Tag: Central Bank of Nigeria

CBN announces new weekly  cash withdrawal limits

Aminu Imam
CBN on cash limits

The Central Bank of Nigeria, (CBN), has released fresh cash withdrawal rules that will take effect in January 2026. The apex bank scrapped restrictions on cash deposits and raised the weekly cash withdrawal limit for individuals to ₦500,000, up from ₦100,000, in a major overhaul of the country’s cash-related policies. The move ends the special approval that once allowed individuals to take out ₦5 million and companies ₦10 million once every month. Announced in a circular, titled: “Revised Cash-Related Policies”, signed by the Director of Financial Policy & Regulation, Dr.…

Read More

Nigeria’s foreign reserves hit 7-year high of $46.7bn – CBN

Aminu Imam
Cardoso

Nigeria’s foreign reserves have surged to their strongest level in seven years, hitting $46.7bn as of November 14, 2025, the Central Bank of Nigeria, (CBN) announced yesterday. The CBN Governor, Olayemi Cardoso, represented by the Deputy Governor in charge of Economic Policy, Dr. Muhammad Abdullahi, said the reserves had reached a new high level, the first time the country has attained such a level since 2018. Speaking in Abuja at the 20th Anniversary of the Monetary Policy Department yesterday, Cardoso said the reserves milestone reflected renewed investor confidence, improved oil…

Read More

“Account for ₦3tr or face legal action”, SERAP tells CBN

Aminu Imam
SERAP tells CBN

The Socio-Economic Rights and Accountability Project, (SERAP), has given the governor of the Central Bank of Nigeria, (CBN), Olayemi Cardoso, a seven-day ultimatum to account for what it described as “missing or diverted ₦3 trillion of public funds” cited in the 2022 annual report of the Auditor-General of the Federation. SERAP said the allegations, published on September 9, 2025, point to major breaches of financial regulations and constitutional provisions. It urged Cardoso to identify individuals responsible for the alleged diversions and hand them over to the ICPC and EFCC, as…

Read More

CBN reduces lending rate to 27%, 1st time in 5 years

Aminu Imam
CBN reduces rate

The Central Bank of Nigeria (CBN)’s Monetary Policy Committee has reduced the interest rate by 50 basis points, from 27.5% in July to 27 percent.   This followed the decision of the 12 members of the Committee at its 302nd meeting held on September 22nd and 23rd, 2025. The asymmetric corridor around the Monetary Policy Rate (MPR) was retained at +260 and -250 basis points, providing a framework for liquidity management and signaling the CBN’s cautious approach toward market volatility.  CBN Governor, Olayemi Cardoso, who briefed journalists after the meeting, said…

Read More

CBN retains 27.50% interest rate again

Aminu Imam
CBN retains

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, (CBN), has retained the Monetary Policy Rate at 27.5%, marking its second consecutive hold in 2025. This decision was announced by the CBN governor, Olayemi Cardoso, during a press briefing yesterday in Abuja, following the conclusion of the MPC’s 300th meeting. This second pause in rates comes after six consecutive hikes recorded in 2024. Cardoso said, “The Committee was unanimous in its decision to hold policy and thus decided as follows: Retain the MPR at 27.50 percent”, adding that…

Read More

Outrage in CBN, as Cardoso’s female consultants override directors, earn millions

Aminu Imam
Outrage in CBN

Senior staff members at the Central Bank of Nigeria, (CBN), are expressing outrage over the immense power wielded by female consultants arbitrarily hired by its governor, Olayemi Cardoso. The consultants, identified as Nkiru Balonwu and Daphne Dafinone, reportedly issue directives to departmental directors and earn exorbitant salaries, far exceeding those of senior executives. Sources within the bank allege that Ms. Balonwu takes home a staggering ₦50 million per month, while Ms. Dafinone earns ₦35 million, surpassing the combined salaries of multiple directors. The consultants’ roles remain undefined, yet they have…

Read More

CBN waives non-refundable license renewal fee for BDCs

Aminu Imam
CBN approves waiver

The Central Bank of Nigeria, (CBN), yesterday announced that it has approved the waiver of non refundable annual license renewal fees for existing Bureaux-De-Change (BDCs) in the country. The apex bank disclosed this in a circular to all BDC operators and stakeholders in the financial services industry. The circular, signed by the Bank’s Acting Director, Financial Policy and Regulations Department, John Onojah, stated: “This is to inform all existing bureaux-de-change that, further to the Regulatory and Supervisory Guidelines for Bureau-De-Change Operations in Nigeria, 2024, and the ongoing transition to the…

Read More

CBN fines 9 banks ₦150m each for ATM cash scarcity

Aminu Imam
CBN fines

The Central Bank of Nigeria, (CBN), has sanctioned nine Deposit Money Banks (DMBs) with fines totalling ₦1.35bn for failing to ensure cash availability via Automated Teller Machines, (ATMs) during the festive season. According to a press statement issued by the Acting Director of Corporate Communications of the Bank, Mrs. Hakama Sidi Ali, each of the banks was fined ₦150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc; Keystone Bank Plc; Union Bank Plc; Globus Bank…

Read More

“Old Naira notes remain legal tender” CBN debunks Dec. 2024 deadline claims

Aminu Imam
CBN on old Naira

The Central Bank of Nigeria, (CBN) has debunked reports claiming that the old series of N200, N500, and N1,000 banknotes will cease to exist as legal tender by December 31, 2024. In a statement issued on Thursday by the Acting Director of Corporate Communications, Sidi Hakama, the apex bank noted that the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023 to extend the use of old naira banknotes still holds indefinitely. According to the statement, The attention of the Central Bank of Nigeria (CBN) has been…

Read More

CBN defies NASS, maintains 5% ‘Ways & Means’ Advance limit

Aminu Imam
CBN defies NASS

The Central Bank of Nigeria, (CBN), has confirmed that it will sustain its ‘Ways and Means’ advances to the Federal Government at a 5 percent limit for the fiscal years 2024-2025. This information is based on the ‘Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025’, published by the apex bank yesterday. The latest development is contrary to a Bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from 5 to 10 percent. The guideline aligns with the Medium-term Expenditure…

Read More