The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the Bank’s commitment to maintaining macroeconomic stability through coordinated and data-driven monetary policy. Cardoso made the assertion while briefing journalists on the outcome of the 306th Monetary Policy Committee (MPC) meeting, where the Committee noted that the Nigerian economy remained on a resilient growth path despite heightened global uncertainties and renewed geopolitical tensions. The MPC projected that economic output growth would remain strong in 2026, supported by improved crude oil production, expansionary Purchasing Managers’ Index (PMI) readings and the positive impact of ongoing economic reforms. The Committee…
Author: Abdoulaye Kay
The House of Representatives has commenced clause-by-clause consideration of President Bola Ahmed Tinubu’s executive bill seeking to establish state police, signalling a move towards aligning the proposed legislation with the version already passed by the Senate. The Deputy Speaker of the House and Chairman of the House Committee on Constitution Review, Benjamin Kalu, disclosed this on Monday during a meeting of the committee. Kalu said the committee would use the Senate-passed version as its working document, noting that the executive bill was substantially similar to previous versions considered by the National Assembly and was unlikely to require major changes. “The…
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent. Similarly, the Standing Facilities Corridor was retained at +50 / -450 basis points around the MPR, and the Cash Reserve Ratio (CRR) was retained at 45% for Deposit Money Banks, 16% for Merchant Banks, and 75% for non-TSA public sector deposits. The decision was announced at the end of the MPC’s 306th meeting, held in Abuja on July 20-21, 2026. All 11 members of the committee attended the two-day meeting, where they…
A retired Deputy Inspector-General of Police, Mohammed Usaini Gumel, has urged Nigerians to support the establishment of state police, arguing that fears rooted in the country’s past should not prevent reforms needed to address today’s security challenges. In an article titled “State Police: Why Nigeria Should Not Be Held Back by Fear,” Gumel, who is also an expert in community policing, acknowledged concerns that decentralised policing could be abused by political leaders or undermine national unity. He, however, maintained that Nigeria’s democratic institutions have become significantly stronger than they were when regional police systems were abolished decades ago. According to…
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…
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…