The Senate is demanding a full explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of ₦1.44 trillion in operating surplus. This comes as the apex bank reports that Nigeria is experiencing its most stable economic phase in more than a decade.
Mediaplusng.com reports that the Senate Committee on Banking, Insurance and Other Financial Institutions, led by Senator Tokunbo Abiru, begins its statutory briefing with a firm call for transparency. Senator Abiru insists that the Auditor-General’s query must be answered thoroughly, stressing that accountability is key to public trust in monetary management.
While acknowledging the CBN’s recent success in stabilising the foreign-exchange market and slowing inflation, Senator Abiru says economic progress must go hand-in-hand with responsibility. He states that the Senate expects a clear explanation of the surplus query, corrective measures taken, and safeguards put in place to prevent future lapses.
Mediaplusng.com adds that the CBN Governor, Olayemi Cardoso, provides a detailed review of Nigeria’s economic indicators, saying the country is now experiencing renewed macroeconomic stability. He credits this improvement to bold monetary reforms, FX liberalisation, and disciplined liquidity management since mid-2025.
According to Cardoso, headline inflation has dropped for seven straight months — from 34.6% in November 2024 to 16.05% in October 2025 — the steepest and longest decline in more than ten years. Food inflation has also slowed to 13.12%, supported by better supply and a more predictable exchange rate.
Cardoso describes the FX market as “fundamentally transformed,” with speculative attacks fading and the gap between official and parallel rates now below 2%, down from over 60% a year earlier. As of November 26, the naira trades at ₦1,442.92 per dollar, stronger than the ₦1,551 average recorded earlier in 2025.
He also announces that external reserves have risen to $46.7 billion — a seven-year high — enough to cover more than ten months of imports. Diaspora remittances have tripled to $600 million monthly, while foreign capital inflows hit $20.98 billion in the first ten months of 2025, a 70% jump from 2024.
The CBN governor confirms that the $7 billion verified FX backlog has been cleared, restoring investor confidence. He adds that banking-sector recapitalisation is progressing well, with 27 banks raising new capital and 16 already meeting the new requirements ahead of the March 2026 deadline.
Despite the positive outlook, the Senate raises several concerns. Senator Abiru requests explanations on the sustained 45% Cash Reserve Ratio, the 75% CRR on non-TSA public deposits, FX forward settlements, mutilated naira notes, excessive bank charges, failed electronic transactions, and compliance issues involving CBN subsidiaries. He also demands updates on the Financial Services Regulatory Coordinating Committee, stressing the need for stronger inter-agency coordination.
The session later enters a closed-door meeting.
