The Central Bank of Nigeria (CBN) says its decision to reduce the Monetary Policy Rate (MPR) from 26.5% to 23% was driven largely by a disconnect between the official benchmark and prevailing market interest rates. The apex bank said the 350-basis-point adjustment was an operational reset rather than a conventional shift towards monetary easing. It explained that while the MPR remained at 26.5%, the interbank rate had been around 22%, close to the Standing Deposit Facility (SDF) rate. ALSO READ CBN resets MPR to 23% in biggest rate reduction since 2006 According to the CBN, banks had increasingly used the…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) has reset its Monetary Policy Rate (MPR) from 26.5% to 23%, delivering its largest reduction in the benchmark rate since 2006. The 350-basis-point adjustment was announced after the 307th meeting of the Monetary Policy Committee (MPC) in Abuja, with 11 members in attendance. CBN Governor Olayemi Cardoso said the decision reflected improving macroeconomic conditions, including sustained disinflation and stronger economic growth. Inflation eased for the third consecutive month to 15.39% in August, while real GDP growth rose to 4.43% in Q2 2026. The MPC also retained the CRR at 45% for Deposit Money Banks,…
Nigeria has recorded 1,086 confirmed Lassa fever cases and 259 deaths across 24 states and 118 Local Government Areas (LGAs) in 2026, according to the Nigeria Centre for Disease Control and Prevention (NCDC). The figures are contained in the NCDC’s Lassa Fever Situation Report for epidemiological week 36, covering August 31 to September 6, 2026. The agency reported 12 new confirmed cases during the week, down from 18 cases recorded in the preceding week. The new cases were reported in Ondo, Edo and Kogi states, while the cumulative number of deaths rose from 258 to 259. The resulting case fatality…
Credit to the Nigerian government fell for the third consecutive month, dropping to N32.70 trillion in August 2026 from N33.92 trillion in July, latest Central Bank of Nigeria (CBN) data show. The latest decline extends a downward trend that began in June, when government credit stood at N40.03 trillion. Between June and August, government credit therefore fell by about N7.33 trillion. Despite the decline, the August figure remained significantly above the N22.95 trillion recorded in August 2025. The CBN data do not specify whether the recent reduction resulted from lower government borrowing, debt repayments, valuation changes or other factors. Private-sector…
Nigeria’s push to make banks and fintech companies host payment data locally could help transform the country into a major African data and computing hub, according to Open Access Data Centres (OADC) CEO Ayotunde Coker. The Central Bank of Nigeria (CBN) has directed financial institutions and payment operators to store payment transaction data generated in Nigeria within the country, with full compliance required from January 1, 2027. Coker said the policy is already generating increased interest in local data-centre capacity, particularly from fintechs and core banking platforms. He said the resulting investment could expand data-centre capacity, create jobs and drive…
The naira’s near-term outlook has weakened as renewed strength in the US dollar and rising petrol-related costs increase pressure on Nigeria’s foreign exchange market. An analysis by Nairametrics said the currency could face a period of consolidation or gradual weakening towards N1,350 per dollar, rather than a sharp appreciation, as the Central Bank of Nigeria (CBN) maintains a cautious monetary policy stance. The outlook comes as the CBN’s Monetary Policy Rate (MPR) remains at 26.5%, maintaining a wide domestic yield premium that could help limit demand for dollars and other alternative stores of value. However, the naira’s room for further…
Nigeria’s foreign exchange supply rose 20.5% to $8.94 billion in 2025, up from $7.43 billion recorded in 2024, according to the Central Bank of Nigeria’s (CBN) 2025 Statistical Bulletin. The increase represents an additional $1.51 billion in annual FX supply, although the CBN data do not provide a sector-by-sector breakdown of the sources of the foreign exchange. Monthly figures showed significant fluctuations throughout 2025. FX supply stood at $590.64 million in January and $607.63 million in February before rising sharply to $1.04 billion in March and $1.65 billion in April. Supply subsequently fell to $838.93 million in May and $676.31…
The Joint Admissions and Matriculation Board (JAMB) has approved a controlled process allowing candidates who have genuinely lost access to their registered phone numbers or email accounts to update their details. The new policy, which takes effect Monday, September 21, 2026, reverses JAMB’s earlier ban on SIM swapping and email changes, introduced as a security measure against fraud and unauthorised alterations of candidates’ records. Under the revised arrangement, candidates who can no longer access their registered GSM numbers or recover their registered emails accounts can apply for the service after undergoing enhanced identity and biometric verification. JAMB said the process…
Nigeria received $11.12 billion in personal transfers, including workers’ remittances, in the first half of 2026, as diaspora inflows strengthened in the second quarter. The figure, based on an analysis of Central Bank of Nigeria (CBN) balance of payments data, represents a 9.8% increase in quarterly inflows, from $5.30 billion in Q1 to $5.82 billion in Q2. Remittances boost external inflows The Q2 increase added $520 million to the $5.30 billion recorded in the first quarter, taking total personal transfers for January to June to $11.12 billion. Personal transfers form part of the current account’s secondary income and constitute an…
The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), has offered N500 billion worth of Treasury Bills (NTBs) in the final auction for the third quarter of 2026. The auction is scheduled for Wednesday, September 23, with the bills spread across three maturities. The offer comprises N100 billion for the 91-day bill, N100 billion for the 182-day bill and N300 billion for the 364-day bill, according to the auction notice obtained by Nairametrics. Money market dealers are required to submit bids through the CBN’s S4 Web Interface between 8:00 a.m. and 11:00 a.m. on September…