The Central Bank of Nigeria announced a major revamp of the Agricultural Credit Guarantee Scheme Fund to expand credit access for smallholder farmers. Governor Olayemi Cardoso described the reset as a strategic move to strengthen food security and inclusive growth.
The overhaul includes a reconstituted board and renewed policy direction aimed at improving risk management and last-mile lending impact.
2025-12-10
Vanguard
2025-12-10
The naira weakened further in the parallel market while holding a different rate at the official NFEM window, widening the spread between both markets. The movement reflects ongoing demand-supply tension in the FX ecosystem.
Analysts warn that persistent gaps can fuel speculative pricing and complicate planning for import-dependent sectors.
2025-12-10
Vanguard
2025-12-10
The Central Bank of Nigeria has granted final operating licences to 82 Bureaux De Change under updated regulatory guidelines, warning the public to transact only with authorised operators.
The move is part of broader FX-market reforms aimed at tightening compliance and reducing parallel-market abuses.
Source:The Nation, 2025-12-08
Planned withdrawal of Unstructured Supplementary Service Data (USSD) short code service that enables bank transfer from mobile device, has been suspended by telecommunications operators in the country.
The withdrawal of the said suspension of service, which was to take effect from Monday, March 15, came as the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) announced that bank customers would begin to pay N6.98 kobo per USSD transaction as against N4.
The telco’s decision to suspend the USSD bank transfer service was justified by the failure of banks and other financial service providers to remit the sum of N42 billion debts incurred by banks in the last eight months through the use of the service.
But at a meeting of stakeholders on Monday evening in Abuja by the Minister of Communications and Digital Economy, Dr. Isa Pantami, the telcos agreed to suspend service withdrawal.
All parties at the meeting on Monday agreed that effective March 16, USSD services for financial transactions conducted at DMBs and all Central Bank of Nigeria (CBN) licensed institutions would be charged at a flat rate of N6.98 per transaction. The agreed new price regime now replaces the current N4 per session billing.
The Acting Director, Corporate Communications, Central Bank of Nigeria (CBN), Osita Nwanisobi, and the Director of Public Affairs at NCC, Dr. Ikechukwu Adinde, said in a joint statement that the new approach will ensure transparency and same cost, regardless of number of sessions per transaction.
With the new USSD price structure, there is now a flat fee per USSD session however long or whatever the number of messages making up the session.
Before this new rate, a session usually last 20 seconds, meaning that for each session N4 is charged, even if the transaction is not completed or failed along the line. But in this new rate, 20 seconds session has been abolished, and no cost implication until a transaction is completed.
According to CBN’s Nwanisobi and NCC’s Adinde, the new USSD charges will be collected on behalf of MNOs directly from customers’ bank accounts. It pointed out that banks would not impose additional charges on customers for the use of USSD Channel.
On the N42 billion USSD service debt owed by banks, stakeholders came to terms on settlement plan for outstanding.
The statement restated DMBs and MNOs’ commitment to strategies that lower cost and enhance access to financial services.
“With the above resolutions, the impending suspension of DMBs from the USSD channel is hereby vacated. Therefore, DMBs shall no longer be disconnected from the USSD channel.
“The general public is hereby reminded that the USSD channel is optional, as several alternative channels such as mobile apps, Internet banking and ATMs may be used for financial transactions.
“The CBN and NCC shall continue to engage relevant operators and all stakeholders to promote cheaper, seamless access to mobile and financial services for all Nigerians,” the statement read.
A source at the meeting told The Guardian that the two sectors agreed on N1.63k price and N4.50 price cap while a flat fee of N6.98k will be for the transaction.
According to the source, banks will now charge customers for the USSD transaction done on their accounts and settle the telecom operators.
He said the two parties also agreed to work together to deepen and expand digital financial inclusion of the Federal Government and come out with modalities and strategies on USSD.
Stakeholders who attended the meeting included the Deputy Governor, Financial Systems Stability Central Bank Of Nigeria, Aisha Ahmad, who represented the CBN Governor, Godwin Emfiele; Access Bank Group MD, Herbert Wigwe, Chairman of the Committee of Bank CEOs; MTN Nigeria CEO, Karl Toriola; Airtel Nigeria CEO, Segun Ogunanya; 9mobile Executive Director, Abdulrahman Ado; the EVC of NCC, Prof. Umar Danbatta; and Executive Commission, Technical Services, NCC, Ubala Maska and among several banking and telecom stakeholders.
Rivers State Governor, Nyesom Wike, has denied news item circulating in the social media platforms, accusing him of making some remarks in connection with a report that the Central Bank of Nigeria (CBN) would purchase N5 billion worth of gold from Zamfara State Government.
The governor described the report as “a completely false and misleading story.”
According to him, “The purveyors of this barefaced fallacy suggested in their warped story, that Governor Wike was unhappy with the decision of CBN to buy gold from Zamfara State.
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“They claimed that Governor Wike who lamented that the same privileged attention has not been given to the oil from Rivers State, demanded that gold should be made a national cake, adding that he too would proceed to own a gold well in Zamfara State.
“Let us state here categorically that Governor Wike never made such a statement. In fact, we note with a sense of relief, that no major, mainstream news media or press organisation, either print, electronic or online, attached to Government House in Port Harcourt, carried this concocted story.
“So it is a wonder where the mushroom, less than credible social media outlets got the comments, which they claimed Governor Wike made ‘while addressing the press.’”
Wike, in a statement by Rivers State Commissioner for Information and Communications, Paulinus Nsirim, added: “It has indeed become the ugly penchant in recent times, of some cynical and dubious detractors, to drop or insert Governor Wike’s name in their calculated crusade to ignite unprovoked conflict with the hidden ploy to disrupt the recently emerging warm cordiality which has defined the relationship between him and some leaders across geopolitical divides in the country.
“These naysayers have also commenced a devious gambit to insidiously tarnish the overwhelming goodwill which the burgeoning image and reputation of Governor Wike has been enjoying across the country and this latest story is simply the latest installment of their failed efforts.
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“Those familiar with Governor Wike will know that he does not need to resort to such churlish and petty grandstanding portrayed in the silly story, to speak up on any matter whatsoever.
“The write up is thus just another figment of the convoluted imagination of its authors. They goofed big time on this one.
“Nigerians are therefore advised to completely disregard the story, especially now that the Federal Government, CBN and Zamfara State Government have all come out to speak clearly on the matter and set the records straight.”
Idowu Sowunmi
Pharmaceutical Society of Nigeria (PSN) has made a passionate appeal to the Central Bank of Nigeria (CBN) to consider making a special and dedicated allocation of foreign exchange to the healthcare/pharmaceutical companies so that they could procure their machinery/equipment and raw materials in a timely manner.
PSN, in a statement by its President, Sam Ohuabunwa, noted with pleasure that some healthcare/pharmaceutical companies that applied for the special N100 billion CBN facility have been granted.
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While pointing out that the majority of the applicants had not yet successful, PSN tasked CBN on the need to expedite the review and approval of many of the outstanding applications, so that the overall impact on industrial capacity, capability and output would be significantly enhanced in line with the noble objectives of the facility, especially as the novel Coronavirus (COVID-19) pandemic subsists and the need for self-sufficiency in local drug production persists.
Ohuabunwa added that some successful applicants have been experiencing difficulties in accessing foreign exchange in order to carry out their transactions.
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According to him, “The feedback we receive is that many of the beneficiary companies are experiencing tremendous difficulties in accessing foreign exchange to pay for the machinery and equipment in order. Many are compelled to source forex from sundry sources at much higher rates than the official CBN rate. The impact of this portends grave danger and may undermine the noble objectives.
“First, the longer it takes to get the machines and equipment in, the longer it will be for Nigeria to begin to see an enhanced local production.
“Second, the longer it takes, the more difficult it will be for the benefitting companies to begin production and generate cash flow to meet the interest and repayment obligation, as the moratorium is fast depleting.
“Third is that with forex at rates higher than the planned or forecasted rates in the business plan, the money received in Naira may no longer be sufficient to meet the stated needs.
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“And fourth is that the longer the Naira is left in the banks awaiting piecemeal allocation of Forex, the faster the value depreciates by growing inflation and the fewer the number of machinery and equipment or even raw materials that can be bought.
“All these will put an additional burden on the beneficiary companies when it comes to servicing the loans in a timeous manner.
“It is because of the foregoing and to preempt any future problems with prompt servicing of the loans that we make this special appeal to the CBN to consider making the special and dedicated allocation of foreign exchange to the beneficiary companies so that they can procure their machinery/equipment and raw materials in a timely manner, in order, that the beneficial effect of this noble program can be quickly realised and repayment made as and at when due so that the CBN will be encouraged to do more for the Pharma Industry and also to other sectors of the economy.
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“Ideally one would have wished that the loans were granted in two currencies: Foreign currency for equipment purchase and local currency for local purchase (information available in the applications and business plans of beneficiaries). This would have obviated the current challenges being faced by the beneficiary companies.
“Given the current and well-acclaimed responsiveness of our CBN leadership, it’s our hope that the CBN will accede to our request and help the industry to quickly optimise this earnestly prayed- for and long-awaited lifeline.”
Idowu Sowunmi
The Central Bank of Nigeria (CBN) Wednesday demanded statutory powers from the Nigerian Senate to enable freeze bank accounts that are linked to criminal suspects.
This demand was made on behalf of CBN by the Director, Legal Services, Mr Kofo Salam-Alade, who appeared before a Senate Committee Hearing for a new Act seeking to replace the Banks and Other Financial Institutions Act (BOFIA) of 2004.
The lawmakers have commenced the process of repealing/replacing BOFIA 2004 with the re-enactment of BOFIA 2020. However, a particular omission in the new bill has the CBN worried.
In his presentation to the committee, Salam-Alada pointed out that the new BOFIA bill has ‘inadvertently’ omitted a clause that should normally grant the CBN Governor the power to freeze any bank accounts linked to criminals, subject court order.
In 2004, the BOFIA Act had contained this clause. However, the new bill seeking to re-enact BOFIA does not have it. Interestingly, this new bill has passed its second reading at the senate, meaning that it could soon become law.
According to Salam-Alade, the clause should be re-introduced into the new BOFIA bill in order not to frustrate the CBN’s fight against fraud and other financial crimes.
“This omission erodes the powers of the CBN and creates a huge gap in the regulatory and resolution framework. Therefore, we propose that the extant provisions should be reinstated,” Salam-Alada argued.
Also, the CBN director called on the lawmakers to consider the creation of a credit tribunal saddled with the responsibility of addressing persistent issue of non-performing loans in the banking sector.
Salam-Alada explained that such tribunal will fast-track the recovery of loans from banks and other financial institutions through the enforcement of rights over collaterals.
“As part of measures to address the role of nonperforming loans, we propose the creation of a credit tribunal. The overarching objective is to create an efficient regime for the recovery of eligible loans of banks and other financial institutions and enforcement of rights over collateral securities.
“Several new types of licensed institutions have entered the Nigerian financial services sector since the enactment of the 1991 Act. These include the non-interest banks, credit bureaux, payment system service providers, among others. There is a compelling need to introduce new provisions in the bill to address the unique peculiarities of these institutions”, he said.
As a matter of importance to the Apex bank, Salam-Alade also raised the issue of intervention, pointing to the committee the omission of power granted the CBN to intervene and rescue a failing bank in the new BOFIA bill.
Suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has been accused of re-looting funds recovered by the commission as well as bribery.
Magu, who is currently being interrogated by a Presidential Investigation Committee on the EFCC-Federal Government Recovered Assets and Finances from May 2015 to May 2020, headed by retired Justice Ayo Salami, has been accused of mismanagement and lack of transparency in managing recovered assets by EFCC.
A final report of the presidential probe panel obtained by the News Agency of Nigeria (NAN) had seriously indicted and implicated Magu on various allegations levelled against him.
The new facts have emerged on how interest rates accruing from N550 billion recovered by EFCC in the period under review were allegedly re-looted.
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Magu is now expected to disclose the whereabouts of the missing interest funds running into millions of naira.
NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to November 22, 2018, had also confirmed the concerns of the public about contradictory recovery figures emanating from Magu.
“It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount of recovered funds.
“For foreign currency recoveries, EFCC reported a total naira equivalent of N46,038,882,509.87, while the Naira equivalent of the foreign currency lodgments was N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.
“These inconsistencies cast serious doubt on the accuracy of figures submitted by EFCC. It is the committee’s view that EFCC cannot be said to have fully accounted for cash recoveries made by it.
“While EFCC reported total Naira recoveries of N504,154,184,744.04, the actual bank lodgements were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,608,119.43.
“It must be pointed out that the discrepancy of more than thirty-nine billion naira does not include interest accrued in this account since it was opened.
“It, therefore, casts serious doubt on the credibility of the figures and means that a substantial amount of money has not been accurately accounted for.
“Failure to report on the interest on actual lodgements clearly establishes that the interest element of over N550 billion has been re-looted relating to the period under review.
“This is an apparent case of manipulation of data in a very brazen and unprofessional manner and this has greatly eroded the public confidence in the anti-corruption efforts,’’ the report stated in part.
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NAN also reports that PCARA revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit (NFIU) exposed acts of corruption and money laundering against some EFCC officials, including Magu.
“The NFIU reports established that the Acting Chairman has been using different sources to siphon money from EFCC, and in some cases collecting bribes from suspects.
“The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of funds.
“The link to Magu was also established by the payment of N28 million to Falana who is a close associate and ally of the Acting Chairman,’’ PCARA report further revealed.
NAN reports that the Salami probe panel is expected to continue sitting on Monday, while Magu’s lawyer, Oluwatosin Ojaomo, had on Friday applied for an administrative bail for his client, who is facing corruption and other charges before the panel.