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GOVERNOR of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has praised the African Union’s (AU) decision at its 39th Ordinary Session in February 2026 to formally approve Nigeria’s permanent membership on the Board of the African Monetary Institute (AMI). This follows the prior adoption by the AU Executive Council during its 48th Ordinary […]
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NIGERIA’s external reserves are expected to climb to $51.04 billion in 2026 on the back of easing foreign exchange (FX) pressures, firmer oil receipts and resilient inflows from remittances and foreign investments, according to the Central Bank of Nigeria (CBN). The projection, contained in the CBN’s 2026 Macroeconomic Outlook for Nigeria released on Tuesday, compares […]
THE Central Bank of Nigeria (CBN) has lifted the limit on cash deposits and increased the weekly cash withdrawal limit across all channels to N500,000, up from the previous N100,000. The centrak bank disclosed the changes in a circular to all banks entitled, ‘Revised Cash-Related Policies,” which was signed by Dr. Rita Sike, Director of […]
NIGERIA’S central bank governor, Mr Olayemi Cardoso, says he will ensure that the apex bank continues to focus on protecting the stability of the banking sector through rigorous supervision in 2026, while ensuring stronger governance across the board. Speaking at the Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos […]
CENTRAL Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso, says the bank cannot resume intervention programmes as N4.69 trillion from past schemes remains outstanding, severely constraining its ability to deploy non-conventional policy tools even when needed. Speaking in Abuja on Tuesday after the two-day Monetary Policy Committee meeting, Mr Cardoso said the unpaid balance, which […]
THE Central Bank of Nigeria (CBN) has surprised markets, retaining the Monetary Policy Rate, which is the benchmark interest rate, at 27 percent. The decision was announced at the end of the Monetary Policy Committee (MPC) meeting on Tuesday in Abuja, where members voted to keep key parameters unchanged. Hence, the CBN maintained the cash […]
CENTRAL Bank Governor, Mr Yemi Cardoso, is constantly being praised locally and globally for stabilising the foreign exchange (FX) market, but there are four key points that are often ignored in all the reviews. The International Monetary Fund (IMF) praised the CBN governor in its Article IV Consultation report. It extolled Mr Cardoso, alongside Nigerian authorities, […]
AN audit embarked upon by the Central Bank of Nigeria (CBN) in 2023 has uncovered irregularities and fraud in the Godwin Emefiele-led foreign exchange (FX) forward contracts. An FX forward contract is an agreement between two parties to exchange an amount of one currency for another at a predetermined exchange rate on a future date. […]