CBN Financial Reforms
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This topic isn't active right now. Last covered Jul 21, 2026. See today's headlines.
The Central Bank of Nigeria (CBN) introduces a new benchmark interest rate, the Nigerian Overnight Financing Rate (NOFR), to enhance financial market credibility. The CBN also proposes reforms to isolate risks across banks and fintechs, potentially triggering capital raises and restructuring within the financial sector. Aggressive liquidity tightening by the CBN is shifting investment towards short-dated sovereign debt.
PFIPC scandal: How CBN opened domiciliary accounts for phantom agency
The Central Bank of Nigeria (CBN) has confirmed the opening of two foreign-currency domiciliary accounts for the Presidential Foreign Investment Promotion Council (PFIPC), a body under scrutiny for its alleged fictitious nature. This admission came during a public hearing convened by a House of Representatives Ad-hoc Committee investigating the agency. Representing the CBN, Hamisu Ibrahim, Directo…
Probe of ‘Fake’ Agency: CBN Opened Dollar, Pound Accounts on Accountant General’s Directive, Says Apex Bank Director
The Central Bank of Nigeria (CBN) disclosed that it established two bank accounts, one in U.S. dollars and another in British pounds, for the Presidential Foreign Investment Promotion Council (PFIPC).…
Reps probe: Fake agency accounts opened on OAGF directive have zero balance – CBN director
A Director at the Central Bank of Nigeria (CBN), Hamisu Abdullahi, informed a House of Representatives committee that the apex bank exclusively opens accounts for federal government agencies based on …
PFIPC: CBN opens govt accounts only on OAGF authorisation - Director tells Reps probe panel
The Central Bank of Nigeria (CBN) adheres strictly to established procedures for opening accounts for government agencies, primarily through the Office of the Accountant-General of the Federation (OAG…
