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Tag: Central Bank of Nigeria

  • Emefiele Trial: Alleged $6.2m Withdrawal Pushed CBN Dollar Account Into ₦2.86bn Deficit, Witness Tells Court

    The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, took a fresh turn on Friday as a prosecution witness told the Federal Capital Territory High Court that an alleged fraudulent $6.2 million withdrawal from the apex bank pushed one of its special dollar accounts into a negative balance of ₦2.858 billion.

    Witness explains alleged deficit

    The 15th prosecution witness, Jim Osayande Obazee, who served as the Federal Government’s special investigator into the CBN, said the funds were allegedly withdrawn from the bank’s Abuja branch without the required naira cover for dollar transactions.

    According to him, the transaction forced the account used for internal staff and Ministries, Departments and Agencies (MDAs) into a deficit of ₦2,858,150,196.42, a development he said should have immediately triggered an investigation by Emefiele and the bank’s chief accounting officer.

    Obazee made the disclosure while testifying before Justice Hamza Muazu during the ongoing trial being prosecuted by the Economic and Financial Crimes Commission.

    How the funds were allegedly released

    The witness told the court that the $6.23 million, reportedly meant for foreign election observers during the 2023 general election, left the Abuja branch of the CBN on February 3, 2023, without proper documentation identifying the receiving official.

    He added that the transaction should have appeared in the CBN’s 2022 financial statements, signed in May 2025, and should also have been detected by both the bank’s internal auditors and external auditors, Ernst & Young.

    Obazee further claimed that the CBN’s Bank Verification Number (BVN) portal was inactive for more than a month before the withdrawal, making it impossible for the recipient to complete normal identification procedures before collecting the funds.

    “The money won’t leave without the governor’s approval,” the witness told the court, arguing that Emefiele should have detected the discrepancies.

    Investigation and recovered funds

    According to the witness, the investigation began after President Bola Ahmed Tinubu appointed him on July 28, 2023, to probe the CBN and related government entities.

    He said investigators discovered that former President Muhammadu Buhari had authorised the release of funds for election observer logistics through a letter addressed to former Secretary to the Government of the Federation, Boss Mustapha.

    Obazee said another letter from Mustapha introduced one Jibril Abubakar as the person authorised to collect the money, while a separate directive from the CBN’s Director of Banking Supervision instructed the Abuja branch controller to release the funds.

    He also told the court that investigators recovered $856,500 from Bashir Maishanu, who allegedly confessed and returned the money during the investigation.

    The witness added that there was no evidence showing the funds ever reached any foreign election observers.

    Defence begins cross-examination

    During cross-examination, Emefiele’s lawyer, Matthew Burkaa (SAN), pointed out that criminal charges had already been filed against the former CBN governor in September 2023, before Obazee’s appointment in December of the same year.

    Obazee confirmed that everyone interviewed during the investigation, including Emefiele, denied involvement in the transaction. He also said Emefiele was questioned while in custody at the Kuje Correctional Centre.

    Justice Muazu ruled during proceedings that the witness could not authenticate Emefiele’s signature on documents presented before the court because he is not a forensic document examiner.

    The court adjourned the case until October 20, 2026, for the adoption of final addresses. Defence counsel also informed the court of plans to file a no-case submission on behalf of the former CBN governor.

  • Top 10 News Updates You Should Know Today

    1. Senate Passes State Police Bill

    The Senate has passed the long-awaited State Police Bill, paving the way for governors to appoint state police commissioners and exercise oversight over state policing structures. The legislation seeks to decentralise Nigeria’s security architecture while retaining certain emergency powers for the President.

    The move comes amid growing calls for localised responses to insecurity across the country. Supporters describe the bill as a major governance reform that could improve responses to banditry, kidnapping and communal violence. Critics, however, have warned against potential political misuse. The bill now proceeds to the House of Representatives for concurrence before further constitutional processes.

    2. Plateau Attack Leaves At Least 20 Dead

    At least 20 people have been killed after armed attackers invaded the Kawel community in Plateau State, escalating concerns over insecurity in the North-Central region. Reports indicate that the attackers also exchanged gunfire with security personnel during the assault.

    The latest violence adds to a series of deadly attacks that have affected farming communities across Plateau. Community leaders have called for stronger security deployments and long-term conflict resolution measures. Authorities have launched investigations while additional security personnel are expected to be deployed to the affected areas.

    3. CBN Reports N17.4 Trillion Increase in Government Borrowing

    The Central Bank of Nigeria has disclosed that federal government borrowing increased by N17.4 trillion over the recent period, reflecting continued fiscal pressures amid ongoing economic reforms and infrastructure spending.

    The figures have reignited discussions about debt sustainability, inflation risks and the rising cost of debt servicing. Government officials maintain that the borrowings are necessary to support critical projects and economic growth, while economists are urging greater revenue generation and fiscal discipline to reduce long-term borrowing dependence.

    4. FG Moves to Stabilise Fuel Supply as Dangote Refinery Responds to Import Claims

    Dangote Refinery has dismissed claims that marketers are importing fuel through neighbouring countries after purchasing products from the refinery. The company described the allegations as false and reiterated its commitment to supplying petroleum products to the Nigerian market.

    The clarification comes at a time when Nigeria is working to reduce dependence on imported fuel through local refining. Industry stakeholders continue to monitor issues around distribution, pricing and supply logistics, all of which have direct implications for consumers and businesses nationwide.

    5. EFCC Set to Arraign Miyetti Allah President

    The Economic and Financial Crimes Commission is preparing to arraign Miyetti Allah Cattle Breeders Association President, Abdullahi Bello Bodejo, over allegations involving terrorism financing and money laundering.

    The case is attracting significant public attention due to Bodejo’s influence within herder communities and the broader security implications. Legal analysts expect the proceedings to be closely followed as the case could have implications for ongoing conversations around security, pastoralism and law enforcement.

    6. Oyo Approves N8.7bn for Education Amid Teachers’ Strike

    The Oyo State Government has approved N8.7 billion for the procurement of learning materials and appealed to striking teachers to return to classrooms. The move is part of efforts to resolve the ongoing industrial dispute affecting public schools.

    Parents and students have expressed concerns over disruptions to academic activities. Government officials say the funding forms part of wider investments aimed at improving education infrastructure and learning outcomes. Negotiations with labour unions are expected to continue in the coming days.

    7. LPPC Suspends Mike Ozekhome’s SAN Rank Pending Investigation

    The Legal Practitioners Privileges Committee has suspended the Senior Advocate of Nigeria title held by prominent lawyer Mike Ozekhome pending the outcome of a disciplinary investigation.

    The development has generated debate within the legal profession over ethics, accountability and due process. While details of the allegations remain limited, legal observers say the outcome of the investigation could have implications for professional conduct standards within Nigeria’s legal community.

    8. Team Nigeria Impresses at Tour D’Afrique Cycling Event

    Nigerian cyclists have recorded strong performances at the ongoing Tour D’Afrique competition, attracting attention to the country’s growing presence in endurance sports.

    Sports administrators say the results demonstrate the potential of Nigerian athletes beyond football and athletics. The performances have renewed calls for greater investment in cycling infrastructure, talent development and support for emerging sports disciplines.

    9. Shettima Calls for More Investment in Northern Health and Education

    Vice President Kashim Shettima has called for urgent investment in healthcare and education across northern communities, arguing that development gaps in both sectors continue to affect national progress.

    His comments align with ongoing federal efforts aimed at improving human capital development and reducing regional inequalities. Stakeholders believe the remarks could influence future government spending priorities and attract greater support from development partners.

    10. Wike Criticises Super Eagles’ World Cup Qualification Failure

    Federal Capital Territory Minister Nyesom Wike has expressed disappointment over the Super Eagles’ failure to qualify for the next FIFA World Cup, joining many Nigerians calling for reforms within the country’s football administration.

    The remarks reflect growing frustration among football supporters following the team’s disappointing campaign. Discussions have intensified around player development, coaching structures, football administration and long-term strategies needed to restore Nigeria’s competitiveness on the international stage.

     

  • CBN Approves Abbey Mortgage Bank’s Conversion to Regional Commercial Bank

    The Central Bank of Nigeria (CBN) has approved the conversion of Abbey Mortgage Bank Plc into a regional commercial bank, paving the way for the institution to expand its services beyond mortgage banking.

    The approval marks a significant milestone for the bank, which has also completed a corporate rebranding and will now operate as Abbey Bank Plc.

    Bank adopts new identity

    The name change follows resolutions approved by shareholders in January 2025 as part of the institution’s long-term transformation strategy.

    With the new licence, Abbey Bank can now offer a wider range of commercial banking services while maintaining its presence in Nigeria’s financial sector.

    The move is expected to strengthen the bank’s ability to serve more customers and support financial inclusion initiatives across its operating region.

    Expansion and recapitalisation plans

    As part of its transition, Abbey Bank has begun efforts to meet the CBN’s recapitalisation requirement for regional commercial banks, which is set at N50 billion.

    Regulatory filings indicate that the bank has secured approvals to raise additional capital and establish a N100 billion debt issuance programme to support future growth and expansion.

    The institution said the initiative would enhance its operational capacity and support the development of its digital banking ecosystem.

    Strong financial performance

    Recent financial results released by the bank showed continued growth in key performance indicators.

    According to the latest figures, total assets rose to more than N222 billion as of March 2026, while gross earnings and profitability also recorded significant year-on-year increases.

    The conversion places Abbey Bank among financial institutions that have transitioned from specialised banking operations to broader commercial banking models as competition and regulatory expectations continue to reshape Nigeria’s banking industry.

  • Senate Confirms Yuguda as CBN Deputy Governor, Approves Onwu for NDIC Board

    The Senate has confirmed Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), alongside Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation (NDIC).

    Senate backs committee report

    The confirmations were approved on Wednesday after the Senate Committee on Banking, Insurance, and Other Financial Institutions presented its report in plenary.

    Committee chairman Adetokunbo Abiru submitted the findings, which lawmakers adopted, clearing both nominees for their respective roles.

    Tinubu’s nomination and directive

    President Bola Ahmed Tinubu had nominated Yuguda in March, urging him to serve with professionalism and a strong commitment to Nigeria’s economic stability.

    In a statement issued at the time, the President called on the appointees to discharge their duties with dedication and support the country’s growth agenda.

    Yuguda’s experience in finance sector

    Yuguda, an economist, previously served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024.

    He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a member of the CFA Institute.

    His career spans decades, including roles at the CBN, where he started in 1984, and at the International Monetary Fund (IMF), where he worked between 1997 and 2001.

    Background within CBN system

    After returning to the apex bank, he served as Director of the Reserve Management Department for six years before retiring in 2016.

    He was later appointed to the CBN’s Monetary Policy Committee (MPC) in February 2024.

    Broader economic team changes

    His confirmation comes amid ongoing adjustments within Nigeria’s economic management team.

    Recent changes include the appointment of Bala Bello, a former CBN Deputy Governor, as Special Adviser to the President on Political Economy.

  • CBN Raises ATM Card Fees to ₦1,500, Scraps Monthly Maintenance Charges on Naira Cards

    The Central Bank of Nigeria (CBN) has approved a 50 per cent increase in ATM debit and credit card issuance and replacement fees, raising the cost from ₦1,000 to ₦1,500.

    The apex bank also scrapped the ₦50 monthly maintenance charge on Naira debit and credit cards, though foreign currency cards will continue to attract $10 annual maintenance fees.

    The changes were contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, released on Thursday.

    New charges for ATM cards

    Under the new framework, regular ATM card issuance and replacement will now cost ₦1,500.

    Premium and hybrid cards will attract negotiable charges, while virtual cards remain free of charge.

    The CBN also maintained that all Point-of-Sale (PoS) merchant transaction fees will be borne by merchants and not customers.

    “All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the circular stated.

    It added that Merchant Service Charge remains at 0.5 per cent, capped at ₦10,000, regardless of payment method.

    CBN explains review

    In a circular signed by the Director of Financial Policy and Regulation, Dr. Rita Sike, the apex bank said the review is aimed at strengthening Nigeria’s financial system.

    It added that the updated guide will encourage digital payments, financial inclusion, and innovation in financial services.

    According to the CBN, the revision also reflects changes in the banking sector since the 2020 guidelines and accommodates new financial service providers.

    Push for electronic banking

    The bank said the new charges are designed to support the adoption of electronic payment channels and reduce reliance on cash transactions.

    It added that the framework will improve micropayments, expand financial access, and strengthen oversight in the banking system.

     

  • Naira Opens Week at ₦1,347/$ as Dollar Demand Keeps Pressure on FX Market

    The Nigerian Naira began trading on Monday, April 20, 2026, at about ₦1,347.33 per US Dollar at the official window, showing slight depreciation as demand for foreign exchange remained steady across markets.

    Market movement

    At the Nigerian Foreign Exchange Market (NFEM), the Naira averaged ₦1,347.33/$ in early trading, reflecting a mild drop compared to last week’s close.

    Traders said demand for the Dollar, especially for imports and international payments, continued to put pressure on the local currency despite relatively stable liquidity conditions.

    Parallel market rates

    In the parallel market, the Naira traded higher than the official rate, maintaining the usual gap between both segments.

    Across major cities like Lagos, Abuja, and Kano, Bureau De Change operators quoted buying rates around ₦1,395 and selling rates near ₦1,405 per Dollar.

    The relatively stable spread suggests that retail Dollar supply remains sufficient, limiting sharp fluctuations.

    What is driving the trend

    Analysts linked the Naira’s performance to persistent foreign exchange demand and ongoing adjustments within Nigeria’s FX framework.

    They also noted that stable crude oil prices have helped support external reserves, providing some cushion against major volatility.

    However, underlying demand for foreign currency continues to shape short-term movements in the market.

    Outlook

    For businesses and investors, the current trend points to gradual adjustments rather than extreme swings.

    Market watchers say close monitoring of FX movements remains key, as even small shifts could impact pricing, trade, and investment decisions.

     

  • Naira Holds Ground At ₦1,340/$ As CBN Interventions Boost Stability

    The Nigerian naira maintained a relatively stable position against the United States dollar on Friday, April 17, 2026, opening at ₦1,340.88/$ at the official Nigerian Foreign Exchange Market (NFEM).

    Calmer trend emerges

    The latest rate reflects a more stable phase for the local currency after weeks of volatility earlier in the month driven by rising import demand.

    Market watchers say the naira is now experiencing milder fluctuations across both the official and parallel markets.

    CBN support drives stability

    Recent data points to sustained interventions by the Central Bank of Nigeria as a key factor behind the improved stability.

    Liquidity injections into the official window have helped balance supply and demand, reducing sharp swings in exchange rates.

    Analysts also note that the evolving structure of the NFEM is improving transparency and gradually restoring investor confidence.

    Parallel market still higher

    Despite the gains in the official market, the parallel market continues to trade at slightly higher rates.

    Currency dealers in major cities like Lagos and Abuja say the dollar is still sold at a premium, although the gap between both markets has narrowed compared to previous months.

    External risks remain

    Experts warn that global economic conditions could still impact the naira’s performance in the coming weeks.

    Factors such as global inflation and possible interest rate changes in the United States remain key risks to watch.

    What it means for Nigerians

    For individuals and businesses, demand for foreign exchange remains strong as economic activities pick up.

    Traders say access to forex has improved slightly, but sustained stability will depend on consistent policies and favourable global conditions.

  • Nigeria Debt Hits N159.28trn as Burden per Citizen Climbs to ₦724,000

    Nigeria’s total public debt has risen to N159.28 trillion as of December 31, 2025, with each citizen now carrying an estimated burden of about ₦724,000, according to fresh data released by the Debt Management Office (DMO).

    Debt surge in latest figures

    The latest figures show a steady increase in the country’s debt profile, rising from N153.29 trillion recorded in September 2025.

    This represents a quarterly increase of N5.98 trillion, equivalent to 3.9 percent growth within three months.

    On a year-on-year basis, the debt rose by N14.61 trillion from N144.67 trillion in December 2024, reflecting a 10.1 percent increase.

    What is driving the increase

    The rise is largely driven by increased domestic borrowing, which continues to form the bulk of Nigeria’s debt structure.

    Notably, the figure does not yet include the recently approved N8.3 trillion loan from the United Arab Emirates and UK Export Finance, suggesting the total debt could climb further in the coming months.

    Breakdown of the debt

    Domestic debt accounts for the largest share at N84.85 trillion, representing 53.27 percent of the total.

    Out of this, the Federal Government holds N80.49 trillion, while states and the Federal Capital Territory account for N4.36 trillion.

    External debt stands at N74.43 trillion, making up 46.73 percent of the total debt stock.

    In dollar terms, Nigeria’s external debt is estimated at $51.86 billion, with the Federal Government responsible for N66.27 trillion and states and the FCT accounting for N8.16 trillion.

    Debt in dollar terms

    Overall, Nigeria’s total debt rose from $103.94 billion to $110.97 billion within the period under review.

    This reflects the combined impact of fresh borrowing and exchange rate movements on the country’s obligations.

    Rising concerns

    The growing debt profile has continued to raise concerns over fiscal sustainability, especially as debt servicing costs increase.

    With Nigeria’s population estimated at about 220 million, the data highlights the mounting financial pressure tied to government borrowing.

    Outlook

    The Central Bank of Nigeria projects that the country’s debt-to-GDP ratio could reach about 34 percent by 2026.

    This points to continued reliance on borrowing as the government navigates economic challenges and funding gaps.