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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…
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…
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…
Nigeria’s external reserves jump by 2.5% to reach $49.58 in May
Central Bank of Nigeria (CBN) Economic Report for May has reported a rise in the External Reserves of the country to $49.58 billion May 29, from the $48.36 recorded in April, this year. According to the CBN, the figure represents an…
CBN upgrades Abbey Mortgage Bank to regional banking status
Central Bank of Nigeria (CBN) has approved the upgrade of Abbey Mortgage Bank Plc to a commercial banking institution, just as the new player in the sector fixed the fourth quarter of this year as date to commence full operations. Making…
Foreign portfolio investment drives Nigeria’s capital inflow, despite FDI slump by 80% — CBN
Central Bank of Nigeria (CBN) Economic Report, in its latest, has revealed that foreign direct investment (FDI) inflows into the country dropped by 80 per cent in January, this year, even as capital from foreign portfolio investment surged. The regulatory bank,…
CBN launches PSV 2028 to deepen financial inclusion, strengthen digital econony
Central Bank of Nigeria (CBN) has formally unveiled the Payments System Vision 2028 (PSV 2028) to strengthen the country’s digital economy and trade. Speaking in Abuja, Monday, at the unveiling, the CBN Governor, Olayemi Cardoso, said PSV 2028 aims to deepen…
