Echotitbits – Nigeria News

Tag: Olayemi Cardoso

  • Naira Maintains Stability Against Dollar Amid Low Speculative Demand

    Naira Maintains Stability Against Dollar Amid Low Speculative Demand

    Figures cited by Vanguard show that the Nigerian Naira opened at ₦1,367.10 per dollar in the official window this Friday, maintaining a steady course below the ₦1,400 threshold. Financial analysts attribute this relative calm to the Central Bank of Nigeria’s (CBN) consistent market interventions and a transparent electronic trading framework that has significantly dampened the activities of currency speculators.

    The currency’s performance was also tracked by BusinessDay and The Cable, which both reported a narrowing gap between the official and parallel markets. BusinessDay observed that “the absence of aggressive hoarding has stabilized retail demand,” while The Cable quoted a BDC operator in Abuja saying, “The market is no longer as volatile as it was last year; supply is more predictable now.”

    Market experts suggest that the current stability is a result of a 15.15% moderating inflation rate and the CBN’s decision to maintain the Monetary Policy Rate at 27.00%. This high-interest-rate environment has continued to attract foreign portfolio investment, providing the necessary liquidity to support the local currency.

    Echotitbits take: The Naira’s stability is a win for the CBN’s orthodox monetary policies. However, for this to be sustainable in the long term, Nigeria needs to significantly diversify its export base to move beyond total reliance on oil-driven forex inflows.

    Source: Legit.ng – https://www.legit.ng/business-economy/economy/1695016-dollar-stumbles-year-naira-opens-month-a-surprise-surge/, February 6, 2026

    Photo credit: Legit.ng

  • Central Bank Tightens Capital Requirements for Nigerian Merchant Banks

    Central Bank Tightens Capital Requirements for Nigerian Merchant Banks

    The Central Bank of Nigeria (CBN) has issued a new circular raising the minimum capital base for merchant banks, a move aimed at strengthening resilience in a volatile global environment and ensuring specialized banks can back large-scale projects.

    Affected institutions have a 12-month window to meet the revised thresholds, with the CBN framing the directive as part of positioning Nigerian banks for cross-border competitiveness under the AfCFTA framework.

    Analysts expect the policy to trigger consolidation through mergers and acquisitions among smaller merchant banks, as the regulator insists the transition will be managed to avoid service disruptions.

    Echotitbits take: This looks like phase two of the recapitalization agenda that began in 2024. By forcing merchant banks to scale, the CBN is signaling it wants fewer but stronger institutions capable of financing industrial projects rather than just trading. Watch for fresh capital-raise announcements on the NGX.
    Source: The Punch – https://punchng.com/banks-strengthen-capital-base-as-cbn-tightens-controls-2/ 2026-01-27

    Photo Credit: The Punch

  • CBN Forecasts 4.49% GDP Growth for 2026 Amid Lower Inflation Targets

    CBN Forecasts 4.49% GDP Growth for 2026 Amid Lower Inflation Targets

    According to The Nation, the Central Bank of Nigeria has projected an optimistic economic outlook for 2026, forecasting a 4.49% growth in Gross Domestic Product. The apex bank also anticipates that inflation will ease significantly, aiming for an average of 12.94% by the end of the year.

    The projections are based on the expected stabilization of the foreign exchange market and an increase in domestic oil production. The CBN believes that the ‘painful but necessary’ reforms of the past two years are finally yielding a foundation for sustainable non-oil sector expansion.

    This optimism is shared by the World Bank, which recently gave a ‘positive verdict on Nigeria’s economic growth trajectory,’ citing three years of unbroken growth. Furthermore, The Guardian reported that AI integration in the financial sector will ‘revolutionize risk pricing and personalized liquidity management,’ further supporting the CBN’s modernization goals.

    Echotitbits take: Achieving sub-13% inflation from the highs of 2024–2025 is an ambitious target. Watch for the CBN to maintain high interest rates well into mid-2026 to ensure this disinflationary trend isn’t disrupted by election-cycle spending or supply shocks.

    Source: The Guardian — https://guardian.ng/business-services/cbn-projects-4-49-growth-lower-inflation-in-2026-outlook/
    The Guardian January 3, 2026

    Photo Credit: The Guardian

  • CBN flags 2026 growth at 4.49%, expects inflation slide to 12.94%

    CBN flags 2026 growth at 4.49%, expects inflation slide to 12.94%

    2025-12-31 09:00:00

    According to The Nation, the Central Bank of Nigeria’s latest macro outlook projects real GDP growth of about 4.49% in 2026, while average inflation is expected to ease to roughly 12.94% as reforms, forex stability and improved output begin to bite.

    The outlook points to a mix of stronger non‑oil activity and a steadier external position, with the apex bank signalling that structural reforms and better macro coordination could support a more durable recovery.

    Markets will watch whether the assumptions—especially oil output and FX conditions—hold into Q1 2026, and how the forecast shapes monetary-policy expectations.

    Reuters also reported that the CBN “forecasts 4.49% economic growth” and sees inflation “easing to an average 12.94% in 2026,” while BusinessDay similarly wrote that Nigeria’s economy is “projected to expand by 4.49 percent in 2026.”

    Echotitbits take: The headline numbers look optimistic versus Nigeria’s recent inflation experience. The real test is whether disinflation is driven by supply (food, logistics, energy) and FX stability—not just base effects. Watch Q1 inflation prints and CBN messaging on rates/liquidity.

    Source: Guardian — December 31, 2025 (https://guardian.ng/business-services/cbn-projects-4-49-growth-lower-inflation-in-2026-outlook/)

    Guardian December 31, 2025

    Photo Credit: Guardian

  • Reps set January deadline for CBN to reconcile alleged ₦5.2trn unremitted surplus

    Reps set January deadline for CBN to reconcile alleged ₦5.2trn unremitted surplus

    Photo Credit: Punch
    2025-12-16

    Nigeria’s House of Representatives committee investigating public revenue flows has fixed January deadlines for the Central Bank of Nigeria to submit reconciliation reports over an alleged ₦5.2 trillion unremitted operating surplus.

    According to the committee’s position, the reconciliation is to be completed with the Ministry of Finance and the Fiscal Responsibility Commission, after which the CBN governor is expected to appear before lawmakers for further clarification.

    The dispute goes to the heart of fiscal transparency: how government revenues are recorded, what qualifies as ‘operating surplus’, and whether remittances are made on time into the federation’s accounts.

    While investigations can improve accountability, they also raise questions about institutional friction between fiscal authorities and the apex bank at a time Nigeria needs coherent policy messaging to investors.

    The Guardian: Wale Edun said “Federal Government revenue is a critical aspect of government operations… We need clarity and accuracy in both fiscal and monetary management.”

    Channels TV: “The resolution was reached following a motion alleging non-remittance of over ₦5 trillion operating surplus and ₦11 trillion government revenue by the CBN.”

    Analysis/Echotitbits take: Expect more hearings and document requests — and possibly legislative pressure for quick remittances. Watch the reconciliation timeline, any updated figures, and whether this spills into broader debates about CBN governance and oversight.

    Source: Punch — December 16, 2025 — https://punchng.com/reps-give-cbn-deadline-to-reconcile-n5-2tn-unremitted-operating-surplus/

     

  • CBN Overhauls Agric Credit Guarantee to Support Small Farmers

    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