Echotitbits – Nigeria News

Tag: CBN

  • Naira Maintains Stability as CBN Projects Positive 2026 Outlook

    Naira Maintains Stability as CBN Projects Positive 2026 Outlook

    Naira Maintains Stability as CBN Projects Positive 2026 Outlook

    The naira traded within a narrow band mid-week as CBN interventions and a more optimistic 2026 forecast supported FX market stability.

    Further reporting across multiple outlets indicates the development is drawing heightened attention, with stakeholders watching for next steps from relevant authorities and institutions.

    Echotitbits take: Stability is the goal, but the true test will be the CBN’s ability to maintain these levels without burning through foreign reserves. Keep an eye on the February inflation data to see if the currency stability translates to lower consumer prices.

    Source: The Guardian — https://guardian.ng/business-services/cbn-survey-projects-steady-naira-improved-economic-activities-in-2026/ (2026-01-21)

    Photo credit: The Guardian

    2026-01-21 15:00:00

  • Banks begin passing ₦50 stamp duty on eligible transfers to senders under tax changes

    Banks begin passing ₦50 stamp duty on eligible transfers to senders under tax changes

    Reporting by Leadership indicates banks are shifting the ₦50 stamp duty charge on qualifying electronic transfers (notably above a stated threshold) to senders, aligning with changes in the tax regime.

    The development affects how customers perceive transfer costs and could influence behaviour—some may bundle transactions or switch to alternative payment rails to minimise charges.

    Industry analysts say clearer disclosure is essential, as hidden or inconsistent charges can damage trust and push users back toward cash.

    Regulators will be watching implementation consistency across banks and consumer-protection compliance, including dispute resolution for wrongly applied charges.

    Echotitbits take: Small charges scale quickly. Watch for uniform application, clear customer notices, and whether fees trigger a shift to wallets/USSD alternatives—or a return to cash.

    Source: The Punch – https://punchng.com/banks-to-charge-%E2%82%A650-stamp-duty-on-transfers-above-%E2%82%A610000-from-january-1/ 11 January 2026

    The Punch 2026-01-11

    Photo Credit: The Punch

  • CBN Projection Puts Petrol Around N950/Litre, Raising Fresh Inflation Concerns

    CBN Projection Puts Petrol Around N950/Litre, Raising Fresh Inflation Concerns

    According to Vanguard, a CBN-linked macro projection suggests petrol could average around N950 per litre, reflecting a model-driven outlook shaped by exchange rates and supply costs. (more…)

  • Naira Dips Slightly as Foreign Reserves Rise to $45.6 Billion

    Naira Dips Slightly as Foreign Reserves Rise to $45.6 Billion

    Figures cited by Daily Post show the naira recorded a mild dip at the official market, trading around ₦1,419.72 per dollar after a strong early-year run. The move marked the currency’s first reported depreciation of 2026.

    At the same time, the Central Bank of Nigeria said foreign reserves continued to rise, reaching about $45.64 billion, suggesting a strategy of building liquidity buffers rather than heavy immediate market intervention.

    The parallel market was also reported to have softened slightly. Analysts cited seasonal Q1 import demand and post-holiday business activity as factors behind short-term volatility.

    Vanguard and Leadership carried related market commentary, including calls to watch CBN liquidity actions and policy signals.

    Echotitbits take: A small dip isn’t panic territory. Rising reserves give the CBN more room to stabilize markets if pressure builds—watch policy signals at the next MPC meeting.

    Source: Daily Post – https://dailypost.ng/2026/01/02/naira-records-n100-appreciation-against-dollar-foreign-reserves-rise-to-45-5bn-in-2025/ 2026-01-09

    Photo Credit: Daily Post

  • Regulators Mandate Fast Refunds for Failed Electronic Transactions

    Regulators Mandate Fast Refunds for Failed Electronic Transactions

    According to Premium Times, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have finalized a joint regulatory framework to address the persistent issue of failed airtime and data purchases. The new policy mandates that subscribers who are debited without receiving value must be refunded within a specified short window, significantly reducing the current resolution time which often stretches into days.

    The framework introduces a Central Monitoring Dashboard, which will be co-hosted by the two regulators. The dashboard is designed to provide real-time visibility into transaction failures across Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs), ensuring providers are held accountable for technical glitches and system downtimes.

    Stakeholders including Value Added Service (VAS) providers and financial institutions participated in months of negotiations to reach the agreement. Regulators say it responds to a surge in complaints about “hanging” funds during network instabilities, which has eroded trust in the digital economy.

    The Punch reports that banks and telecom operators have been given a March 1, 2026 deadline to fully implement the new refund framework, while BusinessDay highlights the technical target of near-instant refunds for failed airtime and data purchases to match the pace of modern fintech competitors.

    Echotitbits take: This is a major win for consumer rights in Nigeria’s digital space. By integrating NCC and CBN monitoring systems, the policy reduces the long-running “blame game” between banks and telcos. If implemented well, it could lift digital transaction volumes as confidence improves.

    Source: The Punch – https://punchng.com/ncc-cbn-unveil-refund-framework-for-failed-airtime-data-transactions/ 2026-01-09

    Photo Credit: The Punch

  • Parallel Market Pressure Deepens as Naira Slides to ₦1,490 per Dollar

    Parallel Market Pressure Deepens as Naira Slides to ₦1,490 per Dollar

    According to Vanguard, the naira came under fresh pressure in the parallel market on Thursday, weakening to about ₦1,490/$—down from roughly ₦1,470/$ earlier in the week.

    Figures from the Nigerian Foreign Exchange Market (NFEM) also showed a mild softening in the official close, moving from about ₦1,416/$ to ₦1,421/$, widening the spread between official and street rates.

    Market watchers linked the renewed volatility to seasonal FX demand and speculative positioning, even as the central bank has continued to signal optimism around reserve buildup and longer-term convergence.

    **Echotitbits take:** The persistent gap between official and parallel rates remains a key credibility test for FX reforms. If liquidity at the retail end stays tight, expect more pressure on prices and confidence—watch closely for the CBN’s next market-facing intervention.
    Source: Guardian — https://guardian.ng/business-services/naira-eyes-n1300-at-parallel-market-as-speculators-offload-fx/ 2026-01-08

    Photo Credit: Guardian

  • CBN projects faster growth and stronger reserves in 2026 as inflation eases

    CBN projects faster growth and stronger reserves in 2026 as inflation eases

    According to Premium Times, the CBN’s 2026 macro outlook projects faster economic expansion alongside further inflation moderation and stronger external buffers.

    The baseline assumes reform momentum continues—supporting business confidence, improving FX market credibility, and lifting investment planning if volatility stays contained.

    On prices, the outlook points to headline inflation easing further in 2026 as food and energy pressures cool and supply conditions improve, though risks remain from oil-output shocks and fiscal slippages.

    CBN also sketches a fiscal picture that still requires revenue reforms and expenditure discipline to avoid renewed macro stress.

    Vanguard reported the central bank forecast includes “a 4.49 per cent growth in GDP” and external reserves rising to “$51.04 billion.” Leadership similarly highlighted that CBN “forecasts $51bn external reserves in 2026.”

    Echotitbits take: This is cautious optimism, not a victory lap. Watch oil output, FX liquidity, and whether fiscal discipline holds—those will decide if the forecast becomes reality.

    Source: Premium Times – https://www.premiumtimesng.com/news/top-news/846528-nigerian-economy-expected-to-grow-4-49-in-2026-inflation-to-ease-cbn.html December 30, 2025
    Premium Times December 30, 2025

    Photo Credit: Premium Times

  • CBN warns bank recapitalisation could crowd out other capital-market fundraising

    CBN warns bank recapitalisation could crowd out other capital-market fundraising

    Reporting by Punch indicates the Central Bank of Nigeria (CBN) is warning that the ongoing bank recapitalisation drive could tilt capital-market funding even more heavily toward banks, leaving other issuers struggling to attract investor attention.

    The concern is not that recapitalisation is unnecessary, but that liquidity could become concentrated in bank equity and related offers if multiple large fundraises hit the market around the same time.

    CBN’s outlook describes a generally bullish capital-market tone, but stresses that momentum can become fragile when one sector dominates deal flow, raising concentration risk.

    For corporates outside banking, the implication is tougher pricing and slower book-building if banks keep taking the front seat through 2026.

    Elsewhere, ThisDay quoted the apex bank warning the market could face “higher concentration risk” and that recapitalisation may “crowd-out other issuers.” Premium Times also noted the central bank’s caution that rising non-performing loans and concentration risks could weigh on growth outcomes.

    Echotitbits take: The sequencing of bank offers will matter. If multiple tier-1s fundraise in the same quarter, expect wider discounts and weaker demand for non-bank IPOs and bonds. Timing discipline and a deeper investor base are the pressure valves.

    Source: BusinessDay – https://businessday.ng/companies/article/cbn-sees-capital-market-extending-bullish-streak-on-bank-recapitalisation/ January 7, 2026
    BusinessDay  January 7, 2026

    Photo Credit: BusinessDay

  • Amaka Onwughalu Steps in as New Chairperson of Fidelity Bank Board

    Amaka Onwughalu Steps in as New Chairperson of Fidelity Bank Board

    According to The Guardian, Fidelity Bank Plc has officially transitioned its leadership, with Amaka Onwughalu assuming the role of Chairperson of the Board of Directors. She succeeds Mustafa Chike-Obi, whose highly successful tenure concluded on December 31, 2025. Onwughalu, a veteran with over three decades of experience in the banking sector, including senior roles at the former Mainstreet Bank and Skye Bank, is expected to lead the institution through its next phase of international expansion.

    The transition comes as the bank celebrates a period of significant growth, including the oversubscription of its recent public offer and its successful expansion into the United Kingdom market. The Board expressed confidence that Onwughalu’s deep expertise in risk management and corporate governance will sustain the bank’s upward trajectory and strengthen market confidence.

    This corporate update was also tracked by ThisDay and Leadership. ThisDay noted that ‘Onwughalu’s appointment aligns with the CBN’s guidelines on board diversity and tenure,’ while Leadership quoted an industry analyst who stated, ‘Replacing a titan like Chike-Obi is a tall order, but Onwughalu has the institutional memory to pull it off.’

    Echotitbits take: Fidelity Bank is currently one of the most aggressive ‘tier-2’ banks aiming for ‘tier-1’ status. Onwughalu’s primary challenge will be maintaining the digital innovation and Eurobond repayment momentum established by her predecessor. Watch for new retail banking products targeting the Nigerian diaspora in the UK under her leadership.
    Source: Fidelity Bank – https://www.fidelitybank.ng/fidelity-bank-appoints-onwughalu-as-chairman-following-completion-of-chike-obis-tenure/ January 5, 2026

    Photo Credit: Fidelity Bank

  • Otedola Applauds FirstBank’s N500 Billion Capital Milestone

    Otedola Applauds FirstBank’s N500 Billion Capital Milestone

    Figures cited by Premium Times show that FirstBank of Nigeria has successfully completed its N500 billion capital raise, a move lauded by billionaire investor Femi Otedola. Otedola praised both President Tinubu and CBN Governor Yemi Cardoso for creating the regulatory environment that allowed for such a massive capital injection.

    The capital raise is part of the CBN’s mandate for commercial banks to strengthen their balance sheets to support a 1 trillion economy. FirstBank’s success is seen as a bellwether for the rest of the banking sector, many of whom are still in the middle of their own rights issues or public offers.

    The Nation added that the ‘economy will profit from financial sector reforms,’ noting that stronger banks will be better positioned to lend to the real sector. BusinessDay also listed this as one of the ’25 deals that shaped Nigeria’s corporate environment,’ marking it as a defining moment for 100-year-old institution.

    Echotitbits take: FirstBank reaching this goal ahead of schedule is a massive liquidity boost for the Nigerian stock exchange. Expect Otedola to continue pushing for a ‘N1 trillion capital base’ as the new gold standard for Tier-1 banks in Nigeria.

    Source: Premium Times — https://www.premiumtimesng.com/business/business-news/847084-otedola-urges-cbn-to-raise-banks-capital-to-%E2%82%A61-trillion-as-firstbank-meets-%E2%82%A6500bn-requirement.html
    Premium Times January 2, 2026

    Photo Credit: Premium Times