The Central Bank of Nigeria (CBN) has issued a directive instructing banks operating under regulatory forbearance to suspend dividend payments, defer bonuses for executives, and halt investments in foreign subsidiaries or offshore ventures.

Nigeria's Debt Crisis and the Moral Failure it Reveals By Umar Farouk Bala The recent announcement that Nigeria has repaid a $3.4 billion loan to the International Monetary Fund (IMF) and a N100 billion Sovereign Sukuk bond has been hailed by the government as a milestone...

IMF Verifies Nigeria's $3.3bn Loan Repayment   The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4bn financial support it received under the Rapid Financing Instrument to cushion the economic impacts of the COVID-19 pandemic. In a statement sent to journalists on...

The World Bank has raised a fresh concern over the rising poverty in Nigeria, saying that a staggering 75.5 per cent of rural dwellers live below the poverty line.

These moves, applauded by both the International Monetary Fund (IMF) and the World Bank, were sold to Nigerians as necessary steps toward economic stability.

Nigeria Set to Clear IMF Loan by 2029   Nigeria is on track to fully repay its International Monetary Fund Rapid Financing Instrument loan by 2029. The latest repayment schedule published by the Fund on its website showed that the country had secured approval for an emergency...