Business Briefings
Central Bank of Nigeria Orders Banks to Submit Forbearance and Capital Reinforcement Plans
The Central Bank of Nigeria has instructed banks to present detailed capital restoration strategies as part of efforts to transition out of the regulatory forbearance regime. This directive was disclosed in a circular signed by the Director of Banking Supervision, Olubukola Akinwunmi.
According to the CBN, affected banks must submit their restoration plans within ten working days after each quarter, beginning from June 30, 2025. These plans should include management’s approaches to restoring compliance, such as cost-reduction, lowering risky assets, restructuring business operations, and offloading major risks.
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The regulator stated that these plans would be reviewed and monitored closely as part of ongoing supervision. Additionally, banks are required to provide quarterly reports detailing provisioning statuses, reconciliations, capital adequacy ratios (with and without relief measures), credit migration data, and disclosures on AT1 instruments.
The CBN emphasized that these new steps are designed to ensure financial system stability and encourage responsible banking practices as Nigeria exits the forbearance framework.
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CBN Moves to Raise N3 Trillion Through Treasury Bills Auctions
The Central Bank of Nigeria is set to raise N1.05 trillion through a Treasury Bills auction, bringing total short-term borrowing to nearly N3 trillion within two weeks. The issuance, conducted on behalf of the Debt Management Office, will be executed using a Dutch auction system, allowing yields to be determined by market demand and prevailing…
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Court Fines 10 Filipinos $6 Million Over Cocaine Smuggling in Nigeria
A Federal High Court in Lagos has convicted 10 Filipino sailors and their vessel, MV Nord Bosporus, imposing a combined penalty of $6 million and N1.1 million for drug trafficking offences. The ruling followed the seizure of 20 kilograms of cocaine aboard the vessel at the Apapa seaport in November 2025 by operatives of the…
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Naira Holds Steady at N1,844/£ Amid Market Stability Efforts
The Nigerian naira maintained relative stability against the British pound, trading at an average of N1,844/£ during midweek sessions in the official market. Data from the Nigerian Foreign Exchange Market showed the currency holding near the N1,850 resistance level, supported by investor confidence and monetary policy signals from the Central Bank of Nigeria. Market participants…