Mr Montgomery said although the reforms might have caused short-term pain for ordinary people, they were fundamental to restoring vitality to the economy. Â
In its 305th meeting in May, the MPC retained the monetary policy rate at 26.5 per cent.
The House emphasised the need to strengthen financial intelligence and collaboration among relevant security.
The naira opened the trading week stronger on Monday, appreciating by N1.92 against the American dollar at the official foreign exchange market.
The judge adjourned until Friday for continuation.
The CBN said the revocation of the MFBs’ licences was in accordance with its powers under section 12 and 13 of the banks and other Financial Institutions Act (BOFIA), 2020.
Attempts to suppress stablecoin use are likely to be only partly effective. A more durable approach is to allow innovation while managing risks.
Nigerian banks accumulated more liquidity in Q1 2026, but lending to businesses saw a major decline despite the CBN’s decision to lower interest rates earlier this year.
Analysts were unanimous that short-term shareholder unease over a pause in dividend payouts would translate into higher returns in the period ahead.
Mr Iwunwa reaffirmed the company’s commitment to advancing financial inclusion through early education initiatives.
