Nigeria’s agent banking ecosystem is entering a decisive phase following new regulations by the Central Bank of Nigeria (CBN), aimed at curbing fraud, failed transactions, and operational inconsistencies. The updated guidelines, introduced on April 1, 2026, standardise PoS operations and require agents to work with only one financial institution—fundamentally reshaping how the network operates. Trust and reliability are now central to millions of Nigerians who depend on Point of Sale (PoS) agents for daily transactions. Over the past decade, agent banking has expanded rapidly across urban and underserved communities, bridging gaps left by traditional banking infrastructure. PoS agents have become…
Author: Abdoulaye Kay
The naira held firm against the British pound at N1,862/£1 in the official market on Thursday, reflecting relative stability in Nigeria’s foreign exchange space despite shifting global currency dynamics. Market data showed the local currency maintaining its position amid sustained demand for naira-denominated assets and softer sentiment around the UK economy. Analysts note that the N1,816.7/£1 level remains a key near-term resistance for the naira. A break below this could see the pair test the N1,800/£ psychological threshold, close to the historical low of N1,799/£1. On the upside, N1,854/£1 is seen as an immediate support level, with a move beyond…
The naira appreciated to N1,365 per dollar on Thursday, gaining modestly against the U.S. currency amid a broader global weakening of the greenback. Data from the Central Bank of Nigeria (CBN) showed the local currency improved from N1,369/$ recorded on Wednesday, reflecting firmer sentiment across foreign exchange markets. The dollar is on track for its largest weekly decline since January, pressured by easing geopolitical tensions following optimism that a ceasefire in the Gulf region will hold and support the resumption of oil shipments. Market participants are also closely watching ongoing diplomatic engagements between the United States and Iran in Islamabad,…
The Presidency has clarified the rationale behind President Bola Tinubu’s approval of a ₦3.3 trillion plan to settle verified legacy debts owed to power generation companies (GenCos), describing it as a critical step to stabilise Nigeria’s electricity sector. The settlement, covering debts accumulated between February 2015 and March 2025, is part of the Presidential Power Sector Financial Reforms Programme aimed at improving liquidity, strengthening the grid, and enhancing power supply. In a statement by presidential spokesman Bayo Onanuga, the government said the initiative is not a bailout but a structured, market-based mechanism tied strictly to verified and contract-backed obligations. According…
The Central Bank of Nigeria (CBN) says poor electricity supply and insecurity remained the most significant challenges facing Nigerian businesses in March 2026, despite a generally positive outlook on the economy. According to the apex bank’s latest Business Expectations Survey released on Thursday, insufficient power supply ranked as the leading constraint with an index score of 74.5, followed by insecurity at 70.9—underscoring persistent structural bottlenecks affecting operations nationwide. Other major constraints identified by firms include high and multiple taxes (69.2), elevated interest rates (66.6), and financial challenges (64.3), reflecting a combination of cost pressures and broader macroeconomic headwinds limiting profitability…
The Central Bank of Nigeria (CBN) has emphasised that strong corporate governance and rigorous risk discipline are essential to the success of the country’s ongoing bank recapitalisation programme. This position was stated on Thursday by the CBN’s Director of Risk Management and Chief Risk Officer, Dr. Blaise Ijebor, at a virtual risk management roundtable organised by the Association of Enterprise Risk Management Professionals (AERMP). The event, held in Lagos, was themed: “Recapitalisation, Mergers and Acquisitions in the Nigerian Financial System: Minimising Risks and Maximising Opportunities for Greater Post-Recapitalisation Value.” Represented by another director, Olabanji Samuel, Ijebor described the recapitalisation exercise…
The United States has authorised the departure of non-essential embassy personnel and their families from its mission in Abuja, citing a worsening security environment in Nigeria. The directive was announced by the U.S. Department of State in a travel advisory published on its official website on Wednesday. According to the Department, the decision taken on April 8, 2026, followed a fresh assessment of the security situation across the country. It highlighted persistent risks linked to crime, terrorism, and civil unrest in multiple regions. While maintaining Nigeria’s Level 3 travel advisory status, the Department also designated several states under the more…
More than 40 people, including security operatives, vigilantes and civilians, are feared to have been killed following a coordinated terrorist attack on Bagna, Erena and Yelwa communities in Shiroro Local Government Area of Niger State. Sources indicated that the assault, which began with an ambush on a security camp, claimed the lives of about 30 special forces personnel and operatives of secret security units, alongside at least 10 vigilantes. However, the actual death toll is believed to be significantly higher. Residents said the attackers stormed the Bagna community early Tuesday morning, forcing many to flee as houses were set ablaze.…
Financial and energy sector experts have welcomed the Central Bank of Nigeria’s (CBN) directive granting International Oil Companies (IOCs) full access to their export earnings, describing it as a pivotal move to revive investment in Nigeria’s upstream petroleum sector. More than two years ago, the CBN restricted IOCs from immediately remitting 100% of their foreign exchange (FX) proceeds to parent companies abroad. Under the previous regime, only 50% could be repatriated instantly, while the balance was delayed by 90 days. However, in a March circular issued by the apex bank’s Trade and Exchange Department, the CBN approved full repatriation of…
The Nigerian naira closed the past week at N1,591.5 per euro, appreciating from a weekly low of N1,599/€, according to the Central Bank of Nigeria (CBN). The local currency showed relative stability and mild gains against the euro, signaling a shift in trend. Analysts note that the naira has transitioned from a “free-fall” phase to a “descending channel,” indicating gradual strengthening as the euro’s value in naira terms declines. Recent price action suggests the naira’s outlook against the euro has improved from neutral to marginally bullish. However, the euro recorded a slight rebound after the naira touched a quarterly high…