UBO regulation on ownership of banks, fintechs, others
Central Bank of Nigeria (CBN) has mandated banks, fintechs and other payment service providers operating in the country to disclose their ultimate beneficial owners (UBO). The regulatory measures were contained in a circular dated June 15, 2026, and signed by CBN’s…
Nigeria’s forex inflows jump to $12.2bn in January 2026, as outflows drop by 43%
Central Bank of Nigeria (CBN) has reported that the country’s foreign exchange (forex) trading posted a record performance in January 2026, registering a net surplus of $9.2 billion. The regulatory bank which disclosed this in its latest Monthly Economic Report, released,…
Nigeria’s foreign reserves surge 17yr-high to hit $51.04bn, amid IMF advice to slow down accumulation
Nigeria’s foreign exchange reserves surged to a record 17-year high of $51.04 billion on June 18, 2026, according to latest data from the Central Bank of Nigeria (CBN), Friday. It would be recalled that the country’s reserves was at about…
Banks, customers lose N134bn to fraudsters in 6yrs – CBN
Nigerian banks and their customers lost a combined total of N134.48 billion to fraud related activities between 2020 and 2025, according to the Central Bank of Nigeria (CBN). The CBN data which is contained in the newly-released Nigeria Payments System Vision…
