Business
Economic Growth Slowed In February – CBN Report
The economy recorded slow growth in February, according to the Central Bank of Nigeria’s report.
The CBN’s Monetary Policy Committee report showed that in February, the Manufacturing Purchasing Managers’ Index recorded slow growth, with the Non-Manufacturing PMI also contracting.
It stated that, “The Committee, however, noted that although the Manufacturing Purchasing Managers’ Index, remained above the 50-index points benchmark in February 2022, it moderated slightly to 50.1 index points from 51.4 index points in January 2022.
“This sustained positive performance in the manufacturing PMI reflects the resilience of the economy in light of persisting headwinds to the recovery.
“The Non-Manufacturing PMI, however, remained below the 50 index points in February 2022 at 49.0 index points, with a slight moderation compared with 49.01 points in January 2022 as legacy headwinds such as the persisting insecurity and infrastructural constraints continued to impact production and the ease of doing business in Nigeria.”
According to the CBN’s report, the Committee observed with concern, the marginal increase in headline inflation (year-on-year) to 15.70 per cent in February 2022, from 15.60 per cent in January 2022, a 0.10 percentage point uptick.
This increase was largely attributed to a rise in the core component to 14.01 per cent in February 2022, from 13.87 per cent in January 2022, while food prices moderated marginally.
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The rise in core inflation was mostly due to rising energy prices as a result of the current scarcity of Premium Motor Spirit, rise in the cost of Automotive Gas Oil, and hike in electricity tariff.
The Committee, however, expressed cautious optimism, noting that with sustained interventions by the bank in various sectors of the economy and broad fiscal support to tame the legacy structural constraints, price development would moderate as output growth improved.
The MPC urged the fiscal authorities to seek innovative ways of addressing the current critical supply-side challenges confronting the economy, to enable an unhindered transmission of all the recently deployed fiscal and monetary stimulus to the real economy.
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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