The CBN and NITDA disclosed that only about 57-59% of financial institutions are ready for the January 2027 data localisation deadline, based on an industry survey. The regulator said it will consider banks' challenges while keeping the deadline in place.
Demand deposits at Nigerian banks rose by about $1.2 billion (N1.69trn) over three months, according to central bank data. Analysts linked the rise to bank securities purchases, private-sector lending and government borrowing.
CBN monetary statistics show net credit to government reached about $29 billion (N39.4trn) in September 2026, up 63.1% year on year. Private-sector credit rose 15.7% to about $62 billion (N83.9trn) over the same period.
Central Bank data show the average maximum lending rate rose to 32.62 percent even after the MPC cut the monetary policy rate to 23 per cent. Loan pricing moved against the policy direction, which matters for borrowers and lenders.
The CBN approved the nomination of Adedapo Olagunju, who has led JPMorgan's West African operations since 2018, as managing director of the proposed Nigerian merchant bank. The appointment is tied to the approval-in-principle for the new subsidiary.
The Central Bank of Nigeria granted approval-in-principle for JPMorgan Merchant Bank Nigeria Limited. JPMorgan has since deposited N50 billion with the CBN, a key requirement of its merchant banking licence application.
The CBN warned that failing to return funds mistakenly credited to accounts can attract five to 10 years' imprisonment. Customers may escalate complaints through the CBN's consumer protection channels.
Abbey Bank Plc, formerly Abbey Mortgage Bank, will begin commercial banking operations in November 2026. It plans to use its mortgage expertise to expand into construction finance and related lending.
