At the official presentation, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that the updated guide will become operational on June 1, 2026, and will be issued at no cost to licensed dealers to ensure smooth adherence and effective rollout.

He explained that the revised framework is consistent with global standards and demonstrates the apex bank’s drive to upgrade Nigeria’s currency exchange operations for improved clarity, uniformity, and operational efficiency.

Cardoso stated: “The introduction of the 4th Edition of the CBN Foreign Exchange Manual reflects our shared determination to strengthen Nigeria’s economic foundations, deepen openness, and restore confidence in the foreign exchange system.”

He further noted that the refreshed guide is designed to support a more structured, rules-based, and efficient FX environment that promotes predictability and better market functioning.

The CBN governor called on stakeholders across both the public and private sectors to show discipline, cooperation, and professionalism in ensuring the successful adoption of the new framework.

He reaffirmed that the Central Bank will continue to provide direction, support, and clarification as the country transitions into a more structured phase of foreign exchange administration.

According to him, “Robust oversight systems anchored on consistency, fairness, and accountability are essential to sustaining trust and stability in the foreign exchange market.”

Market participants have commended the apex bank for its broad consultation process and detailed technical review involving financial institutions, corporate operators, and other stakeholders, which informed the development of the revised manual.

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The commitment was reiterated during the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts (FRACE) and the Advisory Committees of Experts (ACE) of Non-Interest Financial Institutions (NIFIs), held on Thursday, May 7, 2026, at the CBN Auditorium in Abuja.

Speaking on behalf of the Deputy Governor, Financial System Stability, Mr. Philip Ikeazor, the Director of the Financial Policy and Regulation Department, Dr. Rita Ijeoma Sike, described the session as a strategic platform designed to deepen the credibility, resilience, and soundness of Nigeria’s non-interest financial services industry.

According to Mr. Ikeazor, the engagement builds on the achievements of the inaugural session and reflects the CBN’s continued resolve to maintain a sound, credible, and resilient non-interest financial system driven by robust governance, effective compliance, and prudent risk management practices.

He noted that Non-Interest Financial Institutions have become increasingly important in Nigeria’s financial system by offering ethical and Shariah-compliant alternatives to conventional banking. He added that the institutions are making significant contributions to financial inclusion, real sector financing, Micro, Small and Medium Enterprises (MSMEs) development, and shared economic prosperity.

However, the Deputy Governor cautioned that the sector’s rapid growth, increasing sophistication, and expanding interconnectedness also expose it to unique challenges. These include Shariah non-compliance risks, governance concerns, operational vulnerabilities, and emerging technological threats, all of which could undermine public confidence and the credibility of the industry if not effectively managed.

He explained that the establishment of FRACE and the mandatory constitution of ACEs across all NIFIs were aimed at institutionalising a harmonised and resilient governance framework for the sector. He stressed that continuous engagement between FRACE and ACEs remains critical in ensuring that regulatory expectations are properly understood and consistently implemented.

“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” he stated.

In his remarks, the Deputy Chairman of FRACE, Prof. Bashir Aliyu Umar, said the interactive session was organised to strengthen governance within the sub-sector and encourage constructive engagement between FRACE and the ACEs of NIFIs. He commended the CBN for reviving the initiative, which was first introduced in 2014.

The session featured technical presentations on “Shariah Non-Compliance Risk in Non-Interest Banks and its Impact on the Non-Interest Financial Services Industry” and “Islamic Fintech and Financial Inclusion.” Participants also engaged in discussions on governance, innovation, risk mitigation, and capacity building in the non-interest finance sector.

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Speaking during a stakeholder engagement organised in collaboration with the Nigerian Governors’ Forum (NGF), the Deputy Governor in charge of the Economic Policy Directorate, Dr. Muhammad Sani Abdullahi, said the success of Nigeria’s planned Inflation Targeting (IT) framework depends heavily on fiscal discipline at both federal and state levels.

He explained that inflation targeting is a transparent and forward-looking monetary policy system designed to keep prices stable, but stressed that the framework can only succeed if State Governments avoid excessive borrowing and spending that injects too much liquidity into the economy.

According to Abdullahi, state fiscal activities such as rising domestic debt, uncontrolled wage bills, heavy reliance on overdrafts, delayed salary payments, unplanned expenditures and weak debt management can all fuel inflationary pressures.

“In an inflation-targeting regime, persistent, unpredictable or expansionary fiscal behaviour at the subnational level can significantly undermine price stability,” he warned.

The Deputy Governor noted that one of the key conditions for successful inflation targeting is the absence of fiscal dominance, a situation where government borrowing forces the central bank to finance deficits by creating excess money supply.

He therefore urged State Governments to adopt more responsible fiscal practices by reducing dependence on short-term financing, aligning borrowing with debt sustainability limits, improving budget planning and strengthening internally generated revenue.

Abdullahi further identified four major responsibilities for states under the inflation-targeting system: maintaining fiscal discipline, ensuring responsible borrowing, improving cash and debt management coordination, and boosting revenue mobilisation.

He cautioned that excessive supplementary budgets, rising debt burdens and uncontrolled spending could trigger liquidity shocks capable of worsening inflation across the country.

Also speaking at the event, the Director of the CBN Monetary Policy Department, Dr. Victor Oboh, described inflation targeting as a “win-win framework” that would help households, businesses and governments by reducing uncertainty and strengthening confidence in economic policies.

Oboh said inflation control cannot be achieved through monetary policy alone, especially in a federal structure like Nigeria’s where state-level spending and borrowing decisions significantly affect liquidity and inflation trends.

Representatives from more than 20 states, including Commissioners of Finance, Economic Planning officials, Accountant Generals and State Statisticians, attended the engagement and pledged support for the CBN’s reform agenda and transition to inflation targeting.

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In a statement, the CBN said the misleading messages are designed to spread false information about its leadership, licensing, and policy issues, while also attempting to trick unsuspecting individuals into clicking malicious links and compromising their personal accounts.

The bank stressed that its official website remains www.cbn.gov.ng and urged the public to rely only on verified sources for information.

It advised Nigerians to avoid clicking on suspicious links or sharing personal information on unverified platforms, and to always confirm the authenticity of any communication through the CBN’s official website and recognised media channels.

The apex bank also called on the public to report any suspected fraudulent websites, emails, or messages to law enforcement authorities.

Reaffirming its commitment to protecting the financial system, the CBN said it is continuously strengthening its cybersecurity frameworks in collaboration with relevant agencies to safeguard the public against digital fraud.

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In a statement released on Friday, the apex bank said the NOFR will serve as a standardized reference rate for overnight lending, strengthening monetary policy transmission and supporting the development of the country’s money market.

According to the CBN, the new benchmark aligns Nigeria with global best practices in short-term interest rate frameworks. It is expected to enhance price discovery, ensure more consistent pricing of money market instruments, and promote greater transparency across the financial system.

The bank added that the introduction of NOFR would also bolster investor confidence, improve risk management practices, and create opportunities for financial innovation.

With the rollout, Nigeria joins other major economies that have adopted similar benchmarks, including the United States’ Secured Overnight Financing Rate (SOFR), the United Kingdom’s Sterling Overnight Index Average (SONIA), the Eurozone’s Euro Short-Term Rate (€STR), and Japan’s Tokyo Overnight Average Rate (TONA). It also aligns with regional benchmarks such as South Africa’s Johannesburg Interbank Average Rate (JIBAR).

The NOFR follows a stakeholder engagement session held on February 27, 2026, where market participants formally adopted the framework. With regulatory approvals secured, the benchmark is now operational.

The CBN will act as the benchmark administrator, with responsibility for governance, transparency, and the regular publication of the rate.

The initiative marks a significant step in ongoing efforts to modernize Nigeria’s financial markets and align them with international standards.

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The exercise, which began in March 2024, was designed to strengthen the banking sector’s resilience, improve capital adequacy, and enhance the capacity of financial institutions to support economic growth amid domestic and global economic uncertainties.

The programme recorded strong participation from both domestic and international investors, with 72.55% of capital sourced locally and 27.45% from international markets, reflecting

sustained confidence in the Nigerian banking sector.

Governor Olayemi Cardoso commented: “The recapitalisation w has strengthened

the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well­positioned to support economic growth and withstand domestic and external shocks.

Capital Strengthening and Financial System Resilience.

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The Apex bank reaffirmed its regulatory oversight of Union Bank of Nigeria Plc following a Federal High Court judgment delivered in Lagos on Wednesday, March 25, 2026.

In a statement issued after the ruling, the apex bank said it is in the process of obtaining the Certified True Copy of the judgment and will conduct a thorough review, underscoring its commitment to due process and the rule of law.

The court decision relates to regulatory actions taken by the CBN on Union Bank in January 2024.

Despite the development, the regulator moved to calm market concerns, stating that Union Bank’s operational and financial position remains unchanged. The CBN emphasized that the lender continues to meet all its obligations to customers, depositors, and other stakeholders.

“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes,” the statement noted.

The central bank added that it will sustain close supervision of the bank to ensure it operates in a safe, sound, and stable manner, while also maintaining public confidence in Nigeria’s financial system.

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The call, made on Tuesday, March 17, 2026 by the Zonal Director, Enugu Zonal Directorate of the EFCC, Commander of the EFCC, CE Daniel Isei came on the heels of a courtesy visit to the Branch Controller, CBN, Enugu State, Otutubuike Justice Agbaeze, in his office. The visit was part of ongoing stakeholder engagements aimed at deepening inter-agency collaboration, promoting accountability in the financial sector and strengthening anti-money laundering measures in the country.

Describing the CBN as “our most critical partner in the fight against economic and financial crimes”, Isei noted that both agencies have consistently worked closely on several fronts and joint initiatives over the years and expressed appreciation to the apex bank for its continued support, especially in safeguarding recovered assets.

“The CBN naturally stands out as one of our most critical partners in the fight against economic and financial crimes and it serves as a secure repository for valuables recovered by the EFCC and it has greatly enhanced our operations”, he said.

While acknowledging the bank’s past cooperation, Isei appealed for more timely responses to the Directorate’s official correspondences, adding that the Commission’s office in Enugu regularly sends numerous requests as part of its investigation processes and emphasized that prompt feedback is essential for timely resolution.

“We understand that these requests may be demanding, but timely responses are crucial, as time is of the essence in financial investigations. We therefore seek for your continued indulgence in ensuring that our letters receive expeditious attention”, he said.

Responding, Agbaeze reaffirmed the bank’s commitment to sustaining its collaboration with the Commission including providing expert assistance when required. He assured Isei of enhanced synergy “in the interest of financial system stability and national development”.

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The appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.

Yuguda’s nomination follows the recent appointment of the erstwhile Deputy Governor, Mr Bala Bello, as Special Adviser to the President on Political Economy.

The President charges them to discharge their responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth, in their respective roles.

Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.

He is an alumnus of Ahmadu Bello University, where he graduated in 1983 with a B.Sc. in Accountancy. In 1991, he obtained a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder.

He began his career in 1984 at the Central Bank of Nigeria (CBN) as a Senior Supervisor in the Foreign Operations Department.

He also worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001, when he returned to the CBN. He retired from the CBN in 2016, after serving as Director of the Reserve Management Department for six years.

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Statement released on Wednesday by the apex regulator noted that the gold was sourced domestically through the Solid Minerals Development Fund (SMDF) via the National Gold Purchase Programme (NGPP).

The programme engages local miners and operates under a responsible sourcing framework aligned with Organisation for Economic Co-operation and Development Due Diligence Guidelines and the World Gold Council’s London Principles.

Speaking at a recent workshop on maximising the economic benefits of minerals in Nigeria, CBN Governor Olayemi Cardoso explained that the monetary-grade gold was purchased in Naira, with pricing linked to LBMA benchmarks. This approach allows the Bank to strengthen its gold reserves without deploying foreign currency, enhancing reserve accretion and supporting macroeconomic stability.

“By purchasing domestically refined gold, we not only grow our reserves but also promote responsible management of Nigeria’s mineral resources,” Cardoso said. He highlighted the growing global importance of gold as a hedge against inflation and economic volatility, noting that central banks worldwide are prioritising resilience, diversification, and prudent governance amid geopolitical uncertainties.

The workshop, convened by the CBN’s Corporate Secretariat and Reserve Management Departments, provided a platform to engage key stakeholders in the gold sector and deepen understanding of the industry’s opportunities and challenges across the value chain.

Executive Secretary of SMDF, Fatima Shinkafi, said the delivery of LBMA-standard gold demonstrates the strength of Nigeria’s formalisation framework and supply chain due diligence processes.

Commending the initiative, Kurtulus Diamondopoulos of the World Gold Council praised the NGPP for adhering to the twelve London Principles for responsible artisanal and small-scale gold sourcing, describing it as a model other countries could emulate.

The President/CEO of Africa Finance Corporation, Samaila Zubairu, reaffirmed AFC’s support for financing and formalising Nigeria’s mineral sector, stressing the need for accurate data and robust mineral processing infrastructure to attract investment, improve gold recovery, and reduce environmental impact.

Meanwhile, Nere Emiko, Executive Vice Chairman of Kian Smith Gold Company, highlighted the urgent need for Nigeria to build strategic gold reserves and leverage commodity exchanges to strengthen the country’s position in global markets.

The Domestic Gold Purchase Programme forms a key part of the CBN’s strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability.

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