The Central Bank of Nigeria (CBN) has signalled caution over possible interest rate cuts, despite nearly a year of declining inflation, as global economic uncertainties continue to pose fresh risks to the country’s price stability. CBN Governor, Olayemi Cardoso, said the apex bank was not in a hurry to ease monetary policy, stressing that the priority remained maintaining price stability and protecting the gains recorded in the fight against inflation. Speaking at the BusinessDay Conference in Lagos, Cardoso said Nigeria had recorded 11 consecutive months of disinflation, a trend he attributed partly to the impact of the CBN’s tight monetary…
Author: Abdoulaye Kay
President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified regulatory framework for Nigeria’s virtual assets industry and establishing a Central Bank of Nigeria (CBN)-led council to coordinate oversight across relevant government agencies. The Executive Order, which takes immediate effect, is designed to address regulatory overlaps and close existing gaps in the supervision of cryptocurrencies and other digital assets while supporting innovation and strengthening investor protection. Under the new framework, a Virtual Asset Council will serve as the apex coordinating body. The council will be chaired by the CBN, with the Nigeria Revenue…
Three of Nigeria’s largest lenders—Zenith Bank, United Bank for Africa (UBA) and Fidelity Bank- could be compelled to reorganise into financial holding companies under proposed regulatory reforms by the Central Bank of Nigeria (CBN), a move that may significantly reshape the country’s banking landscape. The proposed changes are contained in exposure drafts issued by the apex bank in June, aimed at strengthening oversight of financial groups through stricter ownership, governance and capital requirements. Under the draft framework, financial holding companies would be required to maintain a minimum 51 per cent equity stake in each subsidiary while complying with tighter ring-fencing…
The Coalition of Shiroro Associations (COSA) has challenged a claim by the Hydro Power Producing Areas Development Commission (HYPPADEC) that it completed a rescue village for internally displaced persons (IDPs) in Shiroro Local Government Area of Niger State, describing the assertion as false and misleading. In a statement signed by its Publicity Secretary, Babafada Abdulrahman, on July 15, 2026, the group referred to a June 28, 2022, report in The Punch in which HYPPADEC’s Managing Director, Abubakar Yelwa, was quoted as saying that the commission had completed its first rescue village in Nigeria in Shiroro LGA. However, COSA said the…
Nigeria’s gross external reserves have climbed to $51.86 billion, their highest level in more than 17 years, reflecting stronger foreign exchange inflows and improved investor confidence in the economy. Latest data from the Central Bank of Nigeria (CBN) showed that the country’s foreign reserves stood at $51.86 billion as of July 14, 2026, surpassing the apex bank’s projection for the year and marking the highest reserve level since January 15, 2009, when reserves stood at $52.01 billion. The steady increase in reserves has been attributed to a combination of improved crude oil export earnings, higher non-oil foreign exchange inflows, and…
The Police Service Commission (PSC) has released the names of 50,000 successful applicants for recruitment into the Nigeria Police Force, marking the completion of the latest phase of the nationwide police recruitment exercise. The commission announced that successful candidates can check their status on the official police recruitment portal and are expected to proceed with the next stage of the enlistment process in line with the schedule provided by the commission. According to the PSC, the recruitment exercise was conducted in collaboration with the Nigeria Police Force and other relevant stakeholders, with emphasis on transparency, merit and adherence to the…
The management of Northwest University, Sokoto (NWUS) has reaffirmed its commitment to institutional excellence by organising a one-day capacity-building workshop for senior academic and administrative staff to enhance efficiency, professionalism and service delivery. The workshop, held on Wednesday under the leadership of the Vice Chancellor, Prof. Mukhtar Umar Bunza, brought together Deans, Heads of Departments, Directors, Faculty Officers, Examination Officers and senior Registry staff as part of efforts to strengthen governance, improve administrative processes and foster collaboration. Delivering the keynote address, former Vice Chancellor and university administrator, Prof. Aminu Salihu Mikailu, stressed that institutional excellence depends on teamwork, strategic planning…
A Federal High Court in Abuja has ordered the final forfeiture of 48 properties valued at about N212 billion and linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, in a major victory for the Economic and Financial Crimes Commission (EFCC). Justice Joyce Abdulmalik, who delivered the judgment on Tuesday, granted the EFCC’s application for the final forfeiture and dismissed objections filed by Malami, members of his family and several companies claiming ownership of the assets. The judge ruled that the objections lacked merit, stressing that the central issue before the court was not the identity…
The Central Bank of Nigeria (CBN) is set to raise N600 billion through a Nigerian Treasury Bills (NTB) auction scheduled for Wednesday as part of its third-quarter 2026 domestic borrowing programme and ongoing liquidity management strategy. According to an official tender notice issued by the apex bank on behalf of the Debt Management Office (DMO), the auction will offer Treasury bills across the three standard maturities of 91 days, 182 days and 364 days. The planned issuance comes a week after the CBN allotted N1.06 trillion at its July 8 Treasury bills auction, significantly exceeding the initial offer of N700…
The naira weakened slightly against the British pound on Wednesday, closing at about N1,855/£ on the Nigerian Foreign Exchange Market (NFEM), as the pound sterling continued to strengthen in global currency markets. The latest movement represents a marginal depreciation from the previous session’s rate of N1,849/£, with the official exchange rate remaining within its recent trading band of N1,825/£ to N1,890/£. The local currency, however, remained relatively stable against the US dollar, trading between N1,375/$ and N1,380/$ in the official market, supported by the Central Bank of Nigeria’s (CBN) managed float regime and continued foreign exchange interventions aimed at reducing…