Economy
CBN warns non-interest banks over rising risks
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The Central Bank of Nigeria has warned that growing risks in Nigeria’s non-interest banking sector could weaken public confidence and threaten financial stability if they are not properly managed.
The apex bank said the rapid growth, increasing sophistication and stronger connections within the banking industry have exposed Non-Interest Financial Institutions (NIFIs) to several challenges, including non-compliance with regulations, weak governance structures, operational weaknesses and emerging technology-related risks.
Speaking during the second Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts (FRACE) and the Advisory Committees of Experts (ACE) of Non-Interest Financial Institutions in Abuja, the Deputy Governor in charge of Financial System Stability, Mr. Philip Ikeazor, said the risks facing the sector require stronger oversight and improved governance.
Represented by the Director of the Financial Policy and Regulation Department, Dr. Rita Ijeoma Sike, Ikeazor said poor management of these risks could damage the credibility of the non-interest finance industry and reduce public trust in the system.
He explained that the creation of FRACE and the mandatory establishment of ACEs in all Non-Interest Financial Institutions were meant to build a stronger and more coordinated governance structure for the industry.
According to him, regular engagement between FRACE and ACE members is important to ensure that institutions clearly understand regulatory expectations and apply them properly.
“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” he said.
Ikeazor said the CBN remains committed to strengthening Shariah governance, improving regulatory clarity and promoting effective risk management in the non-interest financial services sector in order to maintain financial stability and public confidence.
He noted that the current engagement builds on discussions from the inaugural session and reflects the CBN’s determination to sustain a sound and resilient non-interest banking system driven by good governance, compliance and prudent risk management.
The deputy governor added that Non-Interest Financial Institutions have become increasingly important to Nigeria’s financial system by providing ethical and Shariah-compliant financial services while supporting financial inclusion, financing for the real sector, Micro, Small and Medium Enterprises (MSMEs), and shared economic growth.
In his opening remarks, the Deputy Chairman of FRACE, Prof. Bashir Aliyu Umar, said the meeting was organised to strengthen governance in the non-interest finance industry and encourage constructive engagement between the CBN and advisory committees of the institutions.
He also praised the management of the CBN for reviving the interactive session which was first introduced in 2014.
Earlier, Dr. Rita Ijeoma Sike said the central bank remained focused on building a credible and properly governed non-interest financial services industry.
She said the increasing variety of products, institutions and financial service channels, especially the rise of Islamic fintech, has made continuous dialogue, strong regulation and quality advisory support more important.
The event featured technical presentations on Shariah non-compliance risks and the impact such risks could have on the non-interest financial services industry. Another presentation focused on Islamic fintech and its role in promoting financial inclusion.
Participants at the session also held discussions on practical challenges affecting the sector, including capacity building, the independence of advisory committees, risk management strategies and ways to improve governance and innovation within the industry.
In his closing remarks, Prof. Abdul-Razzaq Alaro commended participants for their contributions and thanked the CBN for organising the session.
He urged stakeholders to take practical steps towards implementing the resolutions reached during the engagement, saying the success of the meeting would depend on visible improvements across the non-interest financial sector.
FRACE serves as an advisory body that helps bridge the gap between conventional financial regulation and faith-based financial practices. The council supports consistency, investor confidence and proper regulation within Nigeria’s non-interest finance industry, while the ACEs carry out similar oversight responsibilities within individual institutions.
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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