House of Reps Investigates Banks Over Tax Deductions, Multiple Charges   The House of Representatives has inaugurated an ad-hoc committee to investigate growing concerns over excessive tax deductions from the earnings of civil and public servants, as well as multiple and unclear bank charges imposed on...

Reps to Question CBN, Banks over Arbitrary Charges The House of Representatives on Tuesday resolved to probe what it described as the “arbitrary, excessive, and unexplained” charges drawn from customers’ accounts by money deposit banks operating in the country. The resolution of the House was a...

CBN's 27% Rate Cut Will Squeeze Banks' Margins - Moody's   Global ratings agency Moody’s Investors Service has warned that Nigeria’s banking sector faces fresh profitability risks after the Central Bank of Nigeria (CBN) cut its benchmark Monetary Policy Rate to 27% from 27.5%. The CBN said...

Bank Credit to Private Sector Declines to N75.83trn   Bank credit to Nigeria’s private sector fell to N75.83tn in August 2025, the lowest level recorded this year, according to the Central Bank of Nigeria’s latest money and credit statistics. The figure represents a 0.4 per cent decline...

CBN Orders Banks to Complete Payment System Upgrade by Oct. 31 The Central Bank of Nigeria has issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals...

Foreign Inflows Drive Banking Capital to $3.1bn in Three Months Capital importation into Nigeria’s banking sector surged to over $3.1bn in the first quarter of 2025, according to data released by the National Bureau of Statistics on Tuesday. NBS data also showed that the manufacturing sector...