Tag Archives: CBN

When the Central Bank of Nigeria (CBN) recently declared that the country was on course to becoming a $1 trillion economy through ongoing banking reforms, the statement was met with cautious optimism.

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The Central Bank of Nigeria (CBN) Deputy Governor in charge of Financial System Stability, Mr. Philip Ikeazor, has emphasized the importance of recapitalization in building a stronger, more resilient, and inclusive financial system that supports Nigeria's economic aspirations.

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When the Central Bank of Nigeria (CBN) announced a new round of bank recapitalisation in March 2024, many expected the leading banks, especially those boasting record-breaking profits in the hundreds of billions and trillions, to sail through with ease. Their financial statements glistened with prosperity, with expanding balance sheets, rising dividends, and bullish share prices.

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For over a decade, the Nigerian government and its financial institutions have launched a flurry of intervention funds, all with the promise to empower industries, revive the manufacturing sector, and lift millions of micro, small, and medium enterprises (MSMEs) out of financial drought. From agriculture to aviation, from creative industries to export promotion, these funds were designed as catalysts for inclusive growth and job creation.

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Nigeria’s banking sector has always stood at the center of the nation’s economic hopes. Yet, instead of fueling growth and wealth creation, the sector finds itself trapped in a cycle of fragility, weighed down by policies that appear more punitive than progressive.

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The All Africa Music Awards (AFRIMA), in partnership with the African Union Commission (AUC), has commended President Bola Ahmed Tinubu, the Central Bank of Nigeria (CBN), and the Bankers’ Committee for their role in the successful revamp and commissioning of the National Theatre, Iganmu, Lagos.

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Sixty-five years after independence, Nigeria’s banking sector boasts towering profits and continental reach. Yet behind the glossy numbers lies a sobering truth: banks remain disconnected from the real economy, leaving farmers, small businesses, and entrepreneurs stranded.

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The Central Bank of Nigeria (CBN), at its 302nd Monetary Policy Committee (MPC) meeting today, announced a modest cut in the Monetary Policy Rate (MPR), trimming it by 50 basis points from 27.5 percent to 27 percent.

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For marking its 35th Anniversary, the Nigeria Deposit Insurance Corporation (NDIC), Nigeria Sovereign Investment Authority (NSIA), Nigeria Customs Service (NCS) and Lagos Business School (LBS), during the weekend joined other stakeholders to commend the Finance Correspondents Association of Nigeria (FICAN) for remaining resilience in transforming finance journalism and contributing to the Nigeria’s economy growth.

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As the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meets on Monday, anticipation is running high. For the first time in nearly two years, the signals suggest the apex bank may finally ease the screws it has kept so tightly fastened on the economy. Inflation is cooling after a historic surge, the naira has found firmer ground in the foreign exchange market, and businesses are daring to hope again. The big question is whether the CBN will act, and if so, how far it will go.

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