Nigerian banks and their customers have lost a combined N134.48 billion to fraud between 2020 and 2025, according to data from the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document. The apex bank revealed that attempted fraud across the banking and payments ecosystem totaled N187.79 billion during the six-year period, with actual losses standing at N134.48bn. Steady rise, then dramatic spike An analysis of the CBN data shows fraud losses increased steadily from N11.61bn in 2020 to N12.77bn in 2021 and N14.32bn in 2022. The figure rose further to N17.67bn in 2023 before surging dramatically to N52.26bn in 2024—the highest annual loss recorded. The 2024 figure alone accounted for…
Author: Abdoulaye Kay
Nigeria recorded a significant improvement in its external sector performance in the first quarter of 2026, with the country’s current account surplus rising by 256 per cent to $4.98 billion, driven largely by stronger trade earnings and improved inflows from remittances and investment income. The development reflects a sharp increase from the surplus recorded in the corresponding period of 2025 and underscores the resilience of Nigeria’s external accounts amid ongoing economic reforms and improved foreign exchange market stability. According to data from the Central Bank of Nigeria (CBN), the current account position was bolstered by a robust trade surplus, supported…
The Federal Government has officially launched FreeTV, a national digital television platform granting all Nigerian households access to over 100 channels without any monthly subscription fees, marking a historic milestone in the country’s migration from analogue to digital broadcasting. The Presidency disclosed the launch on Tuesday, June 16, 2026, ahead of the official commissioning scheduled for June 17. The platform delivers clearer picture quality, expanded local content, and free digital television as Nigeria accelerates its Digital Switch-Over (DSO) programme. Key features of FreeTV AttributeDetailsTotal ChannelsOver 100 national, regional, and state channels Subscription FeeNone — completely free-to-air, no encryption Content CategoriesNews, sports, movies,…
The Central Bank of Nigeria (CBN) is set to conduct another Treasury Bills Primary Market Auction (PMA), offering about N450 billion worth of short-term government securities in a bid to manage liquidity in the financial system. According to the auction schedule, the exercise is billed for Wednesday, June 17, and will be executed through the Debt Management Office (DMO) on behalf of the apex bank. The offer is split across the standard tenors of 91-day, 182-day, and 364-day instruments, with investors expected to bid competitively for the papers. Market updates indicate that the offer size forms part of the CBN’s…
The Central Bank of Nigeria (CBN) has launched the Nigerian Overnight Financing Rate (NOFR), a new benchmark interest rate aimed at enhancing transparency, efficiency, and investor confidence in the country’s financial markets. The launch, which took place in Abuja on Tueaday, marks a significant milestone in the apex bank’s ongoing financial sector reforms designed to strengthen market integrity and support sustainable economic growth. Speaking at the unveiling, the Governor of the , , described NOFR as a transparent, transaction-based benchmark that accurately reflects the actual cost of overnight funding in Nigeria’s money market. According to Cardoso, the introduction of NOFR…
The Debt Management Office (DMO) has announced the reopening of two Federal Government of Nigeria (FGN) bonds, aiming to raise a combined ₦1.2 trillion at an auction scheduled for Sunday, June 22, 2026. In an official offer circular published Monday, June 15, the DMO disclosed it will offer ₦600 billion each in a 10-year and a 20-year bond reopening, with settlement set for Tuesday, June 24, 2026. Key details of the bond reopening Parameter10-Year Bond20-Year BondInstrument22.60% FGN JAN 203516.2499% FGN APR 2037Offer Size₦600 billion₦600 billionCoupon Rate22.60%16.2499%MaturityJanuary 2035April 2037 The ₦1.2 trillion issuance forms part of the Federal Government’s domestic borrowing…
The naira strengthened against the United States dollar at the official foreign exchange market, closing at N1,356/$ on Monday, its strongest performance since April 2026. Data published by the Central Bank of Nigeria (CBN) showed that the local currency appreciated from N1,365.4/$ recorded at the close of trading on Friday to N1,356/$, representing a gain of N9.4 against the dollar. The latest exchange rate marks the naira’s best closing position since April 23, when it settled at N1,355/$, highlighting a continued recovery in the foreign exchange market. According to the CBN data, the naira traded within an intraday range of…
The Nigerian naira maintained its stability against the British pound sterling on Tuesday, trading at N1,850/£1 in the Nigerian foreign exchange market, even as the pound rebounded in global currency markets. Key exchange rate details Market SegmentGBP/NGN RateOfficial (CBN)N1,850/£1Unofficial (Parallel)N1,900/£1 (buy) – N1,925/£1 (sell)Official USD/NGNN1,350–N1,370/$1 The GBP/NGN spot pair has remained within a stable trading band, with the Central Bank of Nigeria’s latest data confirming a settlement rate of N1,850/£1. Naira’s year-to-year performance The naira has demonstrated strong medium-term performance, appreciating approximately 6.6% against the pound since opening 2026 at N1,948.9/£1. The currency reached its best valuation this year on April 16, hitting a spot…
The Plateau State Government has intensified efforts to contain a cholera outbreak in Mangu Local Government Area after 53 suspected cases and five deaths were recorded across three affected wards. Commissioner for Health, Dr. Nicholas Ba’amlong, disclosed this during a press briefing in Jos on Monday, describing the outbreak as serious but under control with sustained intervention and community cooperation. He said the outbreak, initially reported with eight suspected cases, has spread to Pushit, Mangu 1 and Mangu 2 wards. “As of June 12, 2026, we have recorded 53 suspected cases, 10 Rapid Diagnostic Test-reactive cases, four laboratory-confirmed cases through…
The Nigerian naira recorded a marginal appreciation against the euro on Thursday, closing at N1,573/€1 at the official foreign exchange market, according to data released by the Central Bank of Nigeria (CBN). The local currency strengthened slightly from N1,574/€1 recorded in the previous trading session, reflecting sustained demand for the naira and improved market sentiment. Market analysts noted that the euro-naira exchange rate has continued to weaken in recent sessions as the naira benefits from stronger foreign exchange fundamentals, including improved external reserves and ongoing monetary policy measures by the CBN aimed at stabilising the currency. Nigeria’s foreign reserves are…