THE Senate has demanded full disclosure from the Central Bank of Nigeria (CBN) over the alleged non-remittance of ₦1.44 trillion operating surplus, even as the apex bank declared that the Nigerian economy is now enjoying its most stable period in more than a decade.
News Point Nigeria reports that the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Tokunbo Abiru, issued the directive on Wednesday during its statutory briefing with the CBN leadership.
Abiru said the Auditor-General’s query on the unremitted funds must be addressed with clarity, documentation, and transparency, insisting that institutional credibility depended on strict adherence to financial laws.
“Public trust in monetary governance is impossible without full accountability,” Abiru told the CBN team.
He stressed that beyond celebrating improved economic indicators, the Senate expected the apex bank to explain why the funds were not remitted, what corrective actions had been taken, and what mechanisms had been put in place to prevent future lapses.
CBN Governor Olayemi Cardoso, who led the delegation, delivered an extensive economic review, stating that Nigeria had entered a period of “renewed macroeconomic stability” anchored on decisive monetary reforms and improved FX management.
Cardoso highlighted several key achievements: Headline inflation fell for seven consecutive months, dropping from 34.6% (Nov 2024) → 16.05% (Oct 2025), the steepest disinflation in more than 10 years. Food inflation slowed to 13.12%, driven by improved supply and exchange-rate stability.
Premium between official and parallel markets dropped to below 2%, from over 60% a year earlier. The naira strengthened, trading at ₦1,442.92/$ as of November 26, an improvement on the ₦1,551/$ average of early 2025.
External reserves climbed to $46.7 billion, the highest in nearly seven years. Diaspora remittances rose to $600 million monthly, a threefold increase.
Foreign inflows hit $20.98 billion between January and October 2025 , 70% higher than 2024. CBN has fully cleared the $7 billion verified FX backlog.
Cardoso said the recapitalisation exercise was progressing smoothly: 27 banks have raised new capital, 16 banks have already met or exceeded new regulatory capital thresholds ahead of the March 31, 2026 deadline and ATM availability, digital payments oversight and cybersecurity compliance have all improved.
Despite acknowledging the economic gains, the Senate pressed the CBN for clarity on several issues: The 45% Cash Reserve Ratio (CRR) and the 75% CRR on non-TSA public deposits.
Abiru said stronger coordination among financial-sector regulators was critical to sustaining public confidence and ensuring a stable monetary environment.
The discussions later shifted into a closed-door meeting, where lawmakers sought additional information and confidential records from the apex bank.
