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THE Central Bank of Nigeria (CBN) has unveiled a draft framework aimed at creating a clear separation between banks and other financial entities under the same ownership, including financial technology (fintech) firms. The move is designed to ensure that such subsidiaries operate independently and reduce risks arising from interconnected operations. The proposal, contained in a […]
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THE Senate has approved an extension of the implementation period for the capital component of the 2025 Appropriation Act, allowing federal ministries, departments and agencies (MDAs) until September 30, 2026, to utilise allocated funds. The resolution was adopted on Wednesday following a motion sponsored by Senate Chief Whip, Tahir Monguno, and senator representing Borno North. […]
THE Central Bank of Nigeria (CBN) has unveiled plans to draw about N2.83 trillion currently held outside the banking system into formal financial channels while onboarding 50 million more Nigerians into the financial system by 2028. The targets are contained in the ‘Nigeria Payments System Vision 2028’ launched on Monday in Abuja by the CBN […]
ONE of Nigeria’s biggest lenders, Zenith Bank, wrote off loans totalling N1.24 trillion in 2025 after it became obvious that the debtors would not pay back. As a result, the bank was forced to declare the loans delinquent and subsequently classified them as lost, the 2025 audited financial statement of the bank revealed. Financial experts […]
NIGERIA’s push to become a major gas-driven economy is set to gather momentum in 2026, as the Nigerian National Petroleum Company Limited (NNPC Ltd) plans to inject an additional 1.8 billion cubic feet of gas per day (cf/d) into the domestic market. The expansion forms a central pillar of the company’s Gas Master Plan (GMP) […]
THE Central Bank of Nigeria (CBN) has approved licensed Bureau De Change (BDC) operators to participate in the Nigerian Foreign Exchange Market (NFEM) to enhance liquidity in the retail segment and address the legitimate foreign exchange (FX) needs of end users. Under the new guideline, each BDC’s weekly FX purchase is capped at $150,000, and […]
STANDARD Chartered Bank Nigeria has appointed Mr Ayodeji ‘Deji’ Adelagun as acting chief executive officer of its Nigerian operations, the bank announced on Monday. Mr Adelagun, a long-serving executive at Standard Chartered, brings more than 26 years of experience across the financial services industry, including financial markets, banking operations, securities and foreign exchange trading, asset […]
IN the first quarter (Q1) of 2024, the Central Bank of Nigeria (CBN) rolled out new recapitalisation requirements for deposit money banks. The guidelines mandated international banks to raise at least N500 billion. National banks were required to raise N200 billion, while regional banks were asked to meet the N50 billion capital requirement. There were […]
IN the first quarter (Q1) of 2024, the Central Bank of Nigeria (CBN) rolled out new recapitalisation rules mandating international banks to raise at least N500 billion. National banks were required to raise N200 billion, while regional banks were asked to meet the N50 billion capital requirement of N50 billion. There were also N20 billion […]
THE naira ended last week on a positive note at the official foreign exchange (FX) market, recording its first weekly appreciation of the year. By Friday, the local currency had strengthened by N7.68, buoyed by improved market liquidity and sustained support from the Central Bank of Nigeria (CBN), which helped lift overall sentiment. The currency’s […]