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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 $51.04 billion on June 18, 2026, according to latest data from the Central Bank of Nigeria (CBN), Friday. It would be recalled that the country’s reserves was at about…
Banks, customers lose N134bn to fraudsters in 6yrs – CBN
Nigerian banks and their customers lost a combined total of N134.48 billion to fraud related activities between 2020 and 2025, according to the Central Bank of Nigeria (CBN). The CBN data which is contained in the newly-released Nigeria Payments System Vision…
Naira undervalued by 25.6% — IMF, tells CBN to slow foreign reserves’ accumulation
International Monetary Fund (IMF) has stated that the Nigerian currency, Naira, is undervalued by as much as 25.6 per cent, noting that the fair exchange rate against the U.SDollar should be N1,142.04/$. The official forex rate stands at N1,356.27/$ as of…
Store payment transaction data on local servers, CBN directs banks, fintechs, others
Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), fintechs, and other payment service providers, operating in the country to begin storing their payment transaction data generated within the country on local servers, effective January 1, 2027. CBN…
CBN draft proposal for HoldCos seeks 20% capital buffer, restrictions on subsidiaries’ offshore operations, shared services
Central Bank of Nigeria (CBN) has moved to revise guidelines on operations and structure of financial holding companies (FHCs) in its just published exposure draft on guidelines for the licensing and regulation of operators in Nigeria, introducing a mandatory 20 per…
CBN proposes FG adoption of eNaira for payment of salaries, pensions, welfare benefits
Federal Government is considering a Central Bank of Nigeria (CBN) proposal to commence paying civil servants’ salaries, pensions, social welfare benefits, in addition contractors via the eNaira platform in order to boost the adoption of Nigeria’s digital currency. The eNaira…
Standard Bank backs Dangote Refinery IPO, expansion
The planned public listing of the Dangote Petroleum Refinery has received a significant boost after Africa’s largest banking group signalled its readiness to play a leading role in the transaction while pledging continued support for the industrial giant’s expansion ambitions…
Seplat Chairmanship cements Elumelu’s rising influence in Nigeria’s strategic sectors
Sopuruchi Onwuka The appointment of renowned investor and entrepreneur Tony Elumelu as Chairman-designate of Seplat Energy Plc marks more than a routine boardroom transition. It represents the latest milestone in the rapid expansion of his influence across Nigeria’s energy landscape…
