CBN Governor: No Naira Devaluation Plans
CBN Governor Olayemi Cardoso dismisses fears of naira devaluation, citing reforms that have restored confidence and improved forex market transparency.
Category : Banking
CBN Orders Banks to Deny New Credit to Loan Defaulters
The Central Bank of Nigeria has directed commercial banks to deny new credit facilities to borrowers who default on existing loans, targeting large-ticket obligors with significant outstanding debts.
Lagos, Abuja Transport Fares Rise as Petrol Prices Increase
Commercial transport operators in Lagos and Abuja have announced significant fare increases following a surge in petrol prices, with pump rates reaching N1,400-N1,550 per litre despite Dangote Refinery's recent price reduction.
Zenith Bank's 2026 Women's Day Seminar Empowers Female Leaders
Zenith Bank Plc hosted a major International Women's Day seminar in Lagos featuring Nigeria's First Lady, Lagos State First Lady, and other prominent women leaders discussing empowerment, education, and leadership development for women across Nigeria.
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UBA Business Series Highlights 'Gen.W: The Evolved Woman'
United Bank for Africa hosted a hybrid Business Series event focusing on female leadership and entrepreneurship. Panelists discussed women reshaping business and innovation across Africa during International Women's Month celebrations.
CBN Orders Banks to Install Automated AML Systems in 18 Months
The Central Bank of Nigeria has issued new baseline standards requiring financial institutions to implement automated anti-money laundering systems to detect suspicious transactions and enhance compliance with financial crime regulations.
Tinubu Nominates Lamido Yuguda as CBN Deputy Governor
President Bola Tinubu has appointed Lamido Abubakar Yuguda as the new Deputy Governor of the Central Bank of Nigeria, pending Senate confirmation. Yuguda replaces Bala Bello, who now serves as Special Adviser to the President on Political Economy.
FCMB Completes ₦500B Recapitalisation, Keeps International Licence
FCMB Group Plc has successfully raised over ₦400 billion through public offers and other transactions, meeting the ₦500 billion capital requirement to retain its international banking licence in Nigeria.
Tatum Bank Meets CBN Recapitalization Requirement
Tatum Bank has successfully met the Central Bank of Nigeria's capitalization milestone, strengthening its financial foundation and positioning for enhanced service delivery and sustainable growth in Nigeria's banking sector.
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CBN Mandates Automated AML Systems for Banks, Fintechs
The Central Bank of Nigeria has issued new regulations requiring banks and financial institutions to deploy automated anti-money laundering systems within 18-24 months to combat financial crimes.
BUA's Rabiu Leads Africa's Wealth Gainers in Forbes 2026
Nigerian industrialist Abdulsamad Rabiu recorded the largest wealth increase among African billionaires, with his net worth soaring by $6.1 billion to $11.2 billion, moving him to third place on the continent's rich list.
30 Nigerian Banks Meet CBN Recapitalisation Targets
Nigeria's banking sector nears recapitalisation goals as 30 banks meet CBN's new capital requirements, with 33 raising funds via rights issues and IPOs to strengthen stability and support economic growth.
First Bank Layoff Method Sparks Outrage in Nigeria
First Bank of Nigeria faces widespread criticism after accounts reveal it had outgoing non-core staff train their replacements before locking them out and sending dismissal texts.
FCMB Meets CBN's N500bn Capital Requirement for International License
FCMB Group has successfully completed a capital raise program, securing N242.8 billion to meet the Central Bank of Nigeria's N500 billion minimum capital requirement for an international banking license.
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Man Abroad Finds N5,000 Bank Balance Reduced to N500
A Nigerian man relocated abroad and left N5,000 in his local bank account, only to discover it had dwindled to N500 later, sparking debate on banking fees and practices in Nigeria compared to the UK.
Quest Merchant Bank Clears N50bn Capital Hurdle
Quest Merchant Bank has successfully met the N50 billion minimum capital requirement set by the Central Bank of Nigeria, marking a significant milestone after its exit from First HoldCo. The bank is now positioned to finance large-scale projects across ke
Nigerian Banks in Merger Talks as CBN Recap Deadline Looms
Two Tier-1 Nigerian banks are reportedly in confidential merger discussions as the Central Bank of Nigeria's recapitalization deadline approaches in 21 days, with $706 million in foreign investment flowing into the sector.
Four Nigerians Make Forbes 2026 Africa Billionaires Ranking
Aliko Dangote leads African billionaires with $28.5 billion net worth as four Nigerians feature in Forbes 2026 ranking. Africa's 23 billionaires now worth $126.7 billion combined, marking 21% increase from previous year.
Naira Falls Against Dollar Despite CBN Intervention (08.03.2026)
The Nigerian naira continues to depreciate against major currencies including the US dollar, British pound, and euro at both official and parallel markets, despite Central Bank interventions.
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Three Nigerian Banks Miss CBN Capital Requirement as Deadline Looms
As the March 31, 2026 deadline approaches, three Nigerian banks have not met the CBN's new capital requirements, while 30 others have successfully strengthened their capital base to enhance financial stability.
CBN Orders Banks to Undergo Stress Tests as Deadline Looms
The Central Bank of Nigeria mandates commercial banks to conduct financial stress tests starting April 1, 2026, with insider loans treated as defaults to ensure transparency and stability.
30 Nigerian Banks Meet CBN's New Capital Requirements
The Central Bank of Nigeria has disclosed that 30 commercial banks have already met the new minimum capital requirements introduced in 2024. The regulator confirmed that 33 banks have raised fresh capital through various channels, with the remaining banks
CBN Cuts Rate, Banks Release New Lending Rates
Following the CBN's decision to lower the interest rate to 26.50%, major Nigerian banks like Zenith, Access, and UBA have published updated prime and maximum lending rates, enhancing transparency for borrowers.
Lady Gets Piggyvest Rent Offer After Saving N1 Million
A Nigerian woman's eight-year savings journey on Piggyvest culminated in a surprise offer from the platform to cover her annual rent after she reached N1 million in savings, sparking widespread online celebration.
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NAFDAC DG Says Alcohol Causes Banditry, Kidnapping
The Director General of NAFDAC, Prof. Mojisola Adeyeye, has controversially stated that alcohol consumption is responsible for banditry, kidnapping, and unwanted pregnancy in Nigeria, sparking widespread criticism online.
FirstBank MREIF Loan: 9.75% Rate, ₦100M for Home Buyers
FirstBank, in partnership with MOFI, launches the MREIF Home Loan offering a single-digit interest rate of 9.75%, up to ₦100 million loan amount, and 20-year repayment terms, revolutionizing homeownership in Nigeria.
Lady Cries After Saving N1 Million on Piggyvest for 8 Years
A Nigerian lady shares her emotional journey of saving N1 million on Piggyvest over eight years, celebrating a major financial milestone despite upcoming expenses.
Optimus Bank Hits N200bn Capital Mark Ahead of CBN Deadline
Optimus Bank has successfully raised its paid-up capital to N200 billion, meeting the Central Bank of Nigeria's recapitalisation requirement for national banks well before the March 31, 2026 deadline.
Nigeria's Gold Reserves Hit $3.5 Billion After CBN Purchase
The Central Bank of Nigeria has increased its gold reserves to $3.5 billion through a domestic purchase program, acquiring LBMA-standard refined gold to diversify foreign reserves amid global price rallies.
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Taiwo Oyedele: Tinubu's New Finance Minister Nominee
President Bola Tinubu has nominated Taiwo Oyedele as Nigeria's new Minister of State for Finance. The 50-year-old economist previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms.
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