Speaking at the launch ceremony in Abuja, Cardoso described the document as more than a policy framework, calling it a blueprint for Nigeria’s economic future.

He drew a vivid analogy to frame its significance:

“As the government builds roads, schools, and hospitals, we here must also build the invisible roads that move money.”

The governor said PSV 2028 was built on Nigeria’s two decades of rapid payments transformation, driven by instant payment rails, fintech expansion, and growing digital adoption, and would now push that progress further by strengthening infrastructure, deepening inclusion, supporting innovation, and improving Nigeria’s integration into regional and global payment networks.

He was joined at the event by Sterling Bank CEO Abubakar Suleiman, NIBSS Managing Director Premier Oiwoh, SEC Director-General Emomotimi Agama, and Remita CEO Deremi Atanda, among others.

Cardoso set a clear performance benchmark: by 2028, every Nigerian should be able to “send and receive money faster than they can blink,” eliminating the remaining interoperability gaps and settlement delays across financial platforms.

He also laid out economic ambitions for the framework, stating that PSV 2028 would contribute to GDP growth by reducing transaction costs, improving productivity, and expanding trade flows.

“Nigeria’s payments system vision 2028 is critical to national prosperity,” he said.

But Cardoso reserved his most pointed remarks for the question of execution. He warned against the country’s long-standing start-stop policy cycle, saying that well-crafted documents mean little without consistent follow-through.

“The success of this vision will not be measured by the document, but by execution,” he said, adding that performance measurement and accountability would be central to the reform process. “If we do not measure outcomes, we will lose track.”

During a recent tour of the newly refurbished facility, Cardoso stressed that the theatre’s restoration goes beyond an infrastructural upgrade to a strategic investment in the country’s creative economy. 

He noted that the world-class and renovation will serve as a stimulus for job creation, foreign exchange earnings, and the growth of Nigeria’s cultural and entertainment sectors.

“It is estimated that the creative sector can potentially generate about 25 billion US dollars. This [National Arts Theatre], to my mind, would be a great catalyst for that to happen, and as that happens, so will the prosperity of not just the creatives but all Nigerians,” Cardoso stated.

The National Arts Theatre, a known cultural hub, had suffered years of neglect before the Bankers’ Committee stepped in to spearhead its revival. 

The renovation, which began in 2021 following Federal Government approval, involved comprehensive upgrades, including the refurbishment of the main performance hall, banquet halls, cinemas, VIP lounges, and actor dressing rooms. 

Additional improvements included the installation of state-of-the-art lighting, sound systems, modern furniture, and upgraded fire and safety infrastructure.

Cardoso commended the Bankers’ Committee for its vision and investment in the project. “This is highly commendable. One just has to commend the vision and the resources of the Bankers’ Committee for doing this. If it was not for the belief and commitment of those sponsors, this world-class edifice would not have been realised.”

Beyond its modern features, the theatre’s restoration is seen as a statement of Nigeria’s focus on preserving its cultural heritage. “Embedded in what we see here is a lot of the history and culture of the Nigerian people. A lot of our culture is embedded in the structures here, so you will see it’s beyond just an edifice; it is what it represents,” Cardoso added.

The CBN Governor believes the success of the project will ensure further collaborations between the public and private sectors in Nigeria. “When something like this is successful, others will take a cue,” he said, indicating that similar investments in other industries could drive national development.

The theatre’s renovation is expected to have a ripple effect across the creative industry, providing opportunities for young Nigerians in music, film, fashion, and visual arts. 

Nigeria seeks economic diversification, and these initiatives could make this happen, making the country a global hub for creative talent.

The decision, which is the first hold in three years, was announced by the Governor of the CBN, Yemi Cardoso, following the latest Monetary Policy Committee (MPC) meeting in Abuja on Thursday.

The MPC resolved to retain the following key financial parameters:

• Monetary Policy Rate (MPR): 27.5%

• Asymmetric Corridor: +500/-100 basis points around the MPR

• Cash Reserve Ratio (CRR): 50% for Deposit Money Banks, 16% for Merchant Banks

• Liquidity Ratio: 30%

Cardoso explained that the decision to hold rates was influenced by economic conditions, particularly the recently adjusted inflation figures.

The National Bureau of Statistics (NBS) reported that Nigeria’s inflation rate had declined to 24.48% from the previously recorded 34.8% following a rebasing of the Consumer Price Index (CPI).

At the press briefing, Cardoso noted the committee’s cautious approach in assessing the impact of previous policy adjustments. “Members, however, were not oblivious to the risk of persisting inflationary pressures driven largely by food prices,” he stated.

The committee acknowledged the government’s efforts to stabilise the economy, noting improvements in the foreign exchange market and a gradual appreciation of the naira.

Again, security interventions in food-producing regions were referred to as essential for easing food price inflation.

The MPC stressed the need for continued coordination between monetary and fiscal policies to achieve sustainable economic growth and price stability. It also urged the CBN to maintain vigilance over the banking sector amid ongoing global and domestic economic uncertainties.

“The committee highlighted the benefits of the improvements in the external sector to exchange rate stability, including the convergence of rates between the Nigerian foreign exchange market and the bureau de change,” Cardoso noted.

As part of its economic strategy, the CBN reaffirmed its focus on ensuring liquidity in the financial system while implementing measures to strengthen market confidence.

The next MPC meeting is expected to review the effectiveness of current policies and assess potential adjustments based on economic indicators.

This was as traders predicted the dollar’s fall to below N1,000 before the end of the week.

At the official foreign exchange market, data from the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the naira surged by 6.1 per cent or N69 from N1,205/$ recorded on Friday to N1,136/$ on Monday.

The total daily turnover dropped slightly to $251.60m on Monday, from $281.34m recorded on Friday.

The intra-day high also improved significantly, closing at N1,227 per dollar from N1,265 per dollar quoted on Friday.

The intra-day low appreciated by N100/$1 as the dollar was quoted on the spot at N1,000 on Monday, stronger than the N1,100 quoted on Friday.

The improved rate followed a string of foreign exchange directives by the Central Bank of Nigeria aimed at stabilising the naira.

The apex bank last month said it had successfully resolved all valid foreign exchange backlogs, as pledged by Olayemi Cardoso, the CBN governor, addressing inherited claims amounting to $7bn.

Data from the FMDQ also indicated that total inflows into the NAFEM increased by 41.7 per cent to $3.75bn as against $2.64bn in February – the highest level since March 2019 ($6.07bn).

The apex Bank had last week reviewed the exchange rate for the Bureau De Charge operators to N1,101 per dollar from N1,251/$1 as it plans to sell $15.88m to 1,588 eligible BDC operators.

As part of measures to control inflation and stabilise the naira, the CBN last month raised its benchmark interest rate, known as the Monetary Policy Rate by 200 basis points to 24.75 per cent from 22.75 per cent in February 2024.

“We anticipate that the naira would continue to strengthen as the CBN intensifies efforts to bolster liquidity in the market,” analysts at Afrinvest said.

Last week, an investment company, Goldman Sachs Group, said the Naira had already established itself as the top-performing currency globally in April, adding that the local currency was expected to extend its gains, amid the continuing effective policy management by the Central Bank of Nigeria.

Goldman Sachs economists, who previously forecasted in February that the Naira would strengthen to N1,200/$ in 2024, now anticipate it could surpass this level due to aggressive measures by the central bank, including a total of 600 basis points in interest rate increases during policy meetings in February and March.

CBN unveiled disclosed this days after urging banks in the country to expedite action on the recapitalisation of their capital base in order to strengthen the financial system,

Confirming this in Abuja, on Thursday, March 28, 2024, Mrs. Hakama Sidi Ali, the acting director, Corporate Communications Department, said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.

Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026

According to the circular, the move, initially disclosed by Olayemi Cardoso, the CBN governor, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.

To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.

Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.

“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.

“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.

The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.

It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted. However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024.

The CBN also disclosed that it would monitor and ensure compliance with the new requirements within the specified timeline.

The  Committee probing how the N30tn Ways and Means loans were obtained from the Central Bank of Nigeria and spent by the former President Muhammadu Buhari-led administration says it has uncovered  some infractions in the in the process of obtaining the overdraft.

This came to the fore when Chairman of the Senate committee, Senator Isah Jibrin (Kogi East), and other members of the panel met with officials of the CBN at the National Assembly on Tuesday.

The team of CBN officials,  was led by one of the deputy governors of the apex bank, Bala Bello. The ad-hoc committee is probing the disbursement and usage of the N30tn Ways and Means loans obtained during the Buhari administration.

Jibrin alleged that  Godwin Emefiele,  the immediate past former governor of the CBN, unilaterally signed billions of naira in the approval of different tranches of the loans without following due process.

The Kogi lawmaker also accused Emefiele of illegally signing billions of naira in 13 documents. According to the committee chairman, Emefiele ought to have approved the loans in conjunction with the CBN Board of Directors, stressing that he unilaterally signed the loans contrary to the requirements of the CBN Act.

Jibrin said, “The committee of governors ought to be the signatories to the Ways and Means account but in the document we have here, the governor signed billions of naira in about 13 places.

“We want to know the total figure of the Ways and Means. We want to know the summation of the figure.”

The committee chairman further noted that documents available to him on the Anchors Borrowers Programme implemented by the Buhari’s administration indicated that about 70 per cent of the programme had been executed, leaving the remaining 30 per cent.

He said, “On the Anchor Borrowers Programme, you have done well. You did about 70 percent but we must ensure the completion of the remaining 30 percent.”

Jibrin, however, informed that the committee would summon the current CBN governor, Cardoso, to give a detailed account of what he knew about the Ways and Means facility.

The senator said, “Your governor who took over from Emefiele should be able to stand for Emefiele because he took over from him, including his assets.

“Emefiele should provide an explanation to the existing governor.  We will invite the governor and in case he does not have a response, he will contact Emefiele.”

They are; Samuel Chukwuyem Okojere, Abdulmumin Abdulsalam Isa, Dr. Elizabeth Amos Kwaghe.

Others include; Dr. Maureen Omolola Chukwurah, and Mr. Arinze Stanley Records has it, that they   were among the directors transferred to the FSS 2020 division on November 24th of the preceding year.

Reliable sources familiar with the internal workings of the bank said, that the affected officials have already received termination notices since March 15th, 2024.

Although details and reasons for the sack of these top officials still appear quite unclear, it may not be unconnected to the reorganization process at the apex bank.

According sources within the bank, the   directors affected include Trade and Exchange Department, Securities Department, Development Finance Department, as well as Purchasing and Support Services Department.

These directors, according to sources, were initially reassigned to FSS 2020, a division of the bank under the Governor’s Directorate located in the Maitama District of Abuja on November 24th, 2023, and kept in a holding pattern for further directives.

The sources, could not verify whether those being disengaged have been implicated in any wrongdoing.

However, investigations shows that the affected directors had headed departments of the apex bank under the tenure of Godwin Emefiele, whose activities have been under scrutiny by the current administration.

A source at the corporate communication department who confirmed the disengagements noted that there is no official statement on the development yet.

According to the reports, the news of this impending dismissal has been widely circulated since last Thursday.

Meanwhile, the decision still shrouded in confidentiality from the media, has stirred considerable apprehension among CBN staff, who fear it may herald further job cuts under the current management of the banking regulator.

Recall that before this latest development, the CBN had relocated no less than 150 employees from the Banking Supervision Department (BSD), one of its 29 departments, to Lagos. The BSD operates under the Financial System Stability Directorate of the CBN.

The relocation had sparked heated controversy nationwide, with many individuals from northern regions alleging an attempt to displace northern staff from the institution.

However, the CBN dismissed these allegations, maintaining that it was part of a necessary restructuring to ensure thorough onsite examinations of the country’s 24 banks, most of which are headquartered in Lagos. Additionally, the bank cited the need to alleviate congestion at its corporate headquarters.

There have been widespread allegations that political figures abused their privileges during the Buhari Administration to secure positions for their relatives in the CBN, resulting in redundancies.

Consequently, many staff found themselves without proper office space or equipment, such as chairs and desks, at the bank’s headquarters.

The Nigerian government had through the apex bank recently blocked the online platforms of Binance, OctaFX, Coinbase and others to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

Meanwhile, the CBN had in December 2023 reviewed its position on the ban on cryptocurrency transactions in Nigeria.

This was contained in a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by Haruna Mustafa, the Director, Financial Policy and Regulation Department, in which the apex bank stated that “current trends globally showed the need for crypto regulation”.

Then, CBN said it had changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions.

But, yesterday, Dr. Cardoso, Nigeria’s Central Bank Governor, justifying the crypto exchange restrictions, stated that about $26 billion passed through Binance Nigeria in the last one year.

He dropped this hint in response to the questions on the activities of cryptocurrency platforms like Binance, especially how the apex bank thought about balancing currency manipulation and not stifling innovation.

Cardoso argued that the cryto exchange restrictions were based on the fact the CBN has a responsibility to protect Nigerians (and investment community).

However, a crypto expert, Ray Youssef, the CEO of NoOnes, the financial communication super app connecting people of the Global South to the world’s financial systems, has argued that the CBN should take a fearless bet on the potential of the Nigerian youth and total potential energy of the economy would inspire Africa and the world.

His comment reads:

“Africa is the most over regulated region in the world and this is directly relational to poverty and stagnation, especially when governments do it with an unsteady frantic footing.

“No nation has ever escaped this inflationary death spiral and like quicksand the more frantic the moves the faster you sink.

“There is still a chance for Nigeria to escape and set a precedent for all others to follow.

“A fearless bet on the potential of their youth and total potential energy of their economy would inspire Africa and the world. The Nigerian people have rejected CDBC’s and embraced Bitcoin as a medium of exchange and lead the world in adoption, putting all your bets on black is the winning bet. We at NoOnes invite the government to an official dialogue.

“We advocate for the youth and a Pan African Renaissance starting with fixing the money problem first.

“There is a win win win here, the only losers will be those who want the entirety of Africa suppressed. This is our time and this time it shall be different!”

The committee said the summon is in relation to alleged leakages with the e-payment solution platform, Remita

The Reps fumed that Cardoso’s failure to appear before the committee during previous sittings “has greatly stalled this committee’s investigative process on revenue leakages through the Remita platform.”

“The Public Accounts Committee has the power to summon any person in Nigeria to give evidence, produce any document in his possession and under his control.

“Failure to comply with this civil invitation may leave the committee no choice but to issue a warrant of arrest against you in line with Legislative Houses (Powers & Privileges Act 2017) (Sections 2 & 3) and the 1999 CFRN (as amended) in line with House Procedures.

“Consequently, the committee resolved to grant you one last opportunity to appear,” the committee stated in a letter signed by its chairman Bamidele Salam.

The letter sighted by our correspondent on Tuesday was titled, “RE: Investigation of revenue leakages through Remita platform and non-compliance substantially with the standard operating procedure and other allied service level agreements 2023.”

It read; “You are strongly advised to take good advantage of this invitation and appear before the committee unfailingly on Tuesday 5th March 2024 at 10 am in the Meeting Room 446, House of Representatives’ New Building to respond to the issues that will arise during the hearing session.

“You are also advised to come along with all relevant officers who are familiar with the issues at stake and may assist you provide answers to any question that could arise during the session.

“Please refer to your representation before the Public Accounts Committee on Tuesday, February 27, 2024, by an Assistant Director without a written letter to that effect. Be advised that the committee does not allow representation. All chief accounting officers are to appear in person to defend their offices.”

“The committee frowns on this and wishes to remind you of the relevant constitutional provisions Sections 62 and 89(1) (a, b, c & d) & (2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended). [Source]

Yemi Cardoso, the governor of the CBN announced this after the first MPC meeting for the year in Abuja on Tuesday.

The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from 18.75 percent.

According to him, “All 12 members of the committee decided to further tighten monetary policy by raising the MPR by 400 basis points to 22.75 percent from 18.75 percent. Adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points,”

The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023. With inflation at 29.90 percent, he said the new MPR is part of moves to tackle the country’s inflation.

Cardoso who chairs the MPC also said the Cash Reserve Ratio (CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent. The CBN chief also said over $26 billion has passed through the crypto app Binance Nigeria in the last four years.

The Central Bank Boss, also harps on development revolving round several financial instrument, most significantly cryptocurrency.

He noted that

“In the case of Binance, in the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he told reporters in his first MPC meeting since assuming office as the CBN governor.

Mr. Yemi Cardoso, however, exonerated himself and his team from the country’s economic woes.

He said “I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution,” the former Lagos State Commissioner for Economic Planning and Budget said while responding to a question on how the CBN intends to tackle the country’s biting economic hardship.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far”.