The Central Bank of Nigeria (CBN) has refuted allegations of aggressive intervention in the foreign exchange market, insisting that its involvement remains very limited relative to overall market transactions.
In a recent update on the evolution of the forex framework, a CBN official stated that the introduction of electronic trading platforms and revised guidelines has significantly enhanced market transparency while reducing speculative activities that once distorted the system.
Boost in SME Lending
The apex bank also provided positive updates on its efforts to improve access to credit for small and medium-scale enterprises (SMEs).
New lending to SMEs rose notably to N199 billion in April 2026, up from N153 billion in March 2026. The CBN said it is working closely with relevant agencies and development finance institutions to further expand credit flow to this critical sector of the economy.
Stronger Consumer Protection Measures
In a bid to improve customer experience, the CBN’s Consumer Protection Department has intensified engagement with financial institutions. The bank now holds structured quarterly meetings with consumer experience executives from deposit money banks and microfinance institutions.
The initiative aims to promote greater transparency in banking operations, strengthen dispute resolution mechanisms, and ensure prompt compensation for customers who are wrongly debited.
As part of this drive, the CBN said it will closely review the complaint handling and compensation processes of banks to ensure they meet required standards and deliver better outcomes for consumers.
The developments reflect the CBN’s broader strategy to create a more efficient, transparent, and customer-focused financial system while maintaining a hands-off approach in the foreign exchange market where possible.
