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JUST IN: 8 banks meet new CBN recapitalisation, MPC maintains 27% lending rate

Published

5 months ago

July 22, 2025

JUST IN: 8 banks meet new CBN recapitalisation, MPC maintains 27% lending rate

The Central Bank of Nigeria (CBN) has retained the benchmark Monetary Policy Rate (MPR) at 27.5 per cent as inflation is losing its grip on the Nigerian economy.

The CBN governor, Olayemi Cardoso, conveyed the decision on Tuesday at the 301st Monetary Policy Committee meeting held in Abuja.

Cardoso said the committee decided to maintain the current monetary policy stance.

Cardoso said, “All 12 members of the committee were in attendance. The committee maintains the current monetary policy stance of holding all policy parameters constant, as follows: One, retain the Monetary Policy Rate at 27.50 per cent, to the asymmetric corridor around the MPR at plus 500 to minus basis points.

“Retain the Cash Reserve Ratio, for deposit money banks at 50 per cent and for merchant banks at and four, keep the liquidity ratio unchanged.”

Recall that the committee decided at the 300th meeting of the MPC held on 19th and 20th May 2025, to retain the MPR at 27.50 per cent.

The bank also retained the asymmetric corridor around the MPR at +500/-100 basis points and retained the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent and Merchant Banks at 16 per cent.

The 300th MPC decision was hinged on the relative improvements in some key macroeconomic indicators, which are expected to support the overall moderation in prices in the near to medium term.

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However, in its fresh decision, the apex bank governor said the decision was made to sustain the continuous fight against inflation.

Cardoso said, “Maintaining the current policy stance will continue to address the existing and emerging inflationary pressure.

The MPC will continue to undertake rigorous assessment of economic conditions, price development and outlook to inform future policy decisions.”

On the consideration, the apex bank boss said the committee noted the decline in headline inflation in June 2025, the third consecutive month of deceleration.

“This was largely driven by the moderation in energy prices and stability in the foreign exchange market,” he said adding, “Despite these positive developments, members observed the uptick in month-to-month headline inflation, suggesting the persistence of underlying price pressures.”

He noted that continued global uncertainties with the tariff wars and geopolitical tensions could further exacerbate supply chain disruption and exert pressure on the prices of imported items.

The apex bank boss disclosed that eight banks have met the new recapitalization requirement and expressed confidence in the banking sector.

Cardoso said, “MPC also noted the continued stability in the banking system, evidenced by the stable financial soundness indicators (FSIs) which the ongoing banking recapitalization exercise would further support.

“The MPC noted that eight banks have fully met the recapitalisation requirements, while others are making progress towards meeting the deadline.

“The committee urged the management of the bank to sustain its oversight of the banking system to ensure continued resilience, safety and soundness of the financial system.”

JUST IN: 8 banks meet new CBN recapitalisation, MPC maintains 27% lending rate

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Imo Economic Summit: Aliko Dangote Vows to Become State’s Largest Investor

Published

2 days ago

December 4, 2025

Trends Admin

Imo Economic Summit: Aliko Dangote Vows to Become State’s Largest Investor

OWERRI — Africa’s richest man, Aliko Dangote, has assured Imo State Governor Hope Uzodimma that the Dangote Group is prepared to become one of the biggest investors in Imo State, reaffirming the conglomerate’s commitment to expanding its footprint in Nigeria.

Speaking on Thursday during the opening session of the Imo Economic Summit 2025, Dangote called on the state government to specify key sectors requiring investment, promising immediate action once directives are given.

Dangote, who described Governor Uzodimma as a long-time friend, commended him for fostering an enabling environment for business and economic growth in the state.

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“We will be one of your biggest investors in Imo. So please tell me the area to invest and we will invest,” he said.

The African industrialist also encouraged Nigerian entrepreneurs to focus on developing their home regions, stressing that sustainable economic growth cannot depend on foreign capital alone.

“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he noted.

Dangote further highlighted progress at the Dangote Refinery, announcing that the facility is on track to achieve a 1.4 million barrels-per-day production capacity, making it the largest single-train refinery in the world.

The assurance marks a significant boost for Imo State’s investment outlook as the government continues efforts to strengthen its economy and attract large-scale private sector participation.

Imo Economic Summit: Aliko Dangote Vows to Become State’s Largest Investor

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Court of Appeal Affirms Ruling Barring VIO from Seizing Vehicles or Fining Motorists

Published

3 days ago

December 4, 2025

Trends Admin

Court of Appeal Affirms Ruling Barring VIO from Seizing Vehicles or Fining Motorists

The Court of Appeal, Abuja, on Thursday, upheld a previous Federal High Court judgment prohibiting the Vehicle Inspection Officers (VIO) and the Directorate of Road Traffic Services (DRTS) from confiscating vehicles or imposing fines on motorists without lawful authority.

A three-member panel of appellate justices, led by Justice Oyejoju Oyewumi, dismissed the appeal filed by the VIO, describing it as lacking merit and affirming the October 16, 2024 ruling of the high court.

The original suit, marked FHC/ABJ/CS/1695/2023, was filed by public interest lawyer Abubakar Marshal, who alleged that he was unlawfully stopped and had his vehicle confiscated by VIO officials at Jabi District, Abuja, on December 12, 2023. He contended that the action was a violation of his fundamental rights.

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Justice Nkeonye Maha of the Federal High Court had declared that no law empowers the VIO to stop, seize, impound, or fine motorists, and granted a perpetual injunction restraining the agency and its agents from further violating citizens’ freedom of movement, presumption of innocence, and right to own property.

The court held that only a court of competent jurisdiction can impose fines or sanctions on motorists. It further ruled that the actions of the Respondents violated Section 42 of the 1999 Constitution and relevant articles of the African Charter on Human and Peoples’ Rights.

Although the applicant had sought N500 million in damages and a public apology, the court awarded him N2.5 million. Respondents included the Director of the Directorate of Road Traffic Services, the Abuja Area Commander, the team leader, and the Minister of the Federal Capital Territory.

The appellate court’s decision confirms that the VIO and DRTS cannot legally harass motorists, reinforcing citizens’ constitutional rights on the road.

Court of Appeal Affirms Ruling Barring VIO from Seizing Vehicles or Fining Motorists

Business

BREAKING: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal

Published

4 days ago

December 3, 2025

Trends Admin

BREAKING: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal

The Central Bank of Nigeria (CBN) has announced sweeping changes to its cash-handling regulations, removing all limits on cash deposits and increasing the weekly cash withdrawal limit across all channels to N500,000, up from N100,000.

The changes were detailed in a circular titled “Revised Cash-Related Policies,” issued to all banks and signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.

According to the apex bank, the revised framework is part of ongoing efforts to reduce the rising cost of cash management, strengthen security, and address money laundering concerns linked to Nigeria’s heavy dependence on cash transactions. The CBN noted that previous cash-related policies were introduced to discourage excessive cash usage and promote electronic payment systems, but evolving realities necessitated an update.

Effective January 1, 2026, several major adjustments will take effect. The cash deposit limit has been completely removed, and charges on excess deposits have been scrapped. Weekly withdrawal limits have also been increased to N500,000 for individuals and N5 million for corporate entities, with withdrawals beyond these levels attracting prescribed excess charges.

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The special monthly authorisation, which previously allowed individuals to withdraw N5 million and corporates N10 million once a month, has been discontinued.

For ATM withdrawals, the daily limit remains N100,000 per customer, with a maximum of N500,000 weekly, forming part of the overall withdrawal limit applicable to all channels, including POS transactions.

Excess withdrawals above approved thresholds will attract fees of 3% for individuals and 5% for corporate customers, shared between the CBN and the operating bank in a 40:60 ratio.

Banks have also been instructed to load all currency denominations in ATMs. The cap on over-the-counter encashment of third-party cheques remains fixed at N100,000, and such payments will count toward the cumulative weekly withdrawal limit.

Furthermore, financial institutions are required to submit monthly compliance reports to supervisory departments, including the Banking Supervision Department, Other Financial Institutions Supervision Department, and Payments System Supervision Department.

The circular clarified that revenue-generating accounts of federal, state, and local governments, as well as accounts held by microfinance and primary mortgage banks, are exempt from the new rules. However, long-standing exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have now been removed.