Central Bank of Nigeria

What Central Bank of Nigeria does

The Central Bank of Nigeria (CBN), established in 1958/1959 under the CBN Act, is Nigeria's apex monetary authority and central bank. As a statutory body wholly owned by the Federal Government of Nigeria, the CBN formulates and implements monetary policy, issues currency (earning seigniorage), manages $51 billion in external reserves, supervises 33 licensed deposit money banks plus fintechs and payment service providers, and maintains financial system stability. Its mandate covers price stability (Monetary Policy Rate at 26.5%, inflation now 15.69% down from 34.8%), banking supervision including the recently concluded N4.65 trillion bank recapitalization, foreign exchange market oversight (operating a floating naira regime post-2024 unification), and development finance deployment across agriculture, manufacturing, healthcare, MSMEs, and energy sectors through programs like the Anchor Borrowers' Programme, AGSMEIS, MSMEDF, and TIES.

The CBN's technology infrastructure spans the Bank Verification Number (BVN) biometric identity system (12.43M+ enrolled customers, launched 2014), the National Collateral Registry (launched 2016), oversight of the NIBSS instant payment switch processing N284.9 trillion in Q1 2025, the eNaira CBDC (Africa's first, launched October 2021 and now repositioned as payment infrastructure), the Nigeria Overnight Financing Rate (NOFR) benchmark (launched June 2026), AI/ML-driven real-time fraud detection targeting 70% fraud reduction by 2028, and the Telecom Identity Risk Management System (TIRMS) jointly with NCC. The Payments System Vision 2028 (PSV 2028) framework unifies these products around a 95% financial inclusion target (from current ~52%) and deployment of 10 million QR/tap-to-phone payment points. Customer segments span regulated DMBs, fintechs (OPay, Moniepoint, PalmPay, Flutterwave, Paystack), mobile money operators, super agents, federal/state/local government (774 LGAs), and international financial institutions (IMF, World Bank, EBRD). Revenue is generated via seigniorage, regulatory and licensing fees (e.g., N1,500 ATM card issuance, 0.5% capped merchant service charge), interest income on reserves and intervention facilities, and standing deposit facility placements, with all profits remitted to the Consolidated Revenue Fund.

Name

Central Bank of Nigeria

Legal name

Central Bank of Nigeria

Website

https://cbn.gov.ng

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

The Central Bank of Nigeria is Nigeria's apex monetary authority, established in 1958, responsible for monetary policy, currency issuance, banking supervision, foreign exchange management, and oversight of financial infrastructure including the BVN identity system, NIBSS payments switch, eNaira CBDC, and the Payments System Vision 2028 reform framework.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (52111), Monetary Authorities-Central Bank (521), Public Finance Activities (921130)

SIC

Miscellaneous Business Credit Institution (6159), International Affairs (9721), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Central Bank Reserve Management (FSAAAGAF)

akta.pro secondary industries

International Monetary & Financial Stability Institutions (BPADACAE), Treasury & Cash Management (BPAIAEAB), Public Debt Management (BPAIAEAC)

Keywords

• Monetary policy
• Banking supervision
• Currency issuance
• Payment systems
• Financial stability

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Seigniorage (Currency Issuance): The CBN derives revenue from seigniorage — the difference between the face value of currency notes and coins and their production/minting costs. As the sole issuer of currency notes and coins throughout Nigeria, this constitutes a fundamental revenue source for the apex bank.
2. Regulatory Fees and Licensing Charges: The CBN collects regulatory fees, licensing charges, and supervisory fees from regulated financial institutions including deposit money banks, fintechs, payment service providers, mobile money operators, and microfinance banks. These include ATM card issuance fees (N1,500 per card), merchant service charges, and other guide-to-charges fees.
3. Interest Income on Credit Facilities: The CBN provides credit facilities to the Federal Government, deposit money banks, and targeted sectors (agriculture, manufacturing, health, MSMEs) through various intervention funds and facilities. Interest income from these facilities, including development finance interventions, constitutes a revenue stream.
4. Standing Deposit Facility and Reserve Requirements: Banks maintain deposits with the CBN including statutory reserves (Cash Reserve Ratio at 45% for commercial banks, 16% for merchant banks) and standing deposit facility placements. These generate interest income and serve as primary monetary policy tools.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

The Central Bank of Nigeria is Nigeria's apex monetary authority, responsible for formulating and implementing monetary policy, issuing legal tender (naira currency and eNaira CBDC), supervising banks and financial institutions, managing foreign exchange reserves ($51 billion), maintaining financial system stability, and operating national payment infrastructure including the BVN biometric identity system and NIBSS payment switch. The bank also administers development finance intervention programs across agriculture, MSMEs, healthcare, manufacturing, and energy sectors.

Product overview

The Central Bank of Nigeria operates as the nation's primary monetary and regulatory authority, managing a broad portfolio of financial infrastructure products, policy frameworks, and development finance programs. Its core products include the eNaira (Africa's first CBDC, repositioned under PSV 2028 as payment infrastructure), the Bank Verification Number (BVN) biometric identity system, the National Collateral Registry, and the Nigeria Overnight Financing Rate (NOFR) benchmark. The CBN Statistics Database (LiveShop) serves as the primary public data portal. Development finance programs span agriculture (Anchor Borrowers' Programme, ACGSF, AADS/P-AADS, PAS, MAS, RDF), MSMEs (MSMEDF, AGSMEIS, TCF, CIFI, TIES), healthcare (HSIF, HSRDIS), energy (PAIF, SANEF, NMMP, SCF), manufacturing/export (NESF, EDF, EFI, CBIF, RSSF-DCRR), and financial system stability tools (AI fraud detection, TIRMS, enhanced BVN rules, AML/CFT automated compliance standards, IMTO naira settlement framework, and payment data localisation). Together these form an integrated ecosystem of monetary policy, payment infrastructure, regulatory technology, and inclusive finance tools overseen under the Payments System Vision 2028 strategic framework targeting 95% financial inclusion by 2028.

Differentiator

Problem solved

Functional benefit

Brands

• eNaira: Africa's first Central Bank Digital Currency (CBDC), launched in October 2021
• SabiMoney

Products and services

• eNaira Central Bank Digital Currency (CBDC) Africa's first CBDC, a digital form of the Nigerian naira issued directly by the Central Bank of Nigeria. Repositioned under Payments System Vision 2028 as payment infrastructure rather than a standalone retail product, targeting cross-border payments, remittance flows, interoperability with open banking and digital identity systems, and cross-border settlement rails including stablecoins for diaspora remittance flows. Available to Nigerian residents and businesses through licensed wallet providers.
• Bank Verification Number (BVN) System A centralized biometric identification system for the Nigerian banking industry launched in February 2014. Provides each bank customer with a unique identity verifiable across all banks, enabling KYC compliance, fraud prevention, identity theft reduction, and mobile authentication. Enhanced rules effective May 2026 restrict mobile banking to one device per customer and limit BVN-linked phone number changes to once per lifetime.
• National Collateral Registry (NCR) An electronically driven, centralized database for registering transactions where interest in movable assets/property provided as collateral for loans are registered. Launched May 2016 under the Secured Transactions in Movable Assets Act 2017. Enables businesses to leverage movable assets for credit access, reduces loan administration costs, and promotes credit diversification across MSMEs.
• Nigeria Overnight Financing Rate (NOFR) A new transaction-based benchmark interest rate launched June 16, 2026, replacing judgment-based benchmarks with real-time interbank market transaction data. Developed collaboratively with the Financial Markets Dealers Association and EBRD to enhance transparency, strengthen FX market stability, improve monetary policy transmission, and reduce manipulation risk.
• Payments System Vision 2028 (PSV 2028) A comprehensive strategic framework launched June 2026 targeting 95% financial inclusion, near-instant digital transactions, reduction of fraud losses to below 0.001% of total transactions, and positioning Nigeria as a potential global fintech hub. Includes deployment targets of 10 million QR code and tap-to-phone payment points by 2028 and bringing 15 million additional Nigerians into the formal financial system.
• CBN Statistics Database (LiveShop) An online portal (statistics.cbn.gov.ng) providing time series data across monetary, external, fiscal, and real sectors of the Nigerian economy. Covers monetary aggregates, money market interest rates, government securities, exchange rates, external reserves, consumer price indices, GDP statistics, and debt statistics. Includes a Data Browser and Data Calendar for scheduled releases.
• NIBSS Instant Payment System (NIP) Nigeria's real-time payment rails operated by the Nigeria Inter-Bank Settlement System (NIBSS) under CBN regulatory oversight. Processes approximately 11 billion transactions annually and N284.99 trillion in Q1 2025. CBN designated several leading fintechs as systemically relevant participants connected through these rails.
• AI-Driven Real-Time Fraud Detection System A CBN-deployed AI and Machine Learning system for real-time financial fraud detection, replacing reactive rule-based monitoring. Analyzes payment data as it happens using behavioral analytics including spending patterns, device information, and geolocation. Targets 70% reduction in financial fraud losses by 2028. All regulated institutions required to adopt AI-based compliance systems within three years.
• Telecom Identity Risk Management System (TIRMS) Joint CBN-NCC system launched April 2026 giving banks and fintechs real-time access to verify whether a phone number linked to a transaction has been swapped, recycled, flagged, or reassigned before processing. Designed to combat SIM-swap fraud that contributed to estimated N320 billion in financial fraud losses.
• CBN Development Finance Programs (DFD) A suite of CBN intervention programs providing credit facilities and concessional financing across priority economic sectors including agriculture (Anchor Borrowers' Programme, ACGSF, AADS), MSMEs (MSMEDF, AGSMEIS, TCF, CIFI, TIES), healthcare (HSIF, HSRDIS), energy (PAIF, SANEF, NMMP, SCF), and manufacturing/exports (NESF, EDF, EFI, CBIF, RSSF-DCRR). Following Management's refocusing of CBN to its core mandate, the Bank has shifted from direct development financing to a policy advisory role supporting inclusive growth.
• National Financial Inclusion Strategy (NFIS) A multi-phase national strategy (NFIS 1.0 launched 2012, NFIS 2.0 revised 2018, NFIS 3.0 launched 2022) to increase adult financial inclusion from 46.3% (2010) toward 95% by 2028. Includes strategies for agent networks, tiered KYC, financial literacy, consumer protection, and digital financial services. Coordinated by the Financial Inclusion Secretariat across government and private sector stakeholders.

Quantifiable outcome

• External reserves increased by $13.3 billion (35.2% YoY) to $51 billion, the highest level in 17 years (June 2026)
• +6 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability4 records

Feature7 records

Partnerships

23 partnerships are on record, tiered core and minor.

• Nigerian Communications Commission (NCC)coreStrategic or Co-development Partner · 20 June 2026CBN and NCC signed a Memorandum of Understanding to establish a coordinated framework for protecting consumers in Nigeria's digital financial ecosystem. The agreement includes joint committees on payment systems and a Telecom Identity Risk Management Portal (TIRMS) enabling real-time verification of mobile number status to combat electronic fraud.
• MTN Nigeria (MoMo) and AlipaycoreStrategic or Co-development Partner · 17 June 2026MTN Nigeria is partnering with Chinese fintech giant Alipay to revive its struggling MoMo mobile money platform (3.7 million active wallets against a 30-40 million target). CBN shifted its stance and will now grant full mobile money operator licenses allowing MTN to offer broader financial services. MTN CEO identified three constraining factors: unfit platform, restrictive licensing, and skills gaps.
• European Bank for Reconstruction and Development (EBRD)coreTechnology or Integration · 16 June 2026The EBRD provided technical support to the CBN and Financial Markets Dealers Association in developing the Nigeria Overnight Financing Rate (NOFR), a new transaction-based benchmark interest rate. The EBRD's expertise contributed to aligning Nigeria with global best practices in benchmark rate reform, replacing subjective judgment-based rates with real-time interbank market transaction data.
• Financial Markets Dealers Association (FMDA)coreStrategic or Co-development Partner · 16 June 2026FMDA collaborated with CBN in developing the Nigeria Overnight Financing Rate (NOFR), replacing judgment-based benchmarks with real-time interbank market transaction rates. FMDA provides market dealer perspectives and operational data underpinning the new benchmark interest rate.
• BizFlex Africa (FastaMoni Technologies Limited)minorChannel Partner/ Reseller/ Distributor · 2 June 2026BizFlex Africa, operated by FastaMoni Technologies Limited, received Final International Money Transfer Operator (IMTO) Approval from CBN, authorizing it to operate as a licensed IMTO in Nigeria. The approval followed a comprehensive regulatory review including operational assessments, compliance evaluations, governance requirements, and infrastructure reviews.
• Nigerian Meteorological Agency (NiMet)minorStrategic or Co-development Partner · 14 May 2026NiMet and CBN signed a Memorandum of Understanding on data sharing in Abuja. The CBN's Economic Policy Directorate will utilize NiMet's meteorological data for inflation monitoring, agricultural sector assessment, and broader economic policy advisory functions. Aligns with the Renewed Hope Agenda's food security priority.
• Nigerian Communications Commission (NCC)coreStrategic or Co-development Partner · 20 April 2026CBN and NCC signed an agreement to launch the Telecom Identity Risk Management System (TIRMS), giving banks and fintechs real-time access to verify whether a phone number linked to a transaction has been swapped, recycled, flagged, or reassigned before processing. This addresses SIM swap fraud which has caused approximately N320 billion in losses over two years.
• FlutterwavecoreTechnology or Integration · 3 April 2026Flutterwave secured CBN approval to provide banking services, expanding beyond payment infrastructure into broader financial offerings. The company has processed over $40 billion in payments over 10 years. CBN also selected Flutterwave alongside Paystack for a digital asset oversight pilot programme focused on stablecoin supervision and AML compliance.
• PaystackcoreTechnology or Integration · 3 April 2026Paystack was selected by CBN alongside Flutterwave for a pilot programme focused on virtual asset supervision and anti-money laundering compliance. This positions Paystack within CBN's regulatory sandbox and oversight framework for digital asset exchanges.
• International Oil Companies (IOCs)coreChannel Partner/ Reseller/ Distributor · 26 March 2026CBN removed repatriation restrictions for international oil companies, granting full access to 100% of export earnings immediately. This reversed a 2024 policy requiring 50% of proceeds to be held for 90 days before repatriation. The reform aims to improve FX market liquidity, boost investor confidence, and attract investment in Nigeria's oil and gas sector.
• Nigeria Inter-Bank Settlement System (NIBSS)coreTechnology or IntegrationNIBSS operates as the national payments switching and settlement infrastructure in partnership with CBN. NIBSS enables interoperability across all Nigerian banks, fintechs, and payment service providers, processing approximately 11 billion transactions annually. CBN provides regulatory oversight and strategic direction for NIBSS operations.
• IMF and World BankcoreStrategic or Co-development PartnerIMF conducted Article IV consultations on Nigeria, projecting 4.1% growth for 2026 and 4.3% for 2027, endorsing Nigeria's bank recapitalization exercise. The World Bank presented its April 2026 Nigeria Development Update prescribing fiscal policy responses. Nigeria contributed $500,000 to AFRITAC West 2 capacity development centre.
• ALTON (Association of Licensed Telecommunications Operators of Nigeria)coreStrategic or Co-development PartnerALTON endorsed CBN's directive requiring banks and fintechs to host payment transaction data locally by January 1, 2027. ALTON Chairman Gbenga Adebayo stated Nigeria has sufficient data center capacity and that local hosting would reduce foreign currency costs, improve data security, and strengthen data sovereignty.
• Abbey Mortgage Bank PlcminorChannel Partner/ Reseller/ DistributorAbbey Mortgage Bank Plc received CBN regulatory approval to convert from a primary mortgage bank to a commercial bank, expanding its service offerings to include retail, corporate, and digital banking while retaining real estate financing expertise. Full commercial banking operations expected Q4 2026.
• Providus Bank and Unity Bank (Merged as ProvidusUnity Bank)minorChannel Partner/ Reseller/ DistributorProvidus Bank and Unity Bank commenced joint operations as ProvidusUnity Bank following CBN approval granted in August 2024. The merger was upheld by the Supreme Court in June 2026, ending legal disputes over the consolidation. CBN approved the merger as a strategic consolidation in Nigeria's banking sector.
• Union Bank of Nigeria (Under CBN Intervention)minorChannel Partner/ Reseller/ DistributorCBN dissolved Union Bank's board and management in January 2024 following a forensic audit. A Federal High Court voided this action in March 2026 as ultra vires. CBN filed an appeal. The bank remains under regulatory oversight and is on track to meet the N200 billion capital requirement despite ongoing litigation.
• Solid Minerals Development Fund (SMDF) and Africa Finance Corporation (AFC)minorStrategic or Co-development PartnerSMDF launched the EMERGE Programme, an early-stage mineral exploration grant initiative. SMDF also partnered with AFC for a landmark 1.5 million metric tonnes-per-annum alumina refinery project, described as the largest mining investment in Nigeria. SMDF supported delivery of responsibly mined gold to CBN.
• Jaiz Bank PlcminorChannel Partner/ Reseller/ DistributorJaiz Bank Plc, an Islamic bank, announced plans to launch collateral-free, cash-flow-based SME lending products pending CBN approval. The bank reported total assets rising 19% to nearly N1.3 trillion and profit before tax growing 28% to N31.24 billion in 2025. Approved N150 billion capital raise in two to three tranches.
• Bank of Industry (BOI)coreImplementation/ SI/ Consulting PartnerBOI serves as Managing Agent for CBN's Power and Airline Intervention Fund (PAIF, N300 billion facility), CBN-BOI Industrial Facility (CBIF), and participates in AGSMEIS, NMMP, and TIES programmes. BOI processes and disburses CBN development finance interventions to eligible beneficiaries.
• NIRSAL Microfinance BankcoreImplementation/ SI/ Consulting PartnerNIRSAL Microfinance Bank serves as the Managing Agent for CBN's Targeted Credit Facility (TCF) and participates in AGSMEIS. NIRSAL appraises applications, conducts due diligence, and disburses funds to households and MSMEs affected by COVID-19 and other eligible beneficiaries.
• Nigeria Export-Import Bank (NEXIM)coreImplementation/ SI/ Consulting PartnerNEXIM Bank serves as Managing Agent for CBN's Export Development Fund (EDF, N150 billion debenture) and participates in the Non-Oil Export Stimulation Facility (NESF). NEXIM provides export financing and handles processing of CBN development finance for the non-oil export sector.
• Economic and Financial Crimes Commission (EFCC)coreStrategic or Co-development PartnerCBN works closely with EFCC on anti-money laundering enforcement, fraud investigation, and financial crime prosecution. CBN provides regulatory framework while EFCC conducts investigations and prosecutions, including high-profile cases involving former CBN Governor Godwin Emefiele and various fraud suspects.
• NITDA (National Information Technology Development Agency)minorStrategic or Co-development PartnerCBN and NITDA are collaborating on Nigeria's AI ambitions and data exchange frameworks. Data silos across eight major government agencies including CBN, NITDA, NCC, NIMC, NIS, FIRS, FRSC, CAC, and INEC continue to challenge effective data sharing. NITDA is developing a National Cloud Policy and data exchange frameworks.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Central Bank of Egypt: African/MENA central bank navigating similar challenges of high inflation, FX reforms, and large informal economy. Comparable as a fellow emerging-market central bank executing major reforms and managing an oversized banking sector relative to GDP.
• Bank of Ghana (GhanaPay) / National Payment Systems: Comparable to NIBSS - operates Ghana's national payment switch enabling interoperability. Direct peer for payment infrastructure providers overseen by an apex monetary authority in West Africa.

Broad incumbents

• Bank of England: One of the world's most established central banks with benchmark SONIA overnight rate analogous to CBN's NOFR. Comparable as a developer of transaction-based benchmark rates and operator of sophisticated monetary policy and financial stability frameworks.
• Banco Central do Brasil: Brazil's central bank operates PIX, one of the world's most successful instant payment systems, and Drex CBDC pilot. Comparable as an emerging-market central bank executing digital infrastructure transformation and managing a large, complex economy with commodity exposure.
• Bank Indonesia: Operates a digital rupiah CBDC and oversees one of the largest emerging-market banking sectors. Comparable as a large emerging-market central bank managing inflation, FX stability, financial inclusion, and digital payment infrastructure development.
• Reserve Bank of India: Major emerging-market central bank with the largest central bank digital currency pilot (digital rupee), comprehensive banking supervision, and financial inclusion programs (Jan Dhan Yojana). Comparable scale and operational complexity, including managing a CBDC rollout and UPI instant payment infrastructure.
• Banco de México (Banxico): One of the most advanced emerging-market central banks operating CoDi real-time payment system and a peso digital pilot. Comparable scale, monetary policy complexity, and emerging-market context with similar payment infrastructure modernization mandates.

Direct peers

• Bank of Ghana: Ghana's central bank, which recently launched the e-Cedi CBDC and manages comparable West African monetary challenges including high inflation, FX reforms, and banking sector recapitalization. Most direct regional peer in the ECOWAS bloc facing similar structural issues.
• Central Bank of Kenya: Operates a leading African mobile money ecosystem (M-Pesa) with comparable financial inclusion mandates and digital infrastructure. Relevant peer for understanding how African central banks balance innovation with monetary stability.
• South African Reserve Bank: Africa's largest central bank by reserves and the most established monetary authority on the continent. Comparable as an emerging-market central bank managing inflation targeting, FX volatility, and financial inclusion in a dual-currency-adjacent economy with similar reform challenges to Nigeria.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights8 records

Customer concentration

• Xx.com/cenbank
• YouTubeyoutube.com/cenbank
• Facebookfacebook.com/cenbankng
• LinkedInlinkedin.com/company/central-bank-of-nigeria

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Central Bank of Nigeria