Commercial banks across Nigeria will shut their branches on Thursday and Friday as the federal government declares public holidays for Eid al-Fitr celebrations. Customers are advised to use digital banking channels.
Nigerian banks deposited approximately N30.64 trillion with the Central Bank of Nigeria in five days, reflecting cautious lending practices amid economic uncertainties. Analysts anticipate improved liquidity as maturities and inflows enter the system.
The Nigerian Naira experienced slight fluctuations against the US dollar while maintaining overall stability across official and parallel markets, with analysts pointing to high interest rates and foreign portfolio inflows as supporting factors.
Nigerian banks and Visa have restored cross-border spending capabilities on Naira cards, simplifying international payments for travel, education, and subscriptions while maintaining robust security measures.
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The Nigeria Labour Congress demands cost-of-living allowances and refinery rehabilitation as petrol prices surge to N1,300 per litre due to Middle East conflict impacts.
The Central Bank of Nigeria reports the premium between official and parallel dollar rates fell from 50% in 2022 to under 2% in 2025, boosting liquidity and investor confidence.
The Central Bank of Nigeria has issued new guidelines requiring commercial banks to increase ATM deployment ratios and process instant reversals for failed transactions to enhance customer access and satisfaction.
The Central Bank of Nigeria introduces new security measures restricting mobile banking apps to one device at a time, with multi-factor authentication for instant payments and enhanced fraud monitoring starting July 2026.
The Central Bank of Nigeria has simplified dormant account reactivation by removing affidavit requirements and allowing digital channels, while maintaining fraud safeguards.
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The Central Bank of Nigeria has issued a directive establishing 18 years as the minimum age for Bank Verification Number registration to strengthen identity verification and combat financial fraud in the banking system.
The Central Bank of Nigeria mandates banks to monitor BVNs tied to suspected fraud, with a 24-hour watchlist, phone number change restrictions, and age limits for enrollment.
The Central Bank of Nigeria has introduced a N20,000 transaction limit for newly activated mobile banking apps within the first 24 hours. This is part of comprehensive security measures to combat digital fraud.
The Nigerian Naira strengthened against the US dollar, closing at ₦1,366.23 per dollar in the official foreign exchange market on Friday, March 13, 2026. This represents a 0.3% gain from the previous day, supported by improved forex supply and ongoing pol
The Central Bank of Nigeria has introduced a new rule limiting phone number changes for Bank Verification Numbers to once in a lifetime, effective May 1, 2026, to enhance security in the banking system.
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The Central Bank of Nigeria has issued new regulations requiring banks to introduce liveness checks, transaction limits, and enhanced fraud monitoring for mobile and internet banking to strengthen security and give customers more control.
The Central Bank of Nigeria introduces comprehensive new regulations for digital banking, including flexible transaction limits, one-device mobile app restrictions, and enhanced verification procedures to combat fraud.
CBN Governor Olayemi Cardoso dismisses fears of naira devaluation, citing reforms that have restored confidence and improved forex market transparency.
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.
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.
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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.
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.
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.
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 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.
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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.
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.
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.
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 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.
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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.
