CBN

The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in the country, marking a potential expansion of the global financial institution’s presence in Nigeria’s financial services market.

The CBN reduced its Monetary Policy Rate from 26.5 percent to 23 percent in September, signalling a shift towards a less restrictive monetary policy environment. However, yields on Open Market Operations bills and Federal Government bonds have remained elevated, cushioning the immediate impact of the policy change on banks’ investment income.

The Central Bank of Nigeria (CBN) has engaged Nigerian and Chinese business leaders on improving cross-border payments, strengthening banking relationships and expanding investment flows between the two economies.

The auction, scheduled for Thursday, October 22, comprises ₦1 trillion each in 138-day and 180-day bills, according to the CBN’s notice. Bidding is scheduled between 1 pm and 1:30 pm.

Director of the IMF’s African Department, Zeine Ould Zeidane, said Nigeria had made significant progress in reducing inflation following a period of elevated price pressures and high real interest rates.

Central Bank of Nigeria Governor Olayemi Cardoso on Thursday defended September’s surprise interest-rate reduction, saying stronger economic conditions gave the bank room to repair weaknesses in how its policy decisions influence financial markets.

Nigeria’s gross external reserves stood at $55.08bn as of October 9, 2026, following a revision of data published by the Central Bank of Nigeria (CBN).

Data published on the CBN’s website showed that reserves increased from $54.95bn on October 2 to $55.07bn on October 8, reflecting continued growth in the country’s external buffers at the beginning of the month.

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its “failure to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over ₦1.63 trillion in other public funds.”

Since the inauguration of President Bola Ahmed Tinubu in May 2023, the MPR has maintained an upward trajectory; rising from about 18.05 per cent to 27.50 per cent as of September 2025, when it was reduced marginally by 50 basis points to 27 percent.