CBN Makes Terrorism Financing Supervision a Priority
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has made the supervision of terrorism financing risks a priority as part of efforts to prevent the country’s financial system from being exploited by illicit actors. The apex bank said its supervisory activities would focus on how financial institutions identify, assess and manage terrorism financing risks, […]
Credit Ratings Can Prevent Microfinance Bank Failures
By Oluwakemi Kindness Independent credit ratings can help identify weaknesses in microfinance banks before they lead to institutional failure. This is according to DataPro in it August Rating Brief, which examines the lessons from the Central Bank of Nigeria’s recent revocation of the operating licences of 46 microfinance banks. The publication said the regulatory action […]
CBN Tells Reps PFIPC Accounts Had Zero Balance
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) on Monday told the House of Representatives Ad-hoc Committee investigating the Presidential Foreign Intervention/Investment Promotion Council (PFIPC) that two domiciliary accounts opened for the council in 2025 were never activated, funded or used for any financial transaction. The disclosure was made by the CBN’s Director of […]
CBN Orders Banks to Freeze Six Terrorism Finance Accounts
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other regulated financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau de Change operators over alleged links to terrorism financingThe Central Bank of Nigeria (CBN) has directed banks, payment service banks and other […]
Reps PAC Recovers ₦521m Unremitted VAT From CBN
By Oluwakemi Kindness The House of Representatives Public Accounts Committee (PAC) says it has recovered ₦521.8 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of an ongoing probe into revenue leakages linked to the Remita platform. The committee say the recovered sum, amounting to ₦521,765,134.17, represents VAT […]
CBN Rejects Interventionist Policies, Backs Orthodox Strategy
By Oluwkaemi Kindness The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says the bank will not return to interventionist measures that previously weakened policy credibility. This is as he reaffirmed the apex bank’s commitment to orthodox monetary policy, transparency, and evidence-based decision-making. Cardoso stated this during the opening session of the Monetary Policy […]
CBN Holds Interest Rate at 26.5% Amid Rising Inflation Concerns
By Oluwakemi Kindness The Central Bank of Nigeria has retained the benchmark interest rate at 26.5 percent as authorities continue efforts to rein in inflation and stabilise the economy. The decision was announced on Wednesday by the CBN Governor, Olayemi Cardoso, after the 305th meeting of the Monetary Policy Committee in Abuja. Cardoso said all […]
CBN Warns States Against Excessive Borrowing
By Oluwkemi Kindness The Central Bank of Nigeria has warned that reckless borrowing, unplanned spending, and poor fiscal coordination by State Governments could undermine Nigeria’s planned transition to an Inflation Targeting monetary policy framework. Speaking during an engagement with sub-national stakeholders organised through the Nigeria Governors’ Forum Secretariat, the Deputy Governor in charge of Economic […]
Senate Confirms Yuguda as CBN Deputy Governor
By Anayo Akwitti Nigeria’s Senate on Wednesday confirmed the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria, endorsing him as a fitting choice for the critical monetary policy role. The confirmation followed the presentation of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions, which […]
CBN Raises Alarm Over Digital Scams Targeting Nigerians
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has raised the alarm over the circulation of fraudulent messages, emails, and online communications falsely claiming to originate from or be associated with the Bank, warning that the activities are aimed at misleading the public and compromising personal security. The Bank said the fake messages often […]