By Jemimah Wellington, JKNewsMedia Correspondent EFFORTS TO reduce inflation to a single digit range have been outlined by the Central Bank of Nigeria (CBN) as part of a medium-term objective tied to a transition toward an inflation targeting monetary policy framework. JKNewsMedia.com reports that the position was disclosed in a statement iss...
By Joke Kujenya FRESH AMENDMENTS to the Bank Verification Number (BVN) framework will take effect from 1st May 2026, introducing new rules that affect users of the Nigerian banking system both locally and in the diaspora. JKNewsMedia.com reports that the Central Bank of Nigeria (CBN) in a circulated statement and signed by its governor, Olaye...
By Jemimah Wellington, JKNewsMedia Correspondent INTEREST RATES have been reduced by 50 basis points to 26.50 percent from 27 percent after the Monetary Policy Committee of the Central Bank of Nigeria (CBN) voted unanimously at its 304th meeting in Abuja. JKNewsMedia.com reports that CBN Governor Olayemi Cardoso announced the decision at a ne...
By Jemimah Wellington, JKNewsMedia Correspondent NIGERIA’s EXTERNAL reserves rose to about $49bn as of February 5, 2026, Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso told members of the National Economic Council Conference (NECC) in Abuja, describing the figure as a signal of improved confidence in the country’s economy. JKNe...
By Ajibola Olaide, JKNewsMedia Reporter TEMPPORARY RELIEF has been granted to ease import processing as authorised dealer banks receive approval to accept expired National Agency for Food and Drug Administration and Control (NAFDAC) licences for Form M transactions. JKNewsMedia.com reports that the Central Bank of Nigeria (CBN) confirmed it h...
By Yomi Omolade, JKNewsMedia Intern THE MONETARY Policy Committee of the Central Bank of Nigeria (CBN) has reduced the benchmark interest rate by 50 basis points, lowering it from 27.5 percent to 27 percent. Governor Olayemi Cardoso made the announcement while briefing journalists on the outcome of the 302nd meeting of the Monetary Policy Com...
By Jemimah Wellington, JKNewsMedia Correspondent HEADLINE INFLATION slowed in June as energy prices dipped and foreign exchange rates steadied, according to the Central Bank of Nigeria (CBN). The bank’s governor, Yemi Cardoso, announced the development on Tuesday while presenting the communiqué from the Monetary Policy Committee’s (MPC) 301st...
By Ajibola Olaide, JKNewsMedia Reporter THE FEDERAL Government has said it will raise N1.76 trillion by issuing Treasury Bills in the third quarter of 2025, according to a new borrowing schedule released by the Central Bank of Nigeria (CBN). The amount reflects a 12.8 percent increase from the N1.56 trillion raised through similar instruments...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIAN ABROAD can now remotely obtain a Bank Verification Number (BVN), following the official launch of the Non-Resident Bank Verification Number (NRBVN) platform in Abuja by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS). This move, the group say, eliminat...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIA’s EXTERNAL reserves slumped to an eight-month low in April as the Central Bank ramped up dollar sales and foreign debt service obligations weighed on the balance. Gross reserves dipped by nearly $375 million from March to $37.9 billion at the end of April, marking the fourth consecutive mont...
