Nigeria

CBN grants JPMorgan approval-in-principle for Nigerian merchant bank

Regulation · announcedFriday 23 October 2026

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.

A licence for a global investment bank is a significant new entrant in Nigeria's wholesale banking market.

Key facts

Event: Regulation · announced
Date: Friday 23 October 2026
Institutions: JPMorgan Chase, JPMorgan Merchant Bank Nigeria Limited
Regulator: Central Bank of Nigeria
Amount: NGN 50bn

CBN and NITDA say only 59% of institutions ready for data localisation

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.

AnalysisNairametrics · nannews.ng +9 more

Nigeria

28 Oct

CBN data shows demand deposits rose $1.2bn in three months

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.

Analysis$1.2bnnewtelegraphng.com

$1.2bn

Nigeria

27 Oct

CBN data show government credit up 63% to $29bn

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.

Analysis$29bnallAfrica Banking · ThisDay

$29bn

Nigeria

26 Oct

Average maximum lending rate rises to 32.62% despite MPR cut

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.

AnalysisThisDay · techeconomy.ng

Nigeria

24 Oct

CBN approves Dapo Olagunju as managing director of JPMorgan Nigeria unit

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.

Appointment · announcedNairametrics · adalytica.com +9 more

Related: Regulation · Nigeria1 story

Nigeria

22 Oct

CBN warns banks that wrongful retention of erroneous transfers is criminal

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.

Regulation · announcedtribuneonlineng.com