The CBN’s decision is not yet perfect. Questions remain about how banks will handle disclosures and whether enhanced due diligence will be applied fairly but the scales have tipped in favour of customer.

Cash Outside Banks Falls ₦198bn in January Cash held outside Nigeria’s banking system fell by ₦197.68bn in January 2026, dropping to ₦5.21tn, according to the Central Bank of Nigeria’s Money and Credit Statistics. The decline came as total currency in circulation slipped marginally to ₦5.73tn, though the share of cash outside banks remained high at 90.91%, slightly lower than 94.33% in December 2025. Year-on-year, cash outside banks was still higher, rising from ₦4.74tn in January 2025 to ₦5.21tn in January 2026, while overall currency in circulation expanded by ₦495.68bn. Broad money supply (M3) fell by ₦1.05tn to ₦123.36tn in January, driven largely by a decline in net foreign assets, which dropped to ₦29.61tn from ₦31.51tn in December. The naira strengthened during the month, closing at ₦1,391/$ compared with ₦1,431/$ at the start of January, contributing to the lower naira value of foreign assets. Meanwhile, net domestic assets rose to ₦93.76tn, up ₦850.76bn month-on-month, reflecting stronger domestic credit and liquidity conditions. Narrow money also increased to ₦42.33tn, showing a year-on-year rise of ₦5.57tn. Against this backdrop, the Monetary Policy Committee (MPC) cut the benchmark interest rate by 50 basis points to 26.5%, citing easing inflation and improved FX stability. Governor Olayemi Cardoso said food inflation fell to 8.89%, the lowest in 13 years. Cardoso reaffirmed the MPC’s commitment to evidence-based policy, noting that “the ongoing disinflation trajectory would continue, largely supported by sustained exchange rate stability and enhanced food supply.”

The Central Bank of Nigeria (CBN) has revised its guidelines on dormant bank accounts, removing the mandatory requirement for customers to present affidavits when reactivating such accounts.

The Central Bank of Nigeria (CBN) has directed commercial banks to block large-ticket loan defaulters from accessing new credit facilities or certain banking services.

Nigeria's External Reserves Hit $50bn, Highest in Over a Decade - CBN The Central Bank of Nigeria (CBN) has announced that the country’s gross external reserves have surpassed the $50bn mark, reaching their highest level in over 13 years. Governor Olayemi Cardoso disclosed this milestone on...

30 Banks Hit Recapitalisation Target - CBN   The Central Bank of Nigeria (CBN) has officially confirmed that 30 banks have successfully met the new minimum capital requirements under the ongoing banking sector recapitalisation programme. The announcement was made on Thursday by CBN Governor Olayemi Cardoso during...