CBN Archives - News Desk Nigeria

CBN Boosts Gold Reserves To $3.5bn As Senate Moves To Make Apex Bank Lead Fintech Regulator

NewsDeskNgMar 5, 2026March 5, 20260

CBN raises gold reserves to $3.5bn with domestically sourced bullion as Senate pushes fintech oversight and anti-Ponzi crackdown. The Central Bank of Nigeria (CBN) has bolstered its foreign reserves with the addition of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards, bringing total gold holdings...

CBN Interest Rate Cut Draws Cautious Praise From Private Sector

NewsDeskNgFeb 26, 2026February 26, 20260

Members of the Organised Private Sector have praised CBN’s 50bps interest rate cut but warn lending conditions remain tight. Members of Organised Private Sector (OPS) and some analysts, on Wednesday, welcomed the 50-basis-point reduction in Monetary Policy Rate (MPR) by Central Bank of Nigeria (CBN) after a long tightening campaign...

CBN Cuts Interest Rate To 26.5%, Lowest Since May 2024

NewsDeskNgFeb 24, 2026February 24, 20260

CBN has reduced the benchmark interest rate from 27% to 26.5%, the lowest since May 2024. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the country’s benchmark interest rate from 27 percent to 26.5 percent, signaling a shift in monetary stance amid evolving economic...

Godwin – Court gives nod to EFCC’s request to present witness

NewsDeskNgOct 18, 2024October 18, 20240

An FCT High Court in Maitama has accepted the request of the Economic and Financial Crimes Commission, EFCC, to present two witnesses virtually in the trial of former Central Bank of Nigeria, CBN, Governor Godwin Emefiele. Justice Maryanne Anenih in a ruling on Thursday granted EFCC’s application in which it...

Nigeria’s foreign exchange reserves surge by 5% to $33.58bn

NewsDeskNgJun 21, 2024June 21, 20240

Nigeria’s foreign exchange reserves increased by 5 percent to $33.58 billion in the last two months. This is according to the Central Bank of Nigeria, CBN’s latest FX data as of June 19, 2024. Accordingly, the foreign exchange reserves figure represents a $1.47 billion increase compared to $32.11 billion on...

Heritage Bank: Revocation of license by CBN wasn’t surprising

NewsDeskNgJun 5, 2024June 5, 20240

Former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, has described the recent revocation of the banking license of Heritage Bank by the apex bank as the chronicle of a death foretold. Moghalu said the development wasn’t surprising. In a post on his X handle on Wednesday,...

Nigerian govt can pay N500,000 Minimum Wage with active production economy – Moghalu

NewsDeskNgJun 5, 2024June 5, 20240

A former deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, has said the Nigerian Government can pay N500,000 as minimum wage if the country has an active production economy. Moghalu, however, said government can only pay between N75,000 to N100,000 as new minimum wage due to the...

Emefiele denies alleged unlawful Naira redesign charge, gets N300m bail

NewsDeskNgMay 15, 2024May 15, 20240

Immediate past Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele on Wednesday denied any wrongdoing in redesigning the nation’s currency, the Naira in 2022. Emefiele made the denial when he pleaded not guilty to the four count charge preferred against him before Justice Maryanne Anenih of the High...

Three Arrested Over Fake N17m Notes In Kebbi

NewsDeskNgFeb 21, 2023February 21, 20230

PHOTOS: Three Arrested Over Fake N17m Notes In Kebbi The Kebbi State Police Command has arrested three suspects, Faruku Zubairu, Ibrahim Musa and Salisu Mohammed, over fake N17m notes in the Warrah area of the state. According to the Daily Trust on Tuesday, the state Commissioner of Police, Ahmed Magaji...

N2.1bn judgement debt: Court orders CBN to freeze account of Polaris Bank

NewsDeskNgJan 14, 2023January 14, 20230

A high court sitting in Akure, the Ondo state capital, has granted a garnishee order directing the Central Bank of Nigeria(CBN) to freeze the account of Polaris Bank over a judgment debt of N2.16 billion. A garnishee order is one of the options open to a judgment creditor to enforce...