The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate from 26.5 per cent to 23 per cent, in a major adjustment aimed at strengthening monetary policy transmission and aligning the country’s monetary framework with prevailing economic conditions. The decision was announced on Tuesday, September 22, 2026, by CBN Governor, Olayemi Cardoso, following…
Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, representing an 8.8 per cent reduction in the Country’s physical banking network, according to data from the Central Bank of Nigeria (CBN). Figures contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number…
The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and Financial Institutions against rejecting the standard N100 banknote, insisting that it remains a valid legal tender and that anyone found violating the law risks sanctions. The Apex Bank issued the clarification on Wednesday July 8, 2026, following reports that some traders and individuals had…
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks in a fresh regulatory enforcement aimed at strengthening the country’s financial system and ensuring strict compliance with banking laws. The Apex Bank announced the decision in a statement issued on Wednesday July 1 by its Acting Director of Corporate Communications,…
