The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Thursday disclosed that 32 banks have already met the new capital requirements under the ongoing recapitalisation programme, ahead of the March 31, 2026 deadline.

Speaking in Abuja at the Monetary Policy Forum, Cardoso said, “The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1.0tn economy.”

The forum, the first edition for 2026, reflects the apex bank’s commitment to “engage its critical stakeholders in open communication, inclusive consultation, and collaborative monetary policymaking,” Cardoso added.

He noted that the forum theme was timely as Nigeria seeks to consolidate macroeconomic stability amid global and domestic challenges, stressing that stability “is a shared responsibility” involving monetary and fiscal authorities, financial institutions, and the private sector.

Cardoso explained that the reforms were driven by weak macroeconomic conditions inherited in 2023, when inflation rose to 29.9 per cent in January 2024 due to food prices, exchange rate pressures, and supply constraints.

He added that monetary financing had weakened policy credibility, with Ways and Means advances rising to N26.95tn by May 2023, while the foreign exchange market faced over $7bn backlog, a parallel market premium above 60 per cent, and net reserves dropping to $3.99bn at the end of 2023. “These challenges undermined policy transmission, investor confidence, and the credibility of the apex bank,” he said.

The CBN responded with reforms aimed at restoring discipline and credibility. Ways and Means financing declined sharply to N3.51tn in December 2024 and further to N2.84tn by January 2026. “This action restored compliance with the law, strengthened central bank independence, signalled to markets about the Bank’s commitment to orthodoxy and transparency, and sent a clear message that the era of fiscal dominance had come to an end,” Cardoso said.

He added that the apex bank implemented a tight monetary policy stance in 2024, raising rates by 875 basis points from 18.75 per cent to 27.50 per cent to curb inflation, which later allowed for easing, with the policy rate reduced to 27.0 per cent in September 2025 and further to 26.5 per cent in February 2026.

“Our staff counterfactual simulations revealed that, without these firm and coordinated actions, inflation would have been significantly higher, and inflation expectations would have become significantly de-anchored,” he said.

On the foreign exchange market, Cardoso said the CBN cleared over $7bn in backlog, introduced a willing-buyer, willing-seller system, improved reporting, and strengthened market surveillance. These measures restored transparency and credibility, while diaspora remittances rose from about $200m to $600m monthly, targeting $1bn per month by 2026.

He noted that the reforms narrowed the parallel market premium to below 2 per cent and improved overall market functioning. External reserves strengthened, rising from $38.34bn in February 2025 to $50.12bn in February 2026, while net reserves surged from $3.99bn in 2023 to $34.80bn by the end of 2025. Nigeria’s balance of payments recorded a $4.59bn surplus in the third quarter of 2025, compared to a deficit earlier in the year.

Cardoso said the reforms attracted global recognition, with Fitch and Moody’s upgrading Nigeria’s ratings in 2025, and the country exiting the FATF grey list. The IMF also commended the CBN’s reforms for restoring transparency and discipline in monetary policy.

He highlighted additional banking sector reforms, including new capital requirements, a risk-based capital framework, stricter insider lending rules, and limits on credit to non-performing obligors. Supervisory capacity has been strengthened through digital tools, such as the Early Warning System, and enhanced cross-border oversight.

Cardoso also highlighted reforms in the payments system, including migration to ISO 20022, improved fraud management, and collaboration through the Nigeria Electronic Fraud Forum. Consumer protection and financial inclusion initiatives were expanded through new systems, including the Consumer Complaints Management System and the Women’s Financial Inclusion Dashboard.

The Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for Premium Motor Spirit (petrol) to N1,200 per litre, while pegging its coastal price at N1,153 per litre, a development expected to reshape fuel supply costs across Nigeria’s downstream distribution chain.

According to the spokesperson of the Dangote Group, Anthony Chiejina, the price adjustment represents a downward review in the refinery’s pricing template and comes amid heightened uncertainty in the global oil market driven by geopolitical tensions in the Middle East.

“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.

“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina said.

With the new N1,200 per litre rate, marketers are expected to recalibrate their landing costs, especially those sourcing locally instead of importing. Similarly, the coastal price of N1,153 per litre is expected to affect marine deliveries to coastal depots, providing an alternative supply route for distributors operating in southern corridors.

The PUNCH recalls that the Dangote refinery increased petrol prices several times since the US-Iran war started on February 28. From N840 per litre before the war, pump prices rose to an average of N1,300 as of Thursday. The latest reduction from N1,275 to N1,200 is expected to reduce pump prices marginally below N1,300.

Meanwhile, The PUNCH also reported that the ambitious deal between the Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited is facing challenges, as the refinery experienced a crude oil supply shortfall of approximately 79.53 million barrels between October 2025 and mid-March 2026, according to findings by The PUNCH.

The report stated that data obtained from a senior management source within the refinery indicated that the facility, which requires approximately 19.77 million barrels of crude monthly to operate at full capacity, received significantly lower volumes during the review period.

The official argued that, under the Petroleum Industry Act, the export of crude before meeting local demand is clearly prohibited, stressing that the $20bn Lekki-based plant has been grappling with inadequate crude volumes, while the country, through NNPC, continued to export some of its oil.

A breakdown of the figures shows that the refinery is supposed to get about 19.77 million barrels of crude monthly but received 4.55 million barrels in October, 6.45 million barrels in November, 4.30 million barrels in December, 5.65 million barrels in January, and 4.66 million barrels in February. For March, only 3.6 million barrels were delivered between the 1st and 15th.

The Nigerian Communications Commission has unveiled plans to introduce a Telecoms Identity Risk Management System platform to tackle SIM-related fraud, strengthen digital security, and boost confidence in Nigeria’s digital economy.

The Executive Vice Chairman of the commission, Aminu Maida, disclosed this in Abuja on Thursday at a stakeholders’ consultative forum on the proposed platform and planned regulatory changes.

Maida, who was represented by the Executive Commissioner, Stakeholder Management, Rimini Makama, said the Mobile Station International Subscriber Directory Number, commonly known as SIM or mobile phone number, had become central to financial transactions, digital identity, and access to services, but warned that its widespread use had also created vulnerabilities.

He noted that fraudulent activities linked to recycled, swapped, churned, and barred SIMs had emerged as a major channel for identity theft and financial crimes, weakening trust in digital platforms.

He said, “The Mobile Station International Subscriber Directory Number, commonly known as the SIM or mobile phone number, has evolved into a critical identifier underpinning financial transactions, digital authentication, and access to essential services across all sectors of our economy.

“This evolution, however, has created new and challenging vulnerabilities. The fraudulent use of churned, recycled, swapped, and barred MSISDNs has become a significant vector for financial fraud and identity theft, eroding public trust in our digital platforms and undermining the identity of systems we have worked hard to build.

“It is in direct response to these challenges that the Commission has initiated the Telecoms Identity Risk Management System Platform.”

According to him, the platform will allow service providers to verify mobile numbers flagged for suspicious or fraudulent activities before granting access, a move expected to reduce exposure to fraud and improve accountability.

He added that the system would enhance coordination among regulators, financial institutions, and security agencies to build a more resilient digital ecosystem.

To support the rollout, the commission has proposed amendments to its Quality of Service Business Rules and the Registration of Communications Subscribers framework.

The proposed changes require telecom operators to notify subscribers at least 14 days before recycling their lines and to upload details of churned numbers to the platform within seven days.

The amendments also introduce stricter provisions for blocking fraudulently registered or misused SIMs, aimed at improving transparency and protecting consumers.

Maida said the initiative reflects the commission’s commitment to collaboration and a whole-of-government approach to addressing digital risks, urging stakeholders to actively contribute to shaping the framework.

Also speaking, the Director of Cybersecurity and Internet Governance at the commission, Olatokunbo Oyeleye, said trust remains critical to the digital economy.