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CBN deputy governor hails Tinubu’s reforms, FG–CBN synergy at UNIUYO convocation

Deputy Governor of the Central Bank of Nigeria (CBN), Emem Usoro, has praised President Bola Tinubu’s economic reforms and the strengthened collaboration between the Federal Government and the apex bank, saying the partnership is helping to build a more resilient economy.​ Usoro spoke at the weekend in Uyo after she was conferred with an honorary Doctor of Business Administration degree during the combined 10th, 11th and 12th convocation ceremony of the University of Uyo. She told the graduating students that the CBN is actively implementing policies to stabilise the economy, avert crises and create opportunities for young Nigerians.​ “At the Central Bank of Nigeria, we are working to build a resilient economy that will support your aspirations and position you within a global economy filled with opportunities,” she said. Usoro explained that, in close collaboration with the Federal Government, the […]

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High Court rules FCCPC can probe customers’ complaints against banks, other financial institutions

A Federal High Court in Abuja has ruled that the Federal Competition and Consumer Protection Commission (FCCPC) has the power to investigate consumers’ complaints against banks and other financial institutions. The court, presided over by Justice James Omotosho, dismissed a suit filed by United Bank for Africa (UBA) Plc, which had challenged the Commission’s jurisdiction in matters involving a commercial bank licensed by the Central Bank of Nigeria (CBN). UBA’s case, marked FHC/ABJ/CS/1972/2025, was thrown out in its entirety and the bank was fined N2 million for filing what the judge described as a frivolous and unmeritorious action. FCCPC Executive Vice Chairman/Chief Executive Officer, Tunji Bello, hailed the judgment as “a big victory for bank customers,” saying it strengthens advocacy for consumer rights in the financial sector. In its statement signed by Corporate Affairs Director Ondaje Ijagwu, the Commission explained […]

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NALA gets CBN licence to operate in Nigeria

Global financial technology company NALA has received regulatory approval from the Central Bank of Nigeria to operate in the country. The licence is expected to make money transfers for Nigerians in the diaspora faster, cheaper and more reliable by reducing delays and costs in cross border payments.​ With the new approval, NALA can now connect directly to Nigeria’s central payment system. This direct connection removes the need for intermediaries and is expected to cut transaction fees and improve the speed of transfers into Nigeria.​ The company said it has strong security controls in place to protect users. These include ID verification, biometric checks and extensive fraud monitoring on every transaction processed through its platforms.​ NALA runs two main business lines. The first is a consumer remittance platform serving customers in the United States, the United Kingdom and 19 European countries […]

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Cardoso says Nigerian economy now stronger against global shocks

Nigeria’s economy is now stronger and better positioned to withstand global economic shocks, according to Central Bank of Nigeria Governor Olayemi Cardoso . Speaking at the Africa Capital Forum in London on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom, Cardoso said the financial system is being strengthened through disciplined monetary policies and institutional reforms . He explained that the CBN is reviewing its policy framework to make decisions more predictable and reduce uncertainty for investors, with the goal of developing clear, consistent and meaningful policies rather than relying on discretion . Cardoso disclosed that the apex bank has completed work on a new Payments System Vision for Nigeria, which will soon be launched to position the country as a major player in digital payments and cross border transactions across Africa . On the foreign […]

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Dollar rain as bonuses and cash pledges pour in for high flying Super Eagles

Nigeria’s Super Eagles are set for a major financial windfall following their impressive run at AFCON 2025, with bonuses, private pledges and goal incentives piling up around the squad. The team’s 4 0 Round of 16 win over Mozambique and quarter final progress have triggered multiple layers of payments from the Nigeria Football Federation, government and supporters.​ ScoreNigeria reports that each player has already received a 15,000 win bonus in cash for the Round of 16 victory against Mozambique. This is in addition to a separate 10,000 per goal pledge for knockout games, which saw the squad share about ₦58 million after scoring four times in that match.​ Beyond official bonuses, billionaire industrialist Abdul Samad Rabiu has promised the team 500,000 dollars if they beat hosts Morocco to reach the final. Other corporate and political figures are also reported to […]

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Title: Oyo says N30bn Bodija explosion fund remains untouched

The Oyo State government has insisted that the N30 billion intervention fund released by the Federal Government for victims of the 2024 Bodija explosion is still intact in a special account and has not been spent.​Commissioner for Information, Dotun Oyelade, and Commissioner for Budget and Economic Planning, Musibau Babatunde, said the money is kept in an Infrastructure Support Account with First Bank, pending the release of the outstanding N20 billion balance from Abuja.​ They explained that after the January 16, 2024 explosion in Bodija, Governor Seyi Makinde formally wrote to President Bola Tinubu requesting N100 billion to support search and rescue, hospital care, temporary shelter, compensation and reconstruction works in the affected area.​The Presidency later approved N50 billion, describing it as support for the reconstruction of Old Bodija and its environs, and the Central Bank released N30 billion of that […]

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Nigeria’s FX reserves hit $42bn, strongest in six years

Nigeria’s external reserves have climbed to their highest level in six years, crossing the $42bn mark for the first time since September 2019. Latest figures from the Central Bank of Nigeria (CBN) show reserves stood at $42.03bn on September 19, 2025, up from $41.99bn the previous day. This represents a $40m increase in one day and a sharp rebound from earlier lows this year. The last time reserves were higher was on September 26, 2019, when they reached $42.05bn. Since then, reserves have come under pressure from weaker oil prices, high import demand, and foreign capital outflows. Unlike past temporary spikes, the current rally has shown consistency. Reserves have grown for 13 out of 14 trading days in September, gaining $610.8m (1.47%) between September 1 and 19 alone. In the second half of the month, reserves rose by nearly $583m […]

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