FINANCIAL STABILITY REPORT – JUNE 2025


FINANCIAL
STABILITY
REPORT

JUNE 2025

FINANCIAL STABILITY REPORT – JUNE 2025
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CONTENTS


FINANCIAL STABILITY REPORT – JUNE 2025


2.4.
Securities and Exchange Commission Regulatory and Supervisory Activities .... 35


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iii


The Bank sustained collaborative engagements on supervisory and regulatory issues.

Guidelines on Management of Dormant Accounts, Unclaimed Balances and
3.7.2.
3.7.3.
Waiver of Non-Refundable Annual Licence Renewal Fee for Existing Bureaux


FINANCIAL STABILITY REPORT – JUNE 2025


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v

8.5.
12. APPENDIX 3: PERFORMANCE OF SELECTED CURRENCIES AGAINST THE US
16. APPENDIX 7: REAL SECTOR INITIATIVES: SUMMARY OF DISBURSEMENTS AND
17. APPENDIX 8: SELECTED FINANCIAL SOUNDNESS INDICATORS OF THE
20. APPENDIX 11: STRESS TEST METHODOLOGY, ASSUMPTIONS AND SCENARIOS


FINANCIAL STABILITY REPORT – JUNE 2025


vi

LIST OF FIGURES
FIGURE 2.1 HERFINDAHL-HIRSCHMAN INDEX AND CONCENTRATION RATIOS OF THE BANKING
FIGURE 3.4 EXPOSURE OF BANKING SYSTEM TO OIL & GAS, MANUFACTURING AND SERVICES ... 43


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viii

LIST OF TABLES
TABLE 2.6: NIGERIAN EXCHANGE LIMITED INDICES, ASI AND EQUITY MARKET CAPITALISATION . 23
TABLE 2.23: WOMEN AND WOMEN-OWNED ENTERPRISES TRANSACTIONS ON THE NATIONAL


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ix

TABLE 3.3: SOURCES AND UTILISATION OF INVESTIBLE FUNDS OF FINANCE COMPANIES AS OF JUNE
TABLE 3.4: SOURCES AND UTILISATION OF INVESTIBLE FUNDS OF MICROFINANCE BANKS AS AT
TABLE 3.5: MATURITY STRUCTURE OF MFBS LOANS AND ADVANCES AND DEPOSIT LIABILITIES .. 55


FINANCIAL STABILITY REPORT – JUNE 2025


x


LIST OF BOXES


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xi

LIST OF ACRONYMS
Acronym
Description
AACB
Association of African Central Banks
ACGS
Agricultural Credit Guarantee Scheme
AEs
Advanced Economies
AMCON
Asset Management Corporation of Nigeria
AML/CFT/CPF
Anti-Money Laundering, Combating the Financing of Terrorism and
Countering Proliferation Financing
ASI
All Share Index
AuM
Assets under Management
BCBS
Basel Committee on Banking Supervision
BDCs
Bureaux de Change
BOA
Bank of Agriculture
BOI
Bank of Industry
BRICS
Brazil, Russia, India, China, and South Africa
BVN
Bank Verification Number
CABS
Community of African Banking Supervisors
CACS
Commercial Agriculture Credit Scheme
CAR
Capital Adequacy Ratio
CBDC
Central Bank Digital Currency
CBN
Central Bank of Nigeria
CCP
Central Counterparties
CIBN
Chartered Institute of Bankers of Nigeria
CIC
Currency in Circulation
CIS
Collective Investment Scheme
CMNBs
Commercial, Merchant and Non-interest Banks
CMOs
Capital Market Operators
COB
Currency Outside Banks
CODC
Currency Outside Depository Corporations
CPI
Consumer Price Index


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Acronym
Description
CPS
Contributory Pension Scheme
CRMS
Credit Risk Management System
CRR
Cash Reserve Requirement
CSE
Crisis Simulation Exercise
CSWAMZ
College of Supervisors of the West African Monetary Zone
DAX
Deutscher Aktienindex (German stock index of 30 major German
companies)
DCs
Depository Corporations
DFIs
Development Finance Institutions
DIF
Deposit Insurance Fund
D-SIBs
Domestic Systemically Important Banks
DVP
Delivery Versus Payment
EBAs
Eligible Bank Assets
ECB
European Central Bank
EGX CASE 30
Egypt Stock Exchange (Cairo and Alexandria Stock Exchange) 30
Stock Index
EMDEs
Emerging Markets and Developing Economies
ESG
Environmental, Social & Governance
ETF
Exchange Traded Funds
EVD
Ebola Virus Disease
FAO
Food and Agriculture Organisation
FATF
Financial Action Task Force
FCs
Finance Companies
FGN
Federal Government of Nigeria
FMBN
Federal Mortgage Bank of Nigeria
FPI
Foreign Portfolio Investment
FRACE
Financial Regulation Advisory Council of Experts
FSIs
Financial Soundness Indicators
FSR
Financial Stability Report


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Acronym
Description
FSRCC
Financial Services Regulation Co-ordinating Committee
GCMX
Gezawa Commodity Market and Exchange Limited
GDP
Gross Domestic Product
GIABA
Inter-Governmental Action Group Against Money Laundering in
West Africa
GSE
Ghanaian Stock Exchange
GSI
Global Standing Instruction
HHI
Herfindahl-Hirschman Index
I&E
Investor & Exporter
ICAAP
Internal Capital Adequacy Assessment Process
ICE
Intercontinental Exchange
ICFA
Implied Cash Flow Analysis
IFOs
Illegal Fund Operators
IFRS
International Financial Reporting Standards
IMF
International Monetary Fund
IRRBB
Interest Rate Risk in the Banking Book
KOB
Knowledge of Business
KYC
Know Your Customer
LCFE
Lagos Commodities and Futures Exchange
LDR
Loan-Deposit Ratio
LR
Liquidity Ratio
M1
Narrow Money Supply
M2
Broad Money Supply
M3
M2 plus CBN Bills held by the money-holding sectors
MC
Market Capitalization
MENA
Middle East and North African Countries
MFBs
Microfinance Banks
MHSs
Money Holding Sectors
MICEX
Moscow Interbank Currency Exchange


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Acronym
Description
MMOs
Mobile Money Operators
MoUs
Memoranda of Understanding
MPR
Monetary Policy Rate
MSMEs
Micro, Small and Medium Enterprises
MTDS
Medium-Term Debt Strategy
NAICOM
National Insurance Commission
NAPGEP
National Peer Group Educator Programme
NASD
National Association of Securities Dealers
NAV
Net Asset Value
NBS
National Bureau of Statistics
NCR
National Collateral Registry
NDA
Net Domestic Assets
NDIC
Nigeria Deposit Insurance Corporation
NDPR
Nigerian Data Protection Regulation
NEXIM
Nigerian Export-Import Bank
NFA
Net Foreign Assets
NFIU
Nigerian Financial Intelligence Unit
NGX
Nigerian Exchange Limited
NIBSS
Nigeria Inter-Bank Settlement System
NICPAS
Nigeria Cheque Printers’ Accreditation Scheme
NIDIF
Non-Interest Deposit Insurance Fund
NIMC
National Identity Management Commission
NIN
National Identity Number
NMRC
Nigeria Mortgage Re-finance Company Plc
NPLs
Non-Performing Loans
NSBPs
Nigeria Sustainable Banking Principles
NSE 20
Nairobi Stock Exchange 20-Share Index
NSE ASI
Nigerian Stock Exchange All-Share Index
NTBs
Nigerian Treasury Bills


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Acronym
Description
NYSC
National Youth Service Corps
OAGF
Office of the Accountant General of the Federation
OBB
Open Buy Back
ODCs
Other Depository Corporations
OFIs
Other Financial Institutions
OPEC
Organisation of Petroleum Exporting Countries
OPEC+
OPEC Members plus 10 other oil-producing countries
ORB
OPEC Reference Basket
OTC
Over-the-Counter
PAIF
Power and Aviation Infrastructure Fund
PAR
Portfolio at risk
PCX
Prime Commodity Exchange
PENCOM
National Pension Commission of Nigeria
PFAs
Pension Fund Administrators
PFCs
Pension Fund Custodians
PMBs
Primary Mortgage Banks
PoS
Point of Sale
PSBs
Payment Service Banks
PSDIF
Payment Service Deposit Insurance Fund
PSPs
Payments System Providers
PSV 2025
Payments System Vision 2025
QR
Quick Response
RAS
Risk Assessment Summary
RBS
Risk-Based Supervision
RCAR
Root Cause Analysis Report
RCMMP
Revised Capital Market Master Plan
ROA
Return on Assets
ROE
Return on Equity
RRPs
Recovery and Resolution Plans


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Acronym
Description
RTGS
Real-Time Gross Settlement
S&P/FMDQ
Standards and Poor’s Financial Market Dealers Quotations
S&P/TSX
Standards and Poor’s Composite Index of the Toronto Stock
Exchange
SANEF
Shared Agent Network Expansion Facilities
SCV
Single Customer View
SDRs
Special Drawing Rights
SEC
Securities and Exchange Commission
SIF
Securities Issuers Forum
SMEs
Small and Medium Enterprises
SRE
Supervisory Review and Evaluation
SSA
Sub-Saharan Africa
TIN
Tax Identification Number
WAMZ
West African Monetary Zone
WEO
World Economic Outlook
WTI
West Texas Intermediate


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xvii

GOVERNOR’S STATEMENT
The June 2025 edition of the Financial Stability Report presents developments in the
Nigerian financial system in the wake of continued global geopolitical tensions, trade
frictions, as well as global macroeconomic headwinds. The Report captures the measures
undertaken by the Bank to achieve its mandate of price, monetary, and financial system
stability.

Global economic growth is projected to moderate to 2.8 per cent in 2025, down from 3.3
per cent in 2024. Growth in Advanced Economies (AEs) is expected to decline to 1.4 per
cent in 2025, compared with 1.8 per cent in 2024. Emerging Market and Developing
Economies (EMDEs) are projected to grow by 3.7 per cent in 2025, down from 4.3 per cent
in 2024. In Sub-Saharan Africa (SSA), output growth is forecast at 3.8 per cent in 2025,
compared with 4.0 per cent in 2024, driven by lower commodity prices, rising protectionism,
and sharper deceleration in major economies.

In Nigeria, output increased to 3.68 per cent in the first half of 2025. The performance was
spurred by increased oil production, growth in services, industry and agriculture sectors.
Monetary and fiscal reforms also supported growth in the domestic economy as naira
recorded an appreciation of 0.76 per cent to ₦1,529.71/US$ due to improved FX liquidity
and the adoption of the Nigerian FX Code, which promoted market-based price discovery,
transparency, and ethical conduct.

Furthermore, the Bank maintained its commitment to price and monetary stability, enforced
robust regulatory and supervisory frameworks, and advanced strategic market initiatives,
including banking sector recapitalisation and foreign exchange market reforms. The
resilience and stability observed across the financial system underscore the effectiveness
of these policy interventions.

Nigeria’s economic outlook remains positive, supported by strategic reforms, improved oil
production, a stable exchange rate, and ongoing innovations and collaborations within the
financial sector. Furthermore, strengthened collaboration with fiscal authorities is expected
to enhance policy coordination and foster sustainable economic development.

The Bank, in collaboration with other financial sector regulators and fiscal authorities, will
continue to implement policies and initiatives aimed at preserving the integrity, safety,
soundness, and overall stability of the financial system.

Olayemi Michael Cardoso
Governor, Central Bank of Nigeria


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xviii

FOREWORD
The Nigeria Financial Stability Report (FSR) has over the years become an authoritative
publication of the Bank, which previews global economic developments as well as presents
comprehensive economic conditions and financial system developments in Nigeria.
Global financial conditions eased in the first half of 2025, shaped by disinflation and policy
rate cuts in major economies, amid geoeconomic fragmentation and trade wars. The global
financial market witnessed mixed trends across asset classes, influenced by the monetary
policy stance of major central banks, supply chain disruptions, trade and capital flows.
Stock markets remained bullish as key indices recorded modest gains. Commodity prices
moderated, while bond yields recorded mixed performances.
In Nigeria, the financial system demonstrated resilience and relative stability. The exchange
rate remained largely stable in the first half of 2025, while attractive yields in the bond and
equity markets sustained a positive investor outlook. The macroeconomic environment was
broadly characterised by easing inflationary pressures, a higher trade surplus, and
increased capital flows. Similarly, key financial soundness indicators and stress test results
affirmed the stability and resilience of the Nigerian financial system.
The June 2025 edition of the FSR is structured into nine sections. Section one considers
developments in the global and domestic economies, while section two outlines
developments in the financial system. Sections three and four cover regulatory and
supervisory issues, as well as developments in the payments ecosystem. Sections five, six
and seven focus on major activities in the deposit insurance schemes, pension and
insurance subsectors, respectively. The last two sections, eight and nine, discuss the key
risks and outlook for financial stability.
In keeping with the mandate of promoting a sound financial system in Nigeria, the Bank will
sustain collaboration with other financial sector regulators in proactively assessing,
identifying, and mitigating emerging risks in the financial ecosystem.

Philip Ikeazor
Deputy Governor, Financial System Stability
Central Bank of Nigeria


FINANCIAL STABILITY REPORT – JUNE 2025


xix

EXECUTIVE SUMMARY
Global economic growth declined in the first half of 2025, relative to the level in the
preceding half-year, owing largely to the impact of trade friction, policy uncertainties, and
geopolitical tensions. Output in Emerging Market & Developing Economies (EMDEs) and
Sub-Saharan Africa (SSA) also declined, further constraining global economic growth.
Global growth is estimated at 2.8 per cent in 2025 from 3.3 per cent in 2024. In Advanced
Economies, growth is projected to decline to 1.4 per cent in 2025 from 1.8 per cent in 2024,
due to slowing economic activity in the US, while in EMDEs growth is estimated to decline
to 3.7 per cent from 4.3 per cent in 2024 on account of the trade frictions and geopolitical
uncertainties. Growth in SSA is expected to decrease to 3.8 per cent from 4.0 per cent in
2024.
Global inflation sustained its disinflationary trajectory during the review period, underpinned
by the lagged effects of the contractionary monetary policy cycle and weak external
demand. Consequently, global inflation is estimated to decline to 4.7 per cent in 2025 from
6.3 per cent in 2024. In SSA, inflation is forecasted to decline to 13.3 per cent in 2025 from
18.3 per cent in 2024. However, abrupt policy rate cuts and supply chain disruptions may
upend these trends and reverse the gains of low and stable inflation.
In Nigeria, the economy grew by 3.68 per cent, compared with 3.65 per cent in the second
half of 2024, driven largely by the non-oil sector. Headline inflation declined to 22.22 per
cent, driven by exchange rate stability and monetary tightening. In the foreign exchange
market, the naira appreciated to ₦1,535.72/US$ from ₦1,544.08/US$ at end-December
2024, while external reserves stood at US$37.81 billion at end-June 2025. The Bank
maintained the monetary policy rate at 27.50 per cent in the first half of 2025 to sustain the
disinflationary trend.
Capital market performance was bullish, driven by renewed investor optimism. The NGX
All-Share Index and market capitalisation rose by 16.57 and 21.02 per cent, respectively.
In the first half of 2025, domestic investors continued to dominate the capital market amid
significant foreign portfolio inflow.
In the review period, the Nigeria Deposit Insurance Corporation widened its deposit
insurance coverage ratio, the pension industry grew its “Assets Under Management” by
9.41 per cent, and the insurance sector's total assets rose significantly by 13.98 per cent.
These developments reflected positive performance in the financial sector.
The Bank sustained its regulatory and oversight functions, including on-site surveillance,
off-site monitoring and AML/CFT/CPF assessments to ensure the safety and soundness of
the financial system. It also sustained the banking sector recapitalisation drive to strengthen
risk absorption and support economic growth. Additionally, BVN onboarding, agents’
enrolments and e-payment system channels were sustained during the review period to
enhance access to financial services, particularly in the underserved areas.


FINANCIAL STABILITY REPORT – JUNE 2025


Key risks to financial system stability during the review period included elevated inflation,
high interest rates, cybersecurity threats, global trade frictions and high debt levels. Overall,
the outlook of the financial system remained positive, supported by improved regulatory
oversight and enhanced fiscal-monetary collaboration. The Bank remained committed to
achieving monetary and price stability and promoting a stable, sound and resilient financial
system in Nigeria.


FINANCIAL STABILITY REPORT – JUNE 2025

1. ECONOMIC AND FINANCIAL DEVELOPMENTS
1.1 Output Growth
1.1.1 Global Output Growth
Global growth is expected to moderate to 2.8 per cent in 2025 from 3.3 per cent in 2024,
reflecting the impact of increased trade friction, policy uncertainty, and geopolitical tensions,
which weighed on economic activities despite the decline in inflation. (IMF, WEO April
2025).
Output growth in Advanced Economies (AEs) is estimated at 1.4 per cent in 2025,
compared with 1.8 per cent in 2024, representing a decline of 0.4 percentage point, owing
largely to the slowdown in economic activities in the US. By contrast, growth in Emerging
Market and Developing Economies (EMDEs) is expected to moderate to 3.7 per cent in
2025, from 4.3 per cent in 2024, reflecting productivity losses in the Middle East and Central
Asia, particularly in China, following the hike in U.S tariffs on Chinese exports.
In Sub-Saharan Africa (SSA), output growth is projected at 3.8 per cent in 2025, compared
with 4.0 per cent in 2024, reflecting lower commodity prices, rising protectionism, and a
sharper deceleration in major economies.

Figure 1.1 Global Output Growth

Source: IMF World Economic Outlook Update, April 2025
Note: *IMF Projections
Table 1.1: Global Output Growth

2025*
2026*
World

Advanced Economies

United States

Euro Area

Japan

United Kingdom

Canada


1.4
1.6

World
Advanced
Economies
Middle East &
Central Asia
Emerging Market
and Developing
Economies
Sub-saharan
Africa
PERCENT

2025*
2026*


FINANCIAL STABILITY REPORT – JUNE 2025

Emerging Market & Developing
Economies

China

Middle East & Central Asia

Sub-Saharan Africa

Nigeria

IMF WEO April 2025 *IMF Projections


1.1.2 Domestic Output Growth
The domestic economy sustained its growth trajectory in the first half of 2025, as real output
grew by 3.68 per cent, compared with 3.65 per cent in the preceding half-year.

Figure 1.2 Gross Domestic Product Growth

Source: National Bureau of Statistics

The non-oil sector remained the main driver of growth, contributing 3.28 percentage points,
owing to the performance of the services sector.
An analysis of sectoral contribution to real GDP growth indicated that the services sector
contributed 2.35 percentage points, which was higher than the 2.22 percentage points in
the preceding half-year. The sustained performance of the services sector was driven,
mainly, by activities in the finance & insurance and transport & storage sub-sectors. The
performance of the finance & insurance sub-sector was attributed to improvements in the
banking segment, bolstered by capital raising activities, interest income, profit margins and
the enactment of the new Insurance Act, which attracted investment and renewed
confidence in the sub-sector. The growth in the transport & storage sub-sector was
anchored on improved federal road rehabilitation projects, which improved transit
efficiency, logistics, and supply chains across the country.
The agriculture sector contributed 0.39 percentage point to real GDP growth, higher than
the 0.13 percentage point in the preceding half-year. The contribution was largely driven by


H1 2022
H2 2022
H1 2023
H2 2023
H1 2024
H2 2024
H1 2025
PER CENT (%)


FINANCIAL STABILITY REPORT – JUNE 2025

improved crop production, spurred by investment in new machinery. Similarly, the industry
sector recorded a contribution of 0.94 percentage point, compared with 0.54 percentage
point in the preceding half-year (Appendix 1).
Figure 1.3: Contributions to real GDP Growth

Source: National Bureau of Statistics

The oil sector contributed 0.40 percentage point to real GDP growth, maintaining its positive
performance. Oil GDP expanded by 11.16 per cent, compared with 3.87 per cent in the
preceding half-year. The sustained expansion in the oil sector was largely attributed to
enhanced security around critical production terminals, which boosted oil production by
6.79 per cent to 1.47 million barrels per day (bpd).

Table 1.2: Crude Oil Production (bpd)

July
August
September October
November December
2024H2
AVERAGE
Daily
Average


January
February
March
April
May
June
2025H1
AVERAGE
Daily
Average

Source: Nigerian Upstream Petroleum Regulatory Commission (NUPRC)


-0.5

0.5

1.5

2.5

3.5

Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Percentage points
Agriculture
Industry
Services


FINANCIAL STABILITY REPORT – JUNE 2025

1.2 Inflation
1.2.1 Global Inflation
Global inflation is projected to decline to 4.3 per cent in 2025 from 5.7 per cent in 2024,
owing to several factors including the lagged effect of monetary policy tightening, slowing
economic growth, weak external demand and softening commodity prices.
In the AEs, inflation is projected to decline to 2.5 per cent in 2025 from 2.6 per cent in 2024,
driven largely by deceleration in prices in the Euro area and Japan. Inflation is expected to
remain at 3.0 per cent in the US due to tight labour market, lingering effects of supply chain
disruption and geopolitical events. However, inflation in the UK is estimated to rise to 3.1
per cent from 2.5 per cent in 2024 attributable largely to increases in energy and utility
costs.
In EMDEs, inflation is expected to ease to 5.5 per cent in 2025 from 7.7 per cent in 2024
due to tight monetary policy, increased capital inflow, and relative stability in the exchange
rates. Similarly, in the Middle East and North Africa, inflation is estimated to decelerate to
12.7 per cent in 2025 from 14.6 per cent in 2024. Inflation in SSA is expected to decline to
13.3 per cent from 18.3 per cent in 2024, underpinned by tighter monetary policy, lower
global food prices and efforts at fiscal consolidation.


Figure 1.4 Global Inflation

Source: WEO, April 2025


Table 1.3: Global Inflation (per cent)

*2025
2026*
World Consumer Prices

Advanced Economies

United States

Euro Area

Japan

United Kingdom


World Consumer Prices
Advanced Economies
Emerging Market and
Developing Economies
Middle East and North
Africa
Sub-Saharan Africa
Per cent

*2025
2026*


FINANCIAL STABILITY REPORT – JUNE 2025

Emerging Market and
Developing Economies

Middle East and North Africa

Sub-Saharan Africa

Source: WEO April 2025 *IMF Projection


1.2.2 Domestic Inflation
Inflation declined in the first half of 2025, driven by the food and non-food components of
the consumer price index (CPI) basket. Headline inflation (year-on-year) decelerated to
22.22 per cent from 34.80 per cent at end-December 2024. The drivers were the CPI
rebasing effect, seasonal adjustments in food supply, and exchange rate stability.

Figure 1.5 Inflationary Trends

Source: National Bureau of Statistics

Food inflation (year-on-year) declined to 21.97 per cent, from 39.84 per cent in the second
half of 2024. Similarly, core inflation fell to 22.76 per cent, compared with 29.28 per cent in
the second half of 2024, owing mainly to the contractionary monetary policy stance,
improved security and exchange rate stability.

1.3 Oil Prices
The average OPEC oil price fell by 5.23 per cent to US$69.73 from US$73.58 per barrel in
the preceding half-year. Similarly, the prices of Bonny Light, UK brent and WTI declined,
reflecting the impact of weakening global output, increased production by OPEC+ and the
ongoing shift to alternative energy sources.


H1 2022
H2 2022
H1 2023
H2 2023
H1 2024
H2 2024
H1 2025
Per cent (%)
Per cent (%)
Headline (LHS)
Food (RHS)
Core (RHS)


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 1.6: Oil Prices (US$ per barrel)

Source: OPEC Monthly Oil Market Report
Note: Brent is North Sea Dated
Table 1.4: Oil Prices (US$ Per Barrel)
Selected Price Benchmarks
End-Dec

End-Jun

End-Dec

End-Jun

End-Dec

End-Jun

OPEC Basket

Bonny Light

UK Brent

West Texas Intermediate

Source: OPEC Monthly Market Reports

1.4 Food Prices
The Food and Agriculture Organisation (FAO) food price index inched up to 128.10 from
127.41 points in the preceding half-year, driven mainly by increases in international prices
for dairy, meat, and vegetable oils, which offset the fall in the prices of cereals and sugar.
Figure 1.7: FAO Food Price Index

Source: FAO

OPEC Basket
Bonny Light
UK Brent
West Texas Intermediate
US$ PER BARREL
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25

FAO Food Price Index
(FFPI)
Meat Index
Dairy Index
Cereals Index
Oils Index
Sugar Index
INDEX POINTS
End-Jun 2023
End-Dec 2023
End-Jun 2024
End-Dec 2024
End-Jun 2025


FINANCIAL STABILITY REPORT – JUNE 2025

Table 1.5: FAO Food Price Index

EndJun

EndDec

EndJun

EndDec

EndJun

EndDec

EndJun

EndDec

EndJun

FAO Food Price
Index (FFPI)

Meat Index

Dairy Index

Cereals Index

Oils Index

Sugar Index

Source: FAO
1.5 International Stock Markets
Global equities recorded a mixed performance in the first half of 2025, indicating a shift in
investor sentiment and evolving macroeconomic conditions. African markets led the gains,
particularly Nigeria, Ghana and Kenya, reflecting improved domestic fundamentals. In
North America, the U.S. S&P 500 rebounded after a muted start, driven largely by strong
performances in technology and consumer discretionary stocks. The Canadian market
recorded steady gains, while Mexico experienced mild profit-taking.
The performance of stocks in South America was mixed, as Brazil’s early-year rally slowed,
Argentina witnessed sharp declines, whereas Colombia outperformed with sustained
investor confidence. In Europe, markets were bullish with Germany as the standout
performer. Performance in Asian markets varied, with Japan rebounding and India
maintaining a steady upward trajectory on strong domestic demand and earnings outlook.
Overall, the global equity market performance was largely driven by the technology sector,
resilient corporate earnings and differentiated investor appetite toward reform-oriented
emerging economies. However, gains moderated in several regions, as investors
reassessed risks linked to inflation dynamics, policy tightening, and geopolitical uncertainty
(Appendix 2).
Figure 1.7 Indices of African Stock Markets


NGX All-Share Index
JSE All-Share Index
Nairobi NSE 20 Index
EGX CASE 30
GSE All-Share Index
Nigeria
South Africa
Kenya
Egypt
Ghana
Index Points
End-June 2023
End-Dec 2023
End-June 2024
End-Dec 2024
End-June 2025


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 1.8 Indices of North American Stock Markets

Source: Bloomberg


Figure 1.9 Indices of South American Stock Markets


Figure 1.10 Indices of European Stock Markets
Source: Bloomberg


S&P 500
S&P/TSX Composite
Bolsa
US
Canada
Mexico
Index Points

Bovespa Stock
Merval
COLCAP
Brazil
Argentina
Columbia
Index Points
End-June 2023
End-Dec 2023
End-June 2024
End-Dec 2024
End-June 2025

FTSE 100
CAC 40
DAX
UK
France
Germany
Index Points
End-June 2023
End-Dec 2023
End-June 2024
End-Dec 2024
End-June 2025


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 1.11 Indices of Asian Stock Markets

Source: Bloomberg


1.6 Global Foreign Exchange Market
Exchange rate trends were mixed during the period, with most currencies showing mild
adjustments relative to the US dollar.
In Africa, the Nigerian naira appreciated marginally by 0.54 per cent, strengthening to
₦1,535.72/US$ from ₦1,544.08/US$ at end-December 2024, reflecting improvement in
foreign exchange (FX) market liquidity. The Kenyan shilling was broadly unchanged over
the six-month period, signaling relative market stability, while the Egyptian pound firmed
slightly by 2.4 per cent to EGP49.60/US$, on account of improved FX inflows. Ghana’s cedi
recorded the most significant improvement, appreciating by 29.6 per cent due to improved
FX liquidity and the effectiveness of monetary policy.
In North America, the Canadian dollar posted a 5.4 per cent appreciation against the US
dollar, supported by stable energy prices and resilient capital inflows, while the Mexican
peso appreciated by 10.0 per cent. South America showed divergent outcomes as the
Colombian peso appreciated by 6.95 per cent amid favourable oil receipts and capital
inflow, in contrast to a 16.75 per cent depreciation of the Argentinian peso.
In Europe, the euro and British pounds gained 12.16 and 8.86 per cent, respectively,
against the US dollar, driven primarily by shifting monetary policy expectations. In Asia, the
Japanese yen strengthened by 8.38 per cent, reflecting markets’ anticipation of policy
normalisation by the Bank of Japan, while the Chinese renminbi appreciated by 1.86 per
cent as authorities cautiously managed the exchange rate. The Indian rupee was broadly
stable, anchored by strong services exports and robust remittance flows (Appendix 3).
1.7 Monetary Policy Rates
Monetary policy stance among major central banks was divergent, reflecting varying
disinflation paths and growth cycles. In AEs, policy easing gained traction, but at a more
gradual and data-dependent pace than earlier projected.

NIKKEI 225
Shanghai SE A
BSE Sensex
Japan
China
India
Index Points
End-June 2023
End-Dec 2023
End-June 2024
End-Dec 2024
End-June 2025


FINANCIAL STABILITY REPORT – JUNE 2025

Among EMDEs, Brazil tightened monetary policy rate to 15.00 per cent from 12.25 per cent
in December 2024 to combat persistent inflation risks, while Russia lowered its rate to 20.00
per cent from 21.00 per cent as inflationary pressures slightly eased. China maintained an
accommodative stance by easing its policy rate to 3.00 per cent, in line with its priority of
sustaining growth. In other emerging markets, Mexico and Colombia continued easing to
8.00 and 9.25 per cent, respectively, while Chile held steady at 5.00 per cent after
frontloading rate cuts earlier in the cycle.
In Africa, Nigeria maintained a tight stance, holding the Monetary Policy Rate (MPR) at
27.50 per cent through the first half of 2025, reflecting its commitment to rein in inflation.
South Africa and Egypt moderated their stances, reducing their policy rates slightly to 7.25
and 24.00 per cent, respectively, while Ghana tightened marginally to 28.00 per cent,
signalling efforts to further contain inflation and boost inflows (Appendix 4).

1.8 External Reserves
Nigeria’s gross external reserves stood at US$37.81 billion, compared with US$40.19
billion at end-December 2024. This level of reserves is equivalent to 12.4 months of import
cover (FOB), significantly higher than the minimum benchmark of 3 months of import cover.
A breakdown of the reserves showed that the Central Bank of Nigeria (CBN) holdings
accounted for US$32.95 billion (87.14 per cent), the Federal Government of Nigeria (FGN)
US$4.86 billion (12.86 per cent) and the Federation US$723,350.08 (approximately less
than 0.01 per cent). By currency composition, 76.51 per cent of the reserves were held in
US dollars, 11.46 per cent in Special Drawing Rights (SDRs), 8.94 per cent in Chinese
Renminbi, and 3.09 per cent in other currencies.
Total inflows to the reserves declined by 22.29 per cent to US$18.34 billion, from US$23.60
billion at end-December 2024. The decrease was largely driven by lower third-party receipts
and crude oil-related tax revenues. Conversely, total outflows rose by 16.84 per cent to
US$20.47 billion at end-June 2025, from US$17.52 billion in the second half of 2024,
primarily due to higher settlements and FX sales. The combined effect of reduced inflows
and increased outflows resulted in net outflows in the review period (Appendix 5).


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 1.12 External Reserves (US$ Billion)


Per Cent
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25


FINANCIAL STABILITY REPORT – JUNE 2025

2. DEVELOPMENTS IN THE NIGERIA FINANCIAL SYSTEM
2.1.
Monetary and Credit Developments
The monetary base grew by 6.08 per cent at end-June 2025, driven by an increase of 8.89
per cent in liabilities to other depository corporations (ODCs). The disaggregation of the
monetary base showed that Currency-in-Circulation (CIC) decreased by 7.97 per cent to
₦5,007.52 billion, while the eNaira stock remained at ₦18.31 billion. The decline in notes
and coins reflected a reduction in cash demand by economic agents.
Table 2.1: Components of Monetary Base (₦Billion)

H2 2020
H1 2021
H2 2021
H1 2022
H2 2022
H1 2023
H2 2023
H1 2024
H2 2024
H1 2025
Monetary Base

Currency-In-Circulation

Of which Notes & Coins

eNaira

Liabilities to ODCs

Monetary Base (% Growth)


30.57
6.08


Broad money supply (M3) grew by 3.44 per cent, representing an annualised growth of
6.88 per cent, below the provisional benchmark of 8.12 per cent. The rise in M3 was driven
by the 29.74 per cent increase in net foreign assets (NFA). The growth in the NFA was due
to the 7.89 per cent rise in claims on non-residents. However, net domestic assets (NDA)
declined, resulting from the 20.18 and 2.43 per cent fall in net claims on government and
claims on “other sectors”, respectively, reflecting the contractionary monetary policy stance
of the Bank.

Table 2.2: Growth Rates of Monetary Aggregates
% Change
H2

H1 2021
H2 2021
H1 2022
H2 2022
H1

H2

H1

H2 2024
H1 2025
Net Foreign Assets

Net Domestic Assets

Domestic Claims

Net Claims on Central
Government

Claims on Other Sectors

Other Items (Net)


The growth in total monetary liabilities was due to the 4.99 and 3.83 per cent increase in
transferable deposits and other deposits, respectively. The rise in transferable deposits was
attributed to increases in the deposits of commercial & merchant banks. Similarly, the
growth in other deposits was due mainly to the rise in foreign currency deposits of the
depository corporations. The growth in broad money liabilities was driven largely by the
contributions of other deposits and transferable deposits by 2.52 and 1.48 percentage


FINANCIAL STABILITY REPORT – JUNE 2025

points, respectively. However, the contribution of currency outside depository corporations
and securities other than shares declined by 0.55 and 0.01 percentage points, respectively.

2.1.1.
Market Structure of the Banking Industry
The Commercial, Merchant and Non-Interest Banks (CMNBs) remained highly competitive
as depicted by the Herfindahl-Hirschman Indices (HHI)1. The HHI in terms of deposits and
assets, stood at 916.69 and 880.65 compared with 1,010.94 and 1,012.92, respectively, in
the preceding half-year. The concentration ratio of the 7 largest banks (CR7) in terms of
deposits fell to 70.59 per cent from 71.49 per cent, while assets rose to 70.42 per cent from
70.14 per cent at end-December 2024. In addition, the share of individual banks in total
deposits and assets ranged from 0.07 to 18.17 and 0.10 to 15.28 per cent, respectively.
Figure 2.1 Herfindahl-Hirschman Index and Concentration Ratios of the Banking Industry Assets
and Deposits


2.1.2.
Sectoral Distribution of Credit
Total credit to key sectors of the economy decreased by 1.79 per cent to ₦58,159.13 billion,
from ₦59,216.95 billion at end-December 2024, reflecting the tight monetary policy stance
of the Bank. Credit utilisation across all sectors recorded mixed performance, as credit to
the industry and services sectors decreased by 4.68 and 0.87 per cent, respectively, while
the agriculture sector grew by 11.63 per cent. A further disaggregation of the sectoral credit
utilisation revealed that the services sector, at ₦32,408.24 billion, accounted for the largest
share (55.72 per cent), followed by industry, ₦22,564.38 billion (38.80 per cent) and
agriculture, ₦3,186.52 billion (5.48 per cent).


1 HHI values range from 100 (highly competitive) to 10,000 (monopoly)

Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
HHI (points)
Per cent (%)
CR - Deposits
CR - Assets
CR - Largest Deposits
CR - Largest Assets
HHI - Deposit
HHI - Assets


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 2.2 Sectoral Credit Utilisation


Table 2.3: Sectoral Credit Utilisation
ITEM
End-Jun

End-Dec

End-Jun

Percentage Share in Total
% Change Between

₦’’Billion
₦’’Billion
₦’’Billion
Jun-24
Dec-24
Jun-25
(1) & (2)
(2) & (3)


[a] Agriculture

[b] Industry

of which Manufacturing

[c] Services

of which Finance, Insurance
& Capital Market

Trade/General Commerce

TOTAL PRIVATE SECTOR
CREDIT
55,713.80
59,216.95
58,159.13

6.29
-1.79


2.1.3.
Consumer Credit
Consumer credit fell by 18.34 per cent to ₦4,004.30 billion from ₦4,903.39 billion at endDecember 2024, reflecting the impact of the contractionary monetary policy stance of the
Bank. A disaggregation of consumer credit showed that personal loans accounted for 50.28
per cent, while retail loans accounted for 49.72 per cent, compared with 78.55 and 21.45
per cent, respectively, at end-December 2024. Of the total claims on the private sector
(₦58,159.13 billion), the share of consumer credit stood at 6.89 per cent, relative to 8.28
per cent in the preceding half-year.


-0.5

0.5

1.5

2.5

3.5
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Percentage points
Agriculture
Industry
Services


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 2.3 Consumer Credit

2.2.
Composition of Banks and Other Financial Institutions
The number of licensed CMNBs increased to 38, comprising 28 commercial, five merchant
and five non-interest banks (NIBs). Seven commercial banks with international
authorisation had 56 cross-border banking subsidiaries, while one of the banks had a
foreign branch. The number of representative offices was five, bringing the total number of
offshore affiliates to 61. There were also two sub-subsidiaries and four branches of crossborder institutions at end-June 2025. The number of Payment Service Banks (PSBs)
remained five.
During the review period, the number of licensed Microfinance Banks (MFBs) increased to
835 (9 National, 105 State, 292 Unit Tier-1 and 429 Unit Tier-2 MFBs). Additionally, 15
Finance Companies (FCs) were licensed. The reinstatement of one Primary Mortgage Bank
(PMB) licence brought the total number to 34 (23 State and 11 National PMBs).

Table 2.4: Composition of Banks and Other Financial Institutions

S/N Type
End-Dec 2024
End-Jun 2025
Change

CMNBs


Commercial Banks:


International

National

Regional
6*

Merchant Banks:


National

-1
Non-Interest Banks:


National

Sub-total A
37*

Microfinance Banks:


National

State

-18
Tier 1 Unit


Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Per cent (%)
₦' Billion
Consumer credit (rhs)
Ratio of consumer credit to claims on private sector (lhs)


FINANCIAL STABILITY REPORT – JUNE 2025

Tier 2 Unit

-4

Bureaux De Change

Finance Companies

Development Finance Institutions

Primary Mortgage Banks

Sub-total B
2,612
2,645

Financial Holding Companies

Representative Office

Payment Service Banks

Payment Service Providers

Sub-total C

Grand Total
2,865*
2,899

*Corrected figures

The Bank also issued licences to 51 Payments Service Providers (PSPs), comprising one
Switching/Processing company, 11 Payment Terminal Service Providers (PTSP), 25
Payment Solution Service Providers (PSSP), 13 Super-Agents and one Payments Terminal
Service Aggregator (PTSA), bringing the total number of licensed PSPs to 264.
Table 2.5 Payment Service Providers
S/N Licence Type
End-Dec 2024
End-Jun 2025
Change

Card Schemes

Mobile Money Operator*

Switching/Processing Companies

Payment Solution Services


Payment Terminal Services Provider**
36*

Payment Solution Services Provider **
83*

Super-Agent**
49*

Payments Service Holding Company

Payments Terminal Service Aggregator

Total
213*

*The data shown is for Non-Bank Licensed Mobile Money Operators.
** Some PSSPs, PTSPs and super agents hold a combination of authorisations.


FINANCIAL STABILITY REPORT – JUNE 2025

2.3.
Financial Markets
Global financial market developments were shaped by geopolitical tensions, tariff and trade
policy shifts, and cautious policy changes by major central banks. There were heightened
uncertainties and fragmentations in global supply chains, trade and capital flows due to
geopolitical tensions. Commodity price adjustments and elevated debt levels, especially
across emerging markets, also affected investors' sentiments across major markets, amid
softer growth prospects and the weakening of the US dollar against major currencies

Despite the global uncertainty, Nigerian financial markets remained resilient, largely driven
by the FX market reforms. These reforms enhanced FX liquidity, strengthened market
integrity through increased transparency and stricter compliance enforcement, which
promoted investor confidence and capital inflows. Financial institutions also bolstered
regulatory capital positions and risk management frameworks to mitigate systemic
vulnerabilities.

2.3.1.
Money Market
The Bank sustained its liquidity management operations, including open market operations
(OMO) auctions and discount window activities, alongside complementary Nigerian
Treasury Bills (NTBs) and FGN bond auctions, to maintain liquidity within desirable
thresholds and rein in inflation. Collateralised transactions continued to dominate activities
in the interbank market, accounting for 99.09 per cent of the total value of deals. Key drivers
of transactions included net fiscal flows, effects of cash reserve ratio (CRR) maintenance
and OMO. Consequently, banking system liquidity conditions and interbank market rates
reflected shifts in policy and autonomous flows.
2.3.1.1. Interbank Market Rates
The interbank money market rates generally traded within the standing facility corridor,
underscoring effective monetary policy transmission during the first half of 2025. The Open
Repurchase (OPR) daily weighted average rate opened at 27.20 per cent on January 2,
2025, compared with 27.08 per cent on July 1, 2024. The rate peaked at 32.58 per cent on
February 13, 2025 dipped to 25.80 per cent on April 24, 2025, and closed at 28.19 per cent
at end-June 2025, compared with 27.20 per cent at end-December 2024. The weighted
average OPR rate was 28.90 per cent, compared with 29.30 per cent in the preceding half
of 2024.

At the call segment, the unsecured weighted daily average rate opened at 26.50 per cent
on January 1, 2025, as against 29.00 per cent on July 1, 2024. It peaked at 32.50 per cent
on February 24, 2025, and closed at 26.50 per cent at end-June 2025. The weighted
average call rate was 28.34 per cent, compared with 28.98 per cent in the second half of
2024.

The monthly average OPR and interbank call rates declined to 27.70 and 27.55 per cent
from 29.75 and 29.31 per cent, respectively, at end-December 2024. The inter-bank money
market rate volatility also moderated significantly during the review period. The volatility in


FINANCIAL STABILITY REPORT – JUNE 2025

OPR rate fell to 0.80 percentage point in the first half of 2025, from 4.16 percentage points
in the second half of 2024, consistent with stable liquidity condition under a tight policy
stance.


Figure 2.4 Volatility in Open-Repurchase Rates


Figure 2.5 Money Market Rates


2.3.1.2. Deposit and Lending Rates
The weighted average prime and maximum lending rates increased following a sustained
tight monetary policy stance. The rates rose by 0.89 and 0.11 percentage point to 18.22
and 29.99 per cent, respectively, above the levels in the preceding half-year.

Percentage points
OPR Volatility - 2nd Half 2024

Percentage points
OPR Volatility - 1st Half 2025

Per cent
Jul-24
Aug-24
Sept-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
InterBank
Call

OPR

MPR

SLF

SDF


FINANCIAL STABILITY REPORT – JUNE 2025

Similarly, weighted average deposit (demand, savings and term) rate grew by 0.10
percentage point to 5.65 per cent from 5.55 per cent in the preceding half-year. The spread
between the average maximum lending rate and the weighted average deposit rate
narrowed marginally by 0.13 percentage point to 24.34 percentage points.


Figure 2.6 Interest Rates Spread


2.3.1.3. Nigerian Treasury Bills
At the primary market, the Nigerian Treasury Bills (NTBs) recorded higher offerings,
subscriptions and allotments for the 91-, 182-, and 364-day tenors. Total NTBs offered and
allotted were ₦7,977.02 billion and ₦8,502.09 billion, respectively, indicating increases of
59.28 and 60.77 per cent from the preceding period.
Similarly, total subscriptions rose by 107.61 per cent to ₦22,674.33 billion, pushing the bid
to cover ratio to 2.67x, compared with 2.18x in the second half of 2024, reflecting
heightened demand by deposit money banks, merchant banks, mandate, and internal
customers, for risk-free securities at relatively attractive yields.
Average stop rates were 17.81, 18.42, and 19.68 per cent, compared with 17.58, 18.22,
and 21.38 per cent for the 91-,182-, and 364-day tenor, respectively, in the second half of
2024.

H1 2022
H2 2022
H1 2023
H2 2023
H1 2024
H2 2024
H1 2025
Percentage point
SPRD (MLR-Weighted average savings rate)
SPRD (MLR-Weighted average deposit rate)


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 2.7 Primary Market: Nigerian Treasury Bills Allotment

Figure 2.8 Primary Market: NTBs Transactions


The stock of NTBs outstanding rose by 3.34 per cent to ₦12,764.08 billion from ₦12,351.12
billion at end-December 2024, while the ownership structure remained bank-anchored:
ODCs holdings accounted for 62.02 per cent, corporates 24.77 per cent, and CBN
branches the balance of 13.21 per cent. This indicates a sustained appetite for risk-free
short-dated assets, driven by system liquidity and cash-management needs.
Figure 2.9 Holdings of NTBs Outstanding (Per cent and ₦ Billion)


₦2,458.11
bn, 49%
₦1,471.67
bn, 29%
₦650.96bn
, 13%
₦427.38bn
, 9%
End-December 2024
ODCs
MBs
Mandate & Internal Customers
CBN Branches
₦5,717.31bn
, 67%
₦1,922.00bn
, 23%
₦696.93bn,
8%
₦165.85bn,
2%
End-June 2025
ODCs
MBs
Mandate & Internal Customers
CBN Branches

Jul-24
Aug-24 Sept-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Per Cent
₦'Billion
Offer (₦'B)
Subscription (₦'B)
Maturities (₦'B)
Ave. Rates %
₦7,891.35bn
, 64%
₦3,032.35bn
, 24%
₦1,427.42bn
, 12%
End-December 2024
ODCs
Corporates
CBN
₦7,916.73bn
, 62%
₦3,161.34bn
, 25%
₦1,686.02bn
, 13%
End-June 2025
ODCs
Corporates
CBN


FINANCIAL STABILITY REPORT – JUNE 2025

2.3.2.
Nigerian Foreign Exchange Market
Foreign exchange activities recorded a significant boost, with FX sales rising to US$4.74
billion from US$3.18 billion in the second half of 2024. FX purchases were US$3.97 billion,
resulting in net sales of US$0.77 billion, while there were no new forward transactions
during the review period.
Total FX market turnover stood at US$52.47 billion, reflecting an increase of 262.40 per
cent, compared with US$14.48 billion in the preceding half-year, reflecting improved market
participation under the Electronic Foreign Exchange Matching System (EFEMS).
Figure 2.10 Transactions at the Nigerian Foreign Exchange Market


2.3.2.1. Foreign Exchange Rate
The naira recorded an appreciation of 0.76 per cent to ₦1,529.71/US$ on June 30, 2025,
from ₦1,541.36/US$ on January 2, 2025, reversing the 1.73 per cent depreciation recorded
in the preceding half of 2024 (₦1,509.69/US$ → ₦1,535.82/US$). The appreciation was
supported by improved FX liquidity and the adoption of the Nigerian FX Code, which
promoted market-based price discovery, transparency, and ethical conduct, thereby
strengthening investor confidence.

Figure 2.11 Monthly Average Rates at the NFEM

H2 2024
H1 2025
$' million
Sales
Purchases

Jul-24 Aug-24 Sept-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
₦/US$


FINANCIAL STABILITY REPORT – JUNE 2025

2.3.2.2. Over-the-Counter Foreign Exchange Futures
There were no new over-the-counter (OTC) FX futures contracts in the review period, same
as in the preceding half year. However, matured contracts amounted to US$86.49 million,
compared with US$78.70 million at end-December 2024. Consequently, outstanding FX
futures contracts decreased significantly to US$1.56 million from US$88.05 million in the
preceding half-year.
2.3.2.3. Naira/Yuan Bilateral Currency Swap Agreement
The Bilateral Currency Swap Agreement (BCSA) between the Bank and the People’s Bank
of China (PBoC), valued ₦720.00 billion/CNY15.00 billion, which was renewed in April 2024
for another three-year term, subsisted during the first half of 2025. However, there were no
new transactions under the Swap Agreement during the review period; thus, cumulative
sales remained at CNY9.22 billion.
2.3.3.
Capital Market
The Nigerian Exchange All-Share Index (NGX ASI) was bullish, ranking second among
African exchanges and reaching an all-time high of 119,978.57 points, a 16.57 per cent
increase at end-December 2024. This growth reflected investor confidence boosted by key
reforms, such as the recapitalisation of major financial institutions, enactment of the
Investment and Securities Act (ISA) 2025, foreign exchange market reforms, improved
market transparency and operational efficiency. These measures expanded market access
and attracted significant offshore inflows, notably through strategic block trades in largecap equities.
2.3.3.1. New Issues of Securities
The capital market witnessed a notable decline in securities issuance at the equities
segment relative to the preceding half-year. There were no public offers during the review
period, compared with three issues valued ₦612.44 billion at end-December 2024. Rights
issues declined to four valued ₦421.73 billion from 11 valued ₦2,066.78 billion at endDecember 2024. Similarly, the value of two private placements fell by 59.68 per cent to
₦30.38 billion from ₦75.34 billion, while the volume remained unchanged. Consequently,
total equity issuances decreased by 62.50 and 83.59 per cent in volume and value, to six
issues from 16 valued ₦452.11 billion and ₦2,754.56 billion, respectively.
In contrast, corporate bond issuances increased to five from two in the preceding half-year,
representing a 150.00 per cent rise in volume. The value of these issuances rose
significantly by 776.43 per cent to ₦162.14 billion from ₦18.50 billion. However, there were
no issuances of sub-national bonds, FGN bonds and Eurobonds, same as in the preceding
half-year. Overall, the total number of securities issued (equities and debt) declined by
38.89 per cent to 11 from 18, while the aggregate value fell by 77.85 per cent to ₦614.25
billion from ₦2,773.06 billion.


FINANCIAL STABILITY REPORT – JUNE 2025

Table 2.6: New Issues in the Nigerian Capital Market
Type
Number of Issues
Value of Issues (₦’Bn)
End-Dec

End-Jun

Change %
End-Dec

End-Jun

Change %
IPO


Public Offer/Offer for Sale


Private Placements


Rights Issues


Total Equities


Corporate Bonds


Sub-national Bonds


FGN Bonds


Eurobond


Total Debt


Total (Equities & Debt)


Source: SEC, DMO


2.3.3.2. Equities Market
The Nigerian Exchange All Share Index (NGX ASI) rose by 16.57 per cent to 119,978.57
index points from 102,926.40 index points at end-December 2024. The total value of
equities traded rose by 49.68 per cent to ₦2,096.62 billion in 1,838,344 deals, compared
with ₦1,444.93 billion in 1,192,388 deals in the second half of 2024. Total equity volume
increased to 76.31 billion shares from 68.20 billion in the preceding half year, reflecting
deepening market participation.
Equity market capitalisation rose by 21.02 per cent to ₦75,950.00 billion from ₦62,760.00
billion at end-December 2024. Similarly, government debt capitalisation expanded by 10.04
per cent, showing continued fiscal borrowing and strong investor demand for government
securities. Corporate debt capitalisation grew modestly by 3.57 per cent, highlighting
cautious optimism in private-sector debt instruments amid tight monetary conditions.
Overall, the increase in the NGX ASI and market capitalisation reflected sustained investor
confidence in the local bourse.

Table 2.7: Nigerian Exchange Limited Indices, ASI and Equity Market Capitalisation
Description
End-Dec 2024
End-Jun

Change (%)
NGX All-Share Index (Pts)
102,926.40
119,978.57
16.57
Equity Market Capitalisation (₦Tr)
62.76
90.40
44.04
NGX Main-Board Index
4,988.79
119,978.57
2,304.96
NGX 30 Index
3,811.94
5,888.97
54.49
NGX CG Index
2,814.39
4,423.04
57.16
NGX Premium Index
9,719.75
3,436.94
-64.64


FINANCIAL STABILITY REPORT – JUNE 2025

Source: NGX Reports
2.3.3.3. Foreign and Domestic Participation
Foreign portfolio inflow to the equities market totalled ₦559.25 billion, indicating a 41.08
per cent increase from ₦396.41 billion in the preceding half-year. Similarly, foreign portfolio
outflow rose by 26.44 per cent to ₦576.09 billion from ₦455.62 billion in the second half of
2024, resulting in a net outflow of ₦16.84 billion, compared with a net outflow of ₦59.21
billion in the preceding period. The moderation in net outflow reflected improved investor
sentiment following regulatory reforms and global monetary easing. Domestic transactions
increased by 14.47 per cent to ₦3,057.88 billion. Consequently, total equity transactions
increased by 40.58 per cent to ₦4,193.22 billion from ₦2,982.87 billion in the preceding
half-year.


Table 2.8: Foreign and Domestic Portfolio Participation in Equities Trading
Transaction Type (₦’B)
Jan-Dec

Jan-Dec

Jan-Jun

Jul-Dec

End- June

%change
(a)
(b)
(c)
(d)
(e)
(d&e)
Total Equity
transactions

Foreign portfolio
transaction

Foreign (%)

Domestic transactions

Domestic (%)

NGX Banking Index
1,084.52
11,576.85
967.46
NGX PENSION INDEX
4,521.13
1,280.41
-71.68
NGX Insurance Index
718.00
5,798.71
707.62
NGX ASeM Index
1,583.71
755.52
-52.29
NGX-AFR Bank Value Index
2,467.38
1,595.12
-35.35
NGX AFR Div Yield Index
16,642.63
2,957.78
-82.23
NGX MERI GROWTH INDEX
6,490.69
19,489.91
200.27
NGX MERI VALUE INDEX
10,375.32
8,149.49
-21.45
NGX Consumer Goods Index
1,731.67
11,150.56
543.92
NGX Oil/Gas Index
2,712.06
2,635.86
-2.81
NGX Lotus Islamic Index
6,955.89
2,437.47
-64.96
NGX Industrial Index
3,572.17
9,229.65
158.38
NGX Growth Index
7,762.86
3,638.15
-53.13
NGX Sovereign Bond Index
601.54
9,420.18
1466.01
NGX Pension Board
1,826.89
653.01
-64.26
NGX Commodity Index

1,047.21
100.00


FINANCIAL STABILITY REPORT – JUNE 2025

Foreign inflow

Foreign outflow

NGX-ASI
74,773.77 102,926.40 100,057.49 102,926.40
119,978.57
90.65
Source: NGX

2.3.3.4. National Association of Securities Dealers OTC Market
The National Association of Securities Dealers (NASD) OTC Market maintained a positive
trajectory in the first half of 2025, as the Unlisted Securities Index rose by 9.76 per cent,
reaching 3,347.43 points from 3,049.90 points at end-December 2024.
Market capitalisation rebounded by 87.45 per cent to ₦1,960.09 billion, reversing the
decline recorded in December 2024. This recovery suggests renewed investor confidence,
re-listing and valuation adjustments. However, trading activity showed mixed trends as the
number of deals fell by 44.62 per cent to 3,119 from 5,632, indicating reduced transaction
frequency while, volume traded surged by 172.16 per cent to ₦5.46 billion, suggesting
concentration in high-volume, low-value securities.
Despite the increase in volume, the total value of transactions declined by 75.51 per cent
to ₦20.17 billion from ₦82.39 billion in the preceding half-year. This reflected a shift toward
lower-priced instruments and reduced liquidity in premium securities.
Table 2.9: Transactions on the NASD OTC Market
OTC Market
End-Jun 2024
End-Dec 2024
End-Jun 2025 % change
Unlisted Index (Points)

MKT cap (₦'bn)

Deals
3,176.00
5,632.22

-44.62
volume traded (Million)

Total value (₦'mn)

Source: NASD


2.3.3.5. Debt Market
Total public debt outstanding stood at ₦152,398.61 billion (33.76 per cent of GDP),
representing a 5.35 per cent increase above the level at end-December 2024. The rise was
due to new borrowings from domestic and external sources to part-finance the 2025 budget
deficit. A breakdown of the consolidated public debt showed that domestic debt at
₦80,551.03 billion accounted for 52.86 per cent, while external debt at ₦71,847.59 billion
constituted 47.14 per cent. Of the consolidated public debt stock, FGN owed ₦145,040.17
billion (95.17 per cent), while state governments owed the balance (Appendix 6).
The stock of FGN domestic debt outstanding rose to ₦76,587.10 billion from ₦70,409.86
billion in the second half of 2024, indicating an increase of 8.77 per cent. The rise was
mainly attributed to the new issuances of NTBs, FGN Bonds, FGN Green Bonds, Sukuk
and FGN Savings Bonds.


FINANCIAL STABILITY REPORT – JUNE 2025

Table 2.10: Public Debt Stock by Instrument
Instrument
End-Jun
2024 (₦’
bn)
End-Dec
2024 (₦’
bn)
End-Jun
2025 (₦’
bn)
% Change (Dec
2024-End-Jun
2025)
Proportion of
Total (End-Jun
2025)
(a) Federal Government

Nig. Treasury Bills

FGN Bonds

FGN Savings Bonds

FGN Sukuk

FGN Green Bonds

Nig. Treasury Bonds

FGN Promissory Notes

(b) Sub-National

Total Domestic Debt

(c) External

Multilateral

Bilateral

Commercial

Syndicated Loan

Total Debt

Source: Debt Management Office (DMO). DMO figures represent sovereign debt outstanding by instrument and are used for stock levels
(FGN Bonds, NTBs, Savings Bonds, FGN Sukuk).

2.3.3.6. Bonds – Primary Market
The outstanding stock of FGN bonds increased by 9.40 per cent to ₦60,645.22 billion from
₦55,436.12 billion at end-December 2024, reflecting sustained sovereign borrowing during
the review period.
2.3.3.7. New Issues, Maturities and Outstandings
2.3.3.7.1. FGN Bonds
FGN bonds amounting to ₦1,850.00 billion were offered, compared with ₦1,100.00 billion
in the second half of 2024. Public subscriptions totalled ₦4,367.70 billion, compared with
₦2,192.45 billion, while sales stood at ₦2,856.70 billion, compared with ₦1,711.90 billion
in the second half of 2024, indicating positive investor sentiment for sovereign securities.
The yield curve remained downward-sloping as in the preceding period. The curve
indicated investors’ expectations of future policy easing as inflationary pressures receded.


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 2.12 Yield Curve
Source: FMDQ-OTC Plc
2.3.3.7.2. FGN Savings Bonds
The FGN 2-year and FGN 3-year Savings Bonds valued ₦25.60 billion were offered and
allotted, an increase of 12.57 per cent from ₦22.74 billion in the preceding half-year.
Coupon rates ranged from 16.0460 to 18.7990 per cent, compared with 11.0330 to 18.4070
per cent in the second half of 2024. Bond maturities stood at ₦6.94 billion. Consequently,
the outstanding stock rose to ₦91.53 billion at end-June 2025, compared with ₦72.87 billion
in the preceding period.

2.3.3.7.3. FGN Green Bonds
The outstanding stock increased by 315.73 per cent to ₦62.36 billion from ₦15.00 billion at
end-December 2024, reflecting renewed issuance of green instruments towards funding
environmentally sustainable projects.

2.3.3.7.4. FGN Sukuk
FGN Sukuk issuances totalled ₦300.00 billion, raising the outstanding stock to ₦1,292.56
billion at end-June 2025, compared with ₦992.56 billion at end-December 2024, reflecting
increased use of Sukuk to finance compliant-infrastructure projects.

2.3.3.7.5. Sub-National Debt
There were no new issues of sub-national debt in the review period. Outstanding subnational debt declined by 0.10 per cent to ₦3,963.93 billion from ₦3,968.06 billion at endDecember 2024, reflecting net redemptions during the period.

2.3.3.7.6. Corporate Bonds
Outstanding corporate bonds decreased marginally to ₦1,627.37 billion from ₦1,662.47
billion at end-December 2024. No new issuances were recorded, while the reduction was
attributed to redemptions amounting to ₦35.10 billion.

1M
3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
12Y
15Y
18Y
20Y
30Y
Yield (%)
Time to Maturity (Years)


FINANCIAL STABILITY REPORT – JUNE 2025

2.3.3.7.7. External Debt
In addition to domestic borrowings, the external debt stock expanded by 2.22 per cent to
₦71,847.37 billion relative to ₦70,287.53 billion in the preceding period. This indicated new
borrowings from multilateral and bilateral sources and exchange rate valuation effects.
Overall, the expansion in domestic and external debt reflected sustained borrowing to
finance fiscal obligations amid a tight monetary policy environment.
2.3.3.8. Bonds - Secondary Market
The secondary bond market recorded a mixed performance during the review period, as
FGN bond market capitalisation increased to ₦49,294.32 billion in June 2025 from
₦44,930.39 billion in December 2024, reflecting renewed investor confidence in sovereign
debt instruments. However, State and Local Government bonds declined to ₦318.58 billion
from ₦348.99 billion. Corporate bond market capitalisation also contracted marginally to
₦1,106.46 billion from ₦1,186.96 billion, suggesting weaker sentiment toward corporate
debt. Overall, the total bond market capitalisation rose to ₦49,294.32 billion in June 2025
from ₦46,466.35 billion in December 2024, driven primarily by gains in Federal Government
bonds.
Investor participation in FGN bonds strengthened, as reflected in the increase in the
number of deals, volume, and value of trades. The number of deals, volume and value rose
to 10, 36,258 units and ₦35.42 billion from seven, 15,738 units and ₦15.78 billion,
respectively, in December 2024. This underscored heightened liquidity and investor
appetite for sovereign instruments. However, there was no trading activity in sub-national
and corporate bonds during the review period, reinforcing the dominance of Federal
Government securities in the Nigerian fixed-income market.
Table 2.11: Market Capitalisation (Debt Securities/Bonds)
Instrument
End-Dec 2024
End-June 2025
% Change
Supra-National

Federal (Nb)
44,930.39
49,294.32
9.71
State and Local (Nb)
348.99
318.58
-8.72
Corporate (Nb)
1,186.96
1,106.46
-6.78
Total Mkt Cap (Bonds) (Nb)
46,466.35
49,294.32
6.09
FGN Bond

Deal

42.86
Volume (M)
15,738.00
36,258.00
130.39
Value (N, M)
15,775.28
35,424.87
124.56
Source: SEC


FINANCIAL STABILITY REPORT – JUNE 2025

2.3.3.9. Financial Market Dealers Quotation Exchange
Activities in the FMDQ OTC market were bullish, as the total number of deals and value of
traded securities rose by 11.69 and 6.61 per cent to 93,533 and ₦70,256.89 billion,
respectively.
The trend was largely driven by FGN bonds, OMO bills and foreign exchange products
which rose by 78.75, 25.19 and 31.37 per cent to ₦4,716.74 billion, ₦15,729.89 billion and
₦24,634.12 billion, respectively. In contrast, repurchase agreements and NTBs declined by
24.16 and 34.15 per cent to ₦17,939.34 billion and ₦4,313.73 billion, respectively.
Table 2.12: FMDQ Market Size

Bonds
Number of Deals Traded
Face Value of Traded Securities (₦’bn)
End-Dec

End-June

% change
End-Dec

End-June

% change
FGN Bonds

Agency Bonds

State/Municipal Bonds

Corporate Bonds

Supranational Bonds

Sukuk

250.12
323.93
Green Bond

Eurobonds


Short-term Bonds


Treasury Bills (NTB)

OMO Bills

Commercial Papers

Unsecured Placements/ Taking

11.4

84.21
Foreign Exchange Products

Repurchase
Agreement/Buy
Backs

Foreign Exchange Derivatives


Promissory Notes

Money Market Derivatives

Total


FINANCIAL STABILITY REPORT – JUNE 2025

In the first half of 2025, OTC transactions for FGN bonds recorded 22,701 deals valued
₦25,800.31 billion, while treasury bills deals and value were 47,276 and ₦40,465.52 billion,
respectively. The development reflected sustained demand for short-term instruments amid
evolving macroeconomic conditions.
Table 2.13: OTC Transactions for FGN Bonds and Treasury Bills
Security/Product
End-Dec

Total
Deals
End-Dec 2024
Total Value
(₦'bn)
End-Jun

Total
Deals
End-Jun 2025
Total Value
(₦'bn)
% Change
in Total
Deals
% Change
in Total
Value
(₦'bn)
FGN Bonds

Treasury Bills


2.3.3.10. Mutual Funds
During the review period, the Net Asset Value (NAV) of registered collective investment
schemes increased by 47.57 per cent to ₦5,870.69 billion from ₦3,978.26 billion, driven
largely by Money Market Funds, which rose significantly by 77.92 per cent to ₦2,990.54
billion from ₦1,680.79 billion in the second half of 2024, reflecting investors’ preference for
liquid and low-risk assets in an uncertain environment. The Real Estate Funds posted a
remarkable rise of 259.40 per cent to ₦359.22 billion, signalling greater interest in propertyrelated investments. Equity Based Funds and Exchange Traded Funds recorded significant
rise by 35.04 and 100.10 per cent, respectively. Developments in these segments of the
market reflected an expanding and increasingly diversified investment landscape shaped
by evolving investor preferences and macroeconomic dynamics.
Table 2.14: Collective Investment Schemes
Fund Type
Jun 2024 (₦ bn)
Dec 2024 (₦ bn)
May 2025 (₦ bn)*
% Change
Ethical Funds

Shariah Compliant Funds

Dollar Funds

Bond/Fixed Income Funds

Equity-Based Funds

Real Estate Funds

Money Market Funds

Balanced-Based Funds

Exchange Traded Funds

Infrastructure Funds

Specialised Funds
—
3.72
64.60
1,636.64
Total

Source: SEC


FINANCIAL STABILITY REPORT – JUNE 2025

The NGX Exchange-Traded Products showed that the Net Asset Value rose to ₦14,255.17
million from ₦12,540.43 million at end-December 2024, reflecting a 13.67 per cent
increase. The number of unit holders also grew by 9.19 per cent to 2,697 from 2,470, while
the total number of units declined by 0.91 per cent to 288,724,645.13 from 291,373,238.19.
Table 2.15: NGX Exchange-Traded Products
Net Asset Value
Unit Holders
Number of Units
End-Dec

End-Jun

Chan
ge
(%)
EndDec

EndJun

Chan
ge
(%)
End-Dec 2024
End-Jun 2025
Change
(%)

Exchange
Traded
Funds*

−0.91
Source: NGX
*ETPs include Exchange Traded funds and Exchange Traded Futures

2.3.4.
Commodities Market
The Nigerian commodities market experienced notable expansion during the review period,
contributing to enhanced liquidity, improved price discovery mechanisms, and the
promotion of financial stability. There was increased market participation and transaction
volumes across various exchanges with the resumption of trading by Gezawa exchange
and trading of new commodities on NCX. This reflected growing investor confidence and a
strengthened alignment between the real sector and financial markets.

2.3.4.1. AFEX Commodities Exchange
Activity at the Africa Exchange (AFEX) slowed, as the total number of deals, volume and
value declined by 54.23, 43.57 and 62.54 per cent to 1,504, 24,598.97 MT and ₦14,514.66
million from 3,286, 43,588.99 MT and ₦38,743.51 million, respectively, in the second half
of 2024. This downturn was largely driven by the decline in the prices of paddy rice,
soybean, sesame, and fixed-income instruments, reflecting structural and liquidity
constraints.
The price of maize demonstrated relative resilience, posting a 14.88 per cent increase in
the number of deals and 29.60 per cent rise in traded volume, although its transaction value
fell marginally by 6.28 per cent to ₦9,790.42 million from ₦10,446.04 million, indicative of
price reduction amid increased supply. Cocoa prices maintained near-stability with minimal
fluctuations.
Financial instruments on agricultural commodities, such as spot and exchange-traded
commodities, also contracted by 96.80 and 98.33 per cent in the number of deals and value,
respectively, reflecting reduced investor appetite.


FINANCIAL STABILITY REPORT – JUNE 2025

Table 2.16: Transactions on AFEX
Source: AFEX

2.3.4.2. Lagos Commodities and Futures Exchange
Trading activity on the Lagos Commodities & Futures Exchange declined significantly in
the first half of 2025 by 83.00 per cent to 35 deals. Similarly, volume traded fell by 93.00
per cent to 69 MT. The total value of trades also declined by 90.54 per cent, to ₦27.61
million.
Table 2.17: Lagos Commodities and Futures Exchange Transactions
Commodity
No. of
Deals EndDec 2024
Volume
(MT) EndDec 2024
Value
(₦M)
End-Dec

No. of
Deals
End-Jun

Volume
(MT) EndJun 2025
Value (₦M)
End-Jun

% Change
(Value)
Paddy Rice


Eko Head Rice

-
55.67

-
20.13
-63.84
Eko Gold Coin

1,492
119.59

7.48
-93.75
Total

1,492
291.76

27.61
-90.54
Source: SEC


2.3.4.3. Nigeria Commodity Exchange
Trading activity on the Nigeria Commodity Exchange (NCX) surged in the first half of 2025,
with 26 deals executed, compared to five at end-December 2024. The traded volume rose
to 6,031.07 MT from 145.74 MT, while the total value increased significantly to ₦2.84 billion
Commodity
Total
No. of
Deals
(H2
2024)
Total
No. of
Deals
(H1
2025)
% Change
Total
Volume
MT (H2
2024)
Total
Volume
MT (H1
2025)
% Change
Total Value
₦M (H2
2024)
Total Value
₦M (H1
2025)
% Change
Cashew Nut


Cocoa


Ginger
-
-


Maize


Paddy Rice


Sesame


Sorghum


Soybean


Fixed Income
1,541


Total


FINANCIAL STABILITY REPORT – JUNE 2025

from ₦108.55 million. Commodities such as Soybean, Wheat, Sesame, Millet, and
Sorghum resumed trading in the market, following months of inactivity, reflecting
diversification.
Table 2.18: Nigeria Commodities Exchange Transactions
Commodity
Total No.
of Deals
(H2
2024)
Total No.
of Deals
(H1
2025)
%
Change
Total
Volume
MT (H2
2024)
Total
Volume MT
(H1 2025)
%
Change
Total
Value
₦M (H2
2024)
Total Value
₦M (H1
2025)
%
Change
Maize

467.00

5,669.60
—
68.70
2,579.69
3,655
Paddy Rice

-
—
55.74
-
—
39.85
-
—
Soybean
-

—
-
40.79
—
-
35.32
—
Wheat
-

—
-
200.00
—
-
133.40
—
Sesame
-

—
-
20.06
—
-
29.96
—
Millet
-

—
-
98.08
—
-
55.33
—
Sorghum
-

—
-
2.49
—
-
10.35
—
Total

420.00
145.74
6,031.07
—
108.55
2,844.05
2,520
Source: SEC

2.3.4.4. Gezawa Commodity Exchange
During the period, Gezawa Commodity Exchange (GCX) recorded strong performance,
with 1,174 deals executed across five commodities, amounting to 15,159.75 metric tonnes
and a total trade value of ₦29.83 billion. Soybean led in value with ₦23.6 billion, followed
by rice and maize, which contributed over ₦5.25 billion. Sorghum and hibiscus recorded
moderate trading activity, indicating growing market interest.
Table 2.19: Gezawa Commodities Exchange Transactions


End-Dec 2024
End-Jun 2025
S/N Commodity
No. of
Deals
Volume
(MT)
Value
(N)
No. of Deals
Volume (MT)
Value
(N
Billion)
% change
in value

Maize
-
-
-

4,827.88
2.51
-

Rice
-
-
-

5,225.84
2.74
-

Sorghum
-
-
-

1,474.56
0.42
-

Hibiscus
-
-
-

336.12
0.55
-

Soybean
-
-
-

3,295.35
23.61
-

TOTAL


2.3.5.
Digital Assets Market
The Securities and Exchange Commission (SEC) granted “approval-in-principle” to Busha
Digital Limited and Quidax Technologies Limited to commence operations under Nigeria’s
Accelerated Regulatory Incubation Programme (ARIP). This provisional authorisation


FINANCIAL STABILITY REPORT – JUNE 2025

formally designates Busha and Quidax as Virtual Asset Service Providers (VASPs) and
Digital Asset Exchanges.
2.3.5.1. Busha Exchange
Activities at the Busha Exchange in the first half of 2025 were robust. The number of deals,
volume and value were 729,876, 18.37 billion units and ₦119.10 billion, respectively. The
NGN segment dominated with ₦22.74 billion in value, 5.06 billion units in volume, and
151,113 deals, largely driven by BTC (₦12.57 billion), USDT (₦5.50 billion), and ETH
(₦1.19 billion). Market trends indicated strong liquidity concentration in BTC (55.00 per
cent) and USDT (24.00 per cent).
Table 2.20: Summary of Busha Transaction
Month
Total
Deals
Change
%
Total
Volume
Change
%
Total Value
(₦’Billion)
Change
%
January 2025

February


March 2025

April 2025

May 2025

June 2025

Total
729,876

18.37

119.10


2.3.5.2. QUIDAX Exchange
Quidax Exchange recorded substantial trading activity with an aggregate of 703,287 deals,
89.45 billion in volume and ₦143.10 billion in value of USDT 22.38 billion. Market
performance was highly concentrated, with Bitcoin accounting for approximately 50.00 per
cent of total value, followed by USDT Tether (31.00 per cent), while Solana, XRP, and
Ethereum contributed marginal shares. The indicative market capitalisation for the period,
proxied by total turnover, stood at USDT 22.38 billion, with Bitcoin and USDT as the primary
liquidity anchors of the Exchange.


Table 2.21: Summary of QUIDAX Transactions
Month
Total Deals Change % Total Volume Change % Total Value (₦’bn) Change %
January 2025

February 2025


FINANCIAL STABILITY REPORT – JUNE 2025

March 2025

April 2025

May 2025

June 2025

Total
703,287

89.45

143.10

Source: SEC
Box 1: Digital Assets


2.4.
Securities and Exchange Commission Regulatory and Supervisory Activities
During the review period, the Securities and Exchange Commission (SEC) carried out the
following activities.
Digital assets form a rapidly evolving market segment that intersects with
traditional finance and regulatory frameworks. Digital assets—often referred to as
cryptocurrencies or crypto-assets—are digital representations of value recorded
on cryptographically-secured distributed ledgers (blockchains). These include
tokens used for various purposes, such as payments, governance, decentralized
applications, decentralized finance (DeFi), and utility functionalities. Their growing
integration with traditional financial products creates new policy, legal, and market
challenges.
Nigeria ranks 6th globally in crypto adoption (Chainalysis 2025), with over 22
million Nigerians—approximately 10.30 per cent of the population—owning crypto
assets, a figure significantly above the global average of 6.80 per cent; and with a
projection of 28.7 million users by 2026. Other trend analysis shows that usage
patterns reflect a strong demand for hedging against inflation, remittances, and
active participation in decentralized finance (DeFi) ecosystems through staking
and yield farming. The predominant crypto-native Nigerians are young, aged 18–
34, comprising 87.00 per cent of users, with male participation at 92.00 per cent.
The ISA, 2025, formally recognises digital and virtual assets as securities under
the SEC regulation. The new Law repeals the earlier Investments & Securities Act
No. 29 of 2007, giving the SEC explicit jurisdiction over digital and virtual assets.
Section (3) of the ISA, 2025 confers the SEC with powers as the apex regulatory
authority for the Nigerian capital markets, with the objectives of ensuring protection
of investors, market integrity, systemic stability and development of the Nigerian
Capital Markets. Subsections (3)(b)(i) and (4)(z) specifically mandate the SEC to
register and regulate, amongst others virtual and digital assets, virtual and digital
assets exchanges, service providers and platform operators, as well as to promote
innovations in the capital market.


FINANCIAL STABILITY REPORT – JUNE 2025

2.4.1.
Enactment of the Investment and Securities Act 2025
The Investment and Securities Act (ISA) 2025 was enacted in March 2025, repealing the
ISA 2007. The Act strengthens the regulatory capacity of the SEC, expands its oversight to
digital asset platforms, and criminalises fraudulent investment schemes, such as Ponzi
operations.
2.4.2.
Rules for Private Company Debt Issuance
Rules permitting private companies to issue debt securities via public offers were
introduced, while equity offerings remain restricted. Issuance is capped at three per year,
with a maximum aggregate value of ₦15 million, beyond which re-registration as a public
company is required. The rules enhance oversight of private sector participation in public
debt markets.
2.4.3.
Sensitisation Campaigns
The SEC sustained its nationwide sensitisation campaigns, cautioning the public against
the dangers of patronising Ponzi, fraudulent, and unregistered investment schemes.
The ISA 2025 and sensitisation efforts underscore the Commission’s proactive approach
to strengthening supervision, promote financial literacy and reduce investor vulnerability in
the capital market.

2.5.
Real Sector Initiatives
The Bank sustained its advisory role while intensifying efforts towards the recovery of
outstanding intervention funds. Total recoveries in the first half of 2025 amounted to
₦313.19 billion, a 20.56 per cent decrease, compared with ₦394.24 billion in the second
half of 2024 (Appendix 7).
2.6.
Financial Inclusion and Institutional Support
2.6.1.
Financial Inclusion
The National Financial Inclusion Strategy (NFIS) serves as Nigeria's principal policy
framework aimed at achieving targets in credit, savings, payments, insurance, and
pensions. It also sets strategic goals to reach a 95.00 per cent financial inclusion rate.
At end-June 2025, the percentage of financially included Nigerians stood at 74.00 per cent.
New BVN enrolments was 1,145,722 at end-June 2025, of which 719,842 (45.89 per cent)
were female customers, highlighting gender inclusion. Additionally, 69,094 new agents
were onboarded under the SANEF expansion scheme, bringing the total to 2,021,338 and
increasing access points to 1,903 per 100,000 adults, further deepening financial access
nationwide.
These achievements underscore the impact of strategic partnerships and targeted
initiatives in expanding access to financial services nationwide.


FINANCIAL STABILITY REPORT – JUNE 2025

Table 0.1: Key Financial Inclusion Indicators
Indicator
End-Dec 2024
End-Jun 2025
New BVN Registration
2,420,595
1,145,735
New BVN Registration (Female)
2,015,551
719,842
Total No. of Onboarded (New) Agents
125,154
69,094

Indicator
End-Dec 2024
End-Jun 2025
Total BVN
64,804,993
65,950,728
Total Agents
1,952,242
2,021, 338
Source: NIBSS

2.6.2.
National Financial Inclusion Governance Committee Meetings
During the review period, the National Financial Inclusion Secretariat (NFIS) established a
governance structure comprising a Steering Committee chaired by the Governor, a
Technical Committee chaired by the Deputy Governor, Financial System Stability (FSS),
and four Working Groups: Products, Channels, Literacy, and Interventions.
The Technical Committee and Working Groups focused on the following:

a) Expansion of fixed and mobile broadband infrastructure to deepen broadband
penetration in Nigeria.
b) Creation of a framework for a centralised complaints management platform
for policyholders to submit complaints and track resolution status by the
insurance sector.
c) Establishment of and planned rollout of the Open Banking Registry.
d) Improved access to credit through the Secured Transactions in Movable
Assets (STMA), and
e) Combating e-fraud through telecommunication platforms.
2.6.3.
Digital Finance Services and Agent Networks
The Bank advanced Digital Finance Services (DFS) adoption by linking Payment Service
Providers with aggregators, enforcing monthly transaction reporting, and mandating
corporate name display on digital platforms to enhance trust. Furthermore, the activities of
the Payment Service Banks and USSD deployment further expanded access, especially in
rural areas.
Consequently, in the first half of 2025, there were 69,094 new agents, bringing the total to
2,021,338, reflecting greater access to financial services. At end-June 2025, 83.00 per cent
of adults with transactional accounts use DFS (up from 60 per cent in 2020).


FINANCIAL STABILITY REPORT – JUNE 2025

2.6.4.
Financial Literacy and Consumer Education
The Bank continued to promote financial inclusion and responsible financial behaviour
through targeted financial literacy and consumer education initiatives. These efforts
focused on improving public awareness and understanding of financial products, services,
and consumer rights. Key activities included:
2.6.4.1. SabiMONI Platform
Total enrolment on the financial literacy e-learning platform rose by 2.81 per cent to 12,660
from 12,314 at end-December 2024, reflecting continued engagement with the platform
towards deepening financial inclusion.

2.6.4.2. Global Money Week
As part of the 2025 Global Money Week (GMW) celebrations, the Bank, in collaboration
with the Bankers’ Committee Sub-Committee on Financial Literacy and Public
Enlightenment, and other stakeholders, organised a series of activities aimed at promoting
financial education among youths. The programme had a total of 10,607 participants, with
52.00 per cent being female.

2.6.4.3. Financial Literacy Training for Faith-Based Organisations
The Bank conducted a Training-of-Trainers programme for 47 members of a faith-based
association, with participants aged 18 years and above. This initiative reflected the Bank’s
commitment to deepening financial literacy and inclusion across diverse socio-religious
communities.
2.6.5.
National Collateral Registry
The number of financing statements and borrowers declined by 6.40 and 5.60 per cent to
37,054 and 39,901, respectively. Individuals remained the largest category of borrowers
utilising the Secured Transactions in Movable Assets, followed by medium-sized
businesses.
However, the value of Naira-denominated financing statements increased by 29.70 per cent
to ₦1,181.52 billion from ₦911.05 billion at end-December 2024, reflecting increasing
number of large-ticket transactions secured with movable assets. In contrast, USDdenominated financing statements fell by 23.40 per cent to $160.64 million from $209.64
million.


Table 0.2: Transactions on the National Collateral Registry Portal
Currency


FINANCIAL STABILITY REPORT – JUNE 2025

Debtor
Type
Number of Financing
Statements
Number of
Borrowers
Value of Financing
Statements

End-Dec

End-Jun

End-Dec

End-Jun

End-Dec

End-Jun

Individual

(₦ billion)
217.874
469.23
(US$ million)
0.10
0.266
Large
Business


(₦ billion)
443.44
533.09

(US$ million)
(€ million)

Medium
Business

(₦ billion)
215.99
126.12
(US$ million)
14.20
0.281
Micro
Business

(₦ billion)
2.99
3.00
Small
Business
1,969

2,165

(₦ billion)
30.75
50.07
(US$ million)
139.06
-
Total


(₦ billion)

(US$ million)
(€ million)
209.64
160.64
6.02

The number of financing statements for Women and Women Business Enterprises
(WWBEs) decreased by 6.64 per cent to 14,904 from 15,964 at end-December 2024, and
the number of WWBE borrowers decreased by 10.47 per cent to 15,684 from 17,519 in the
second half of 2024.
Table 0.3: Women and Women-owned Enterprises Transactions on the National Collateral Registry
Debtor Type
Number of Financing
Statements
Number of Women and
Women-owned
Enterprises
Value of Financing Statement
(₦’Billion)

End-Dec

End-Jun

End-Dec

End-Jun 2025
End-Dec

End-Jun 2025
Individual

Large
Business

1.93
1.56
Medium
Business

8.20
8.22
Small
Business

0.34
0.36
Micro
Business

3.13
3.23
Total


Cumulatively, a total of 862 financial institutions had registered 485,917 financing
statements, valued ₦23.40 trillion, US$ 4.41 billion, €18.95 million, and £27.35 million. The
value of financing statements registered by type of secured creditor showed that DMBs had
the largest value in naira and USD denominations.


FINANCIAL STABILITY REPORT – JUNE 2025

Table 0.4: Value of Financing Statements by Type of Secured Creditor
S/N
Type of Secured Creditor
Value
of
Financing
Statements


(₦)

Deposit Money Banks (DMBs)
585.09

Finance Houses (FHs)
10.96

Micro Finance Bank (MFB)
435.40

Non-Bank Financial Institutions (NBFIs)
149.03

Total
1,180.48


(US$)

Deposit Money Banks (DMBs)
0.14

Finance Houses (FHs)

Non-Bank Financial Institutions (NBFIs)
0.03

Total
0.16


(₤)

Non-Bank Financial Institutions (NBFIs)
0.01

Total
0.01


3. CENTRAL BANK REGULATORY AND SUPERVISORY ACTIVITIES
3.1.
Financial Soundness Indicators

Generally, the banking industry2 remained stable and sound as reflected by key financial
soundness indicators during the review period. Although asset quality marginally declined,
the solvency ratio remained robust, capable of absorbing potential losses. Liquidity was
sustained at a level above the regulatory threshold, while the industry remained profitable,

2 Commercial, Merchant and Non-Interest Banks


FINANCIAL STABILITY REPORT – JUNE 2025

with significant profits generated from core operations, highlighting banks’ operational
efficiency and financial strength (Appendix 8).
3.1.1.
Asset-Based Indicators
3.1.1.1. Non-Performing Loans Ratio
The non-performing loans (NPLs) ratio increased to 5.76 per cent, above the regulatory
benchmark of 5.00 per cent and 4.87 per cent recorded at end-December 2024. In addition,
the ratio of NPLs net of provisions to capital increased to 13.90 per cent from 4.91 per cent
at end-December 2024. The ongoing recapitalisation exercise of banks and sustained GSI
implementation were expected to bolster loss-absorption buffers and preserve banking
system stability.
Figure 3.1 Banking Industry NPLs Ratio


3.1.1.2. Core Liquid Assets to Total Assets and Short-term Liabilities
The ratio of core liquid assets to total assets increased by 2.61 percentage points to 20.87
per cent from 18.26 per cent at end-December 2024, driven mainly by a significant rise in
core liquid assets, which outweighed the increase in total assets. Similarly, the ratio of core
liquid assets to short-term liabilities rose by 3.56 percentage points to 50.64 per cent,
largely due to the growth in liquid assets. These ratios were robust, reflecting the adequacy
of the banking industry liquidity buffer.
Figure 3.2 Banking Industry Liquidity Indicators
end-Jun-

end-Dec-

end-Jun-

end-Dec-

end-Jun-

NPLs-LHS

Specific Provisions-LHS

NPLs net provisions to capital

NPL to Gross Loans

Percentage (%)
Amount ('N Billion)


FINANCIAL STABILITY REPORT – JUNE 2025

3.1.1.3. Credit to Real Estate Sector
The ratio of residential real estate loans to total gross loans remained at 0.29 per cent,
while the ratio of commercial real estate loans to total gross loans declined by 0.14
percentage point to 1.43 per cent from 1.57 per cent at end-December 2024. This indicates
banks’ cautious stance toward real estate exposures.
Figure 3.3 Exposure to Real Estate Sector


3.1.1.4. Exposure to Oil & Gas, Manufacturing and Services Sectors
The banking industry’s exposure to the services, oil & gas, and manufacturing sectors as a
share of gross loans declined by 1.62, 3.14, and 1.24 percentage points to 44.13, 29.79,
and 12.29 per cent, respectively. The reduction was largely driven by FX market stability,
which moderated prior revaluation gains.

end-Jun-2023
end-Dec-2023
end-Jun-2024
end-Dec-2024
end-Jun-2025
Pecentage(%)
Liquid assets (core) to total assets
Liquid assets (core) to short-term liabilities

end-Jun-2023
end-Dec-2023
end-Jun-2024
end-Dec-2024
end-Jun-2025
Percentage(%)
Residential real estate loans to total gross loans
Commercial real estate loans to total gross loans


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 3.4 Exposure of Banking System to Oil & Gas, Manufacturing and Services3


3.1.2.
Capital-Based Indicators
The capital adequacy ratio of the banking sector remained above the regulatory threshold,
although it declined to 13.43 per cent from 15.25 per cent at end-December 2024. Tier-1
capital to risk-weighted assets declined to 11.50 per cent from 12.91 per cent in the second
half of 2024, driven by the rise in risk-weighted assets that outpaced the increase in
regulatory capital. Overall, the banking industry capital buffer was robust to absorb shocks.
Figure 3.5 Banking Industry Capital Adequacy Indicators

Note: *The ratios are computed based on IMF-FSI Manual
3.1.3.
Income and Expense Ratios
The industry’s profitability remained robust, underpinned by a substantial rise in net interest
margins to 71.25 per cent from 54.73 per cent at end-December 2024, reflecting stronger
interest income relative to gross income. On the cost side, non-interest expenses as a share

3 Services include: Real Estate, Finance, Insurance & Capital Market, Education, Upstream and Oil & Gas Services, Power
Transmission and Distribution, Information & Communication, Transportation & Storage, General and Others


end-Jun-2023
end-Dec-2023
end-Jun-2024
end-Dec-2024
end-Jun-2025
Percentage (%)
Oil & Gas to Gross Loans
Manufacturing to Gross Loans
Services to Gross Loans

end-Jun-2023
end-Dec-2023
end-Jun-2024
end-Dec-2024
end-Jun-2025
Percentage(%)
Regulatory capital to risk-weighted assets
Regulatory Tier 1 capital to risk-weighted assets


FINANCIAL STABILITY REPORT – JUNE 2025

of gross income inched up to 46.37 per cent from 46.10 per cent in the second half of 2024,
suggesting a marginal rise in operating costs despite efficiency gains.

Figure 3.6 Income and Expense Ratios


3.2.
Other Financial Institutions4
Generally, the other financial institutions recorded increases in total assets and capital
positions. However, the asset quality of the OFI subsector declined.

3.2.1.
Development Finance Institutions
The total assets of Development Finance Institutions (DFIs) increased by 9.28 per cent to
₦9,391.44 billion from ₦8,593.85 billion at end-December 2024, driven largely by growth
in placements, investments, and net loans and advances.
The rise in assets was mainly funded by increases in deposits, borrowings, and
shareholders’ funds, which grew by 11.59, 13.02 and 30.87 per cent to ₦879.94 billion,
₦6,071.31 billion and ₦993.66 billion, respectively, in the first half of 2025. In contrast,
‘other liabilities’ declined by 18.62 per cent to ₦1,236.19 billion.
The CAR and LR remained above the minimum regulatory benchmarks of 10 and 20 per
cent at 17.75 and 320.75 per cent, respectively. Furthermore, the NPL ratio improved to
17.92 per cent from 18.24 per cent at end-December 2024. The improvement in the NPL
ratio was attributed to enhanced operational efficiency, increased loan recoveries and
strengthened credit risk management practices.
Figure 3.7 Consolidated Balance Sheet of DFIs

4 Other Financial Institutions (OFIs) refer to Microfinance Banks, Development Finance Institutions, Primary Mortgage
Banks and Finance Companies.

end-Jun-2023
end-Dec-2023
end-Jun-2024
end-Dec-2024
end-Jun-2025
Percentage(%)
Interest margin to gross income
Noninterest expenses to gross income
Personnel expenses to noninterest expenses


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 3.8 Total Assets of DFIs


Figure 3.9 Total Liabilities of DFIs

₦'Billion
Assets
Dec-24
Jun-25

₦'Billion
Liability
End-Dec 2024
End-Jun 2025
Cash & Bank
Balances
2.20%
Placements
10.31%
Investment
59.07%
Net Loans &
Advances
26.09%
Other Assets
1.20%
Fixed Assets
1.12%
End-Dec 2024
Cash & Bank
Balances
1.71%
Placements
13.14%
Investment
55.53%
Net Loans &
Advances
25.69%
Other Assets
2.87%
Fixed Assets
1.06%
End- Jun 2025


FINANCIAL STABILITY REPORT – JUNE 2025

3.2.2.
Primary Mortgage Banks
The total assets of the sub-sector increased by 11.57 per cent to ₦696.25 billion from
₦624.06 billion at end-December 2024. The increase was largely due to growth in
placements, loans & advances and cash & cash equivalents, which rose by 20.43, 9.70
and 34.57 per cent to ₦144.06 billion, ₦337.98 billion and ₦1.86 billion at end-June 2025,
from ₦119.62 billion, ₦308.11 billion and ₦1.39 billion respectively, at end-December 2024.
Similarly, deposits, long-term loans, and shareholders’ funds increased by 25.96, 2.45 and
36.21 per cent to ₦317.50 billion, ₦76.27 billion, and ₦78.47 billion, respectively, from
₦252.07 billion, ₦74.44 billion, and ₦57.61 billion at end-December 2024. The increase in
shareholders’ funds was largely due to accretion to reserves from retained profits in the
preceding period.

Total sources of funds increased to ₦696.24 billion from ₦624.67 billion at end-December
2024. Furthermore, total utilisation rose from ₦593.77 billion to ₦664.31 billion, indicating
an overall expansion in balance sheet activities. The growth in funding was driven mainly
by higher customer deposits and improved reserves, while funds were largely deployed to
loans and advances, placements, and investments. The above outcomes reflected
enhanced funding capacity, asset growth, and improved operational efficiency over the
review period (Table 3.1).
Key prudential ratios remained robust as CAR stood at 18.39 per cent, an increase from
15.12 per cent, while the NPL ratio fell to 14.29 per cent from 21.80 per cent at endDecember 2024. Both ratios were within the regulatory minimum and maximum limits of
10.00 and 30.00 per cent, respectively. The improvement in the NPL ratio was attributed to
enhanced credit discipline and sound risk management practices (Appendix 9).


Figure 3.10 Consolidated Balance Sheet of PMBs
Paid-up
Capital
4.75%
Reserves
4.08%
Deposits
9.18%
Borrowings
62.51%
Due to
Banks
1.04%
Other
Liabilities
17.68%
Longterm
Liabilities
0.77%
End- Dec. 2024
Paid-up
Capital
4.40%
Reserves
6.18%
Deposits
9.37%
Borrowings
64.65%
Due to
Banks
1.54%
Other
Liabilities
13.16%
Long-term
Liabilities
0.70%
End- Jun. 2025.


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 3.11 Composition of Assets of PMBs


Figure 3.12 Composition of Liabilities of PMBS

Billion
Assets
Dec-24
Jun-25

Billion
Liabilities
Dec-24
Jun-25

End-Dec 2024
Cash and balances with banks
Placement with bank
Investments
Loans and Advances
Other Assets
Fixed Assets

End-Jun 2025
Cash and balances with banks
Placement with bank
Investments
Loans and Advances
Other Assets
Fixed Assets


FINANCIAL STABILITY REPORT – JUNE 2025

Table 3.1: Sources and Utilisation of Investible Funds of PMBs as of June 2025

Dec-24
Jun-25
Items
Source
(₦’Billion)
Utilisation
(₦’Billion)
Source
(₦’Billion)
Utilisation
(₦’Billion)
Placements
119.62
144.06
Investments

62.08

65.08
Loans and Advances

308.11

337.98
Other Assets

76.7

86.21
Fixed Assets

27.26

30.98
Paid-Up Capital
97.97

98.90

Reserves
-40.36

-20.43

Deposits
252.07
317.50
Due To Other Banks
28.01

23.01

Long Term Loans/NHF
74.44
76.27
Other Liabilities
212.54
200.99
Total

Unutilised
Cash

Bank Balances

Total Unutilised

Total

[[
3.2.3.
Finance Companies
The total assets of FCs increased by 28.57 per cent to ₦978.16 billion from ₦760.83 billion
at end-December 2024. This growth was driven largely by increases in net loans and
advances, placements, investments, and balances with banks, which rose by 26.35, 23.14,
51.91 and 22.28 per cent to ₦518.24 billion, ₦127.87 billion, ₦76.18 billion and ₦59.91
billion, respectively.

End-Dec 2024
Paid-up Capital
Reserves
Deposits
Due to Banks & Others
Long-term Loans/NHF
Other Liabilities

End-Jun 2025
Paid-up Capital
Reserves
Deposits
Due to Banks & Others
Long-term Loans/NHF
Other Liabilities


FINANCIAL STABILITY REPORT – JUNE 2025

Similarly, borrowings and other liabilities increased by 23.42 and 25.76 per cent to ₦545.60
billion and ₦304.70 billion, respectively. Shareholders’ funds also grew significantly by
70.87 per cent to ₦123.88 billion, mainly driven by increases in paid-up capital and
reserves, which rose by 18.36 and 147.20 per cent, respectively.

Investible funds during the review period amounted to ₦217.33 billion, sourced from
borrowings, reserves, other liabilities, and paid-up capital. These funded the assets of the
FCs.

The average NPL ratio improved to 8.42 per cent from 9.17 per cent in December 2024
and remained within the regulatory limit of 10.00 per cent, reflecting improved asset quality.
The CAR rose to 13.65 per cent, above the regulatory minimum of 12.50 per cent, indicating
the enhanced capacity of the subsector to absorb losses.

Table 3.2: Highlights of the Financial Position of Finance Companies
Item
End-Dec 2024
End-Jun 2025
Change
(₦‘billion)
% Change
Total Assets

Balances with Banks

Net Loans and Advances

Investments

Placements

Fixed Assets

Borrowings

Other Liabilities

Shareholder’s Funds

Paid-up capital

Reserves

Capital Adequacy Ratio (%)

Non-performing Loans (%)


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 3.13 Consolidated Balance Sheet of Finance Companies


Figure 3.14 Composition of Assets of Finance Companies


End-Dec 2024
Cash & Bank Balances
Placements
Investments
Net Loans & Advances
Other Assets
Fixed Assets

End- Jun. 2025
Cash & Bank Balances
Placements
Investments
Net Loans & Advances
Other Assets
Fixed Assets

Assets
Dec-24
Jun-25

Liabilities
Dec-24
Jun-25


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 3.15 Composition of Liabilities of Finance Companies


Table 3.3: Sources and Utilisation of Investible Funds of Finance Companies as of June 2025
DESCRIPTION
SOURCE
APPLICATION

N '000
N '000


Balances with Banks

10,929,085
Placements

24,024,793
Investments

26,029,294
Net Loans and Advances

108,062,154
Other Assets

46,763,139
Fixed Assets

1,525,782
Paid-up Capital
7,888,721

Reserves
43,490,891

Long Term Loans Liabilities

Total Borrowings
103,533,134

Other Liabilities
62,421,679

TOTAL
217,334,426
217,334,426


3.2.4.
Bureaux De Change
The number of licensed BDCs remained at 1,629, following the CBN’s extension of the
deadline for compliance with the new capital requirements to June 2025. Under the new
structure, Tier 1 and 2 BDCs are required to maintain ₦2 billion and ₦500 million in paidup capital, respectively.
The Bank issued a circular titled “Sales of Foreign Exchange to BDCs to Meet Retail Market
Demand for Eligible Invisible Transactions”. The circular authorised BDCs to purchase up

End-Dec 2024
Paid-up Capital
Reserves
Borrowings
Long-term Liabilities
Other Liabilities

End-Jun 2025
Paid-up Capital
Reserves
Borrowings
Long-term Liabilities
Other Liabilities


FINANCIAL STABILITY REPORT – JUNE 2025

to US$25,000 weekly from designated Authorised Dealer Banks (ADBs) for approved
invisible transactions, including overseas medical expenses, school fees, and travel
allowances (PTA/BTA). This initiative aimed to address liquidity challenges in the retail
segment of the foreign exchange market.

3.2.5.
Microfinance Banks
Total assets of MFBs grew by 25.87 per cent to ₦3,941.47 billion from ₦3,156.42 billion at
end-December 2024, owing to increases in placements, due from banks, long-term
investments, and loans & advances, which rose by 46.34, 29.09, 81.56, and 34.25 per cent
above levels recorded in the last half of 2024, to ₦839.08 billion, ₦602.55 billion, ₦192.44
billion, and ₦1,432.23 billion, respectively. However, ‘other assets’ declined marginally by
7.59 per cent.
Furthermore, the increase in total liabilities was majorly driven by growth in deposits and
other liabilities, reflecting increased confidence in the sub-sector. Deposits rose by 21.59
per cent to ₦2,689.88 billion, while other liabilities increased by 18.59 per cent to ₦654.48
billion in the review period.
Shareholders’ funds reflected the same positive trajectory, increasing by 57.43 per cent to
₦394.89 billion. Both paid-up capital and reserves grew, owing to capital injection and
increase in reserves.
Total sources of funds increased by 24.87 per cent to ₦3,941.46 billion from ₦3,156.42
billion at end-December 2024, due largely to expansion in deposits. Similarly, utilisation
increased by 81.60 per cent to ₦3,331.26 billion from ₦2,675.25 billion, driven largely by
the rise in loans & advances and placements.
The CAR and LR at 15.03 and 59.54 per cent were above the minimum regulatory
requirements of 10.00 and 20.00 per cent, respectively (Appendix 10).
Figure 3.16 Balance Sheet of Microfinance Banks


₦'Billion
Assets
Dec. 2024
Jun-25

₦'Billion
Liabilities
Dec. 2024
June. 2025


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 3.17 Composition of Assets

Figure 3.18 Composition of Liabilities of Microfinance Banks


End-Dec 2024
Cash and bank balance
Placements
Investments
Loans and Advances (Net)
Other Assets
Fixed Assets

5.85% End-Jun 2025
Cash and bank balance
Placements
Investments
Loans and Advances (Net)
Other Assets
Fixed Assets

End-Dec 2024
Paid-up Capital
Reserves
Deposits
Takings from Other Banks
Long-term Liabilities
Other Liabilities

End-Jun 2025
Deposits
Takings from Bank
Other Liabilities
Borrowings
Capital
Reserves


FINANCIAL STABILITY REPORT – JUNE 2025

Table 3.4: Sources and Utilisation of Investible Funds of Microfinance Banks as at June 2025

End-Dec 2024
End-Jun 2025
Items
Source
(₦’Billion)
Utilization
(₦’Billion)
Source
(₦’Billion)
Utilization
(₦’Billion)
Placements

691.51

991.45
Investments

105.99

192.45
Loans and Advances

1066.87

1432.23
Other Assets

524.34

484.55
Fixed Assets

286.54

230.58
Paid-Up Capital
176.77

257.00

Reserves
74.07

137.89

Deposits
2,212.43

2,689.88

Due To Other Banks
63.96

111.48

Long Term Loans
77.28

90.73

Other Liabilities
551.91

654.48

Total

Un-utilised


Cash

14.42

7.76
Bank Balances

466.75

602.55
Total Un-utilised

Total


3.2.6.
Maturity Structure of MFB Loans & Advances and Deposit Liabilities
The maturity profile of the MFB sub-sector showed that loans and advances were mainly
short-term, accounting for 57.36 per cent of the total loan portfolio. Similarly, the deposit
structure remained largely short-term, with deposits of less than one year constituting 92.74
per cent. The deposits with maturities of over one year decreased by 29.29 percentage
points to 7.26 per cent from 36.55 per cent in the preceding period.


FINANCIAL STABILITY REPORT – JUNE 2025

Table 3.5: Maturity Structure of MFBs Loans and Advances and Deposit Liabilities

End-Dec 2024
End-June 2025
Tenor/Period
Loans and
Advances (%)
Deposits (%)
Loans and
Advances (%)
Deposits (%)
0-30 Days

31-60 Days

61-90 Days

91-180 Days

181-360 Days

Short-Term

Above 360 Days

Total

3.2.7.
Other Developments in the OFI Sub-sector
The Bank issued further guidance on cybersecurity for OFIs, to strengthen resilience
against emerging cyber threats. Institutions were encouraged to invest in stronger IT
infrastructure, enhance cyber governance frameworks, and improve their capacity to detect
and respond to threats.
Notwithstanding these positive developments, cybersecurity deficiencies remained a key
vulnerability, with gaps in security architecture and incident response in some institutions,
even as AI-enabled phishing, ransomware, and synthetic-identity fraud increased the
sophistication of attacks. Capacity constraints also persisted, with a shortage of skilled
professionals in cybersecurity and compliance roles.

3.2.8.
Asset Management Corporation of Nigeria
Total cash recoveries during the review period increased by 27.87 per cent to ₦66.12
billion from ₦51.71 billion at end-December 2024. Furthermore, investment income
from treasury operations rose by 2.08 per cent to ₦15.22 billion from ₦14.91 billion over
the preceding half.
Cumulatively, the total recoveries rose by 4.42 per cent to ₦2,426.35 billion from
₦2,323.68 billion during the preceding period, made up of cash ₦984.52 billion, other
collections (property sale, share sales, rental income, dividend income, sale of bridge


FINANCIAL STABILITY REPORT – JUNE 2025

banks and re-investment income) ₦1,291.95 billion and asset forfeiture of ₦149.90
billion.
The carrying value of AMCON’s liabilities decreased by 7.84 per cent to ₦5,241.54
billion from ₦5,687.36 billion at end-December 2024. The Corporation’s total assets net
of impairment decreased by 30.97 per cent to ₦1,267.66 billion from ₦1,836.33 billion
in the second half of 2024.
Collections into the Banking Sector Resolution Cost Fund (BSRCF) in the review period
amounted to ₦577.84 billion, contributed by the Bank and 15 banks. AMCON utilised
the funds to settle its obligations on issued securities.

3.3.
Banking Industry Stress Tests
The Bank conducted comprehensive top-down solvency and liquidity stress tests.
These forward-looking assessments help identify potential vulnerabilities and emerging
risks in the banking sector, enabling timely regulatory interventions to safeguard longterm financial stability in the review period (Appendix 11).

3.3.1.
Solvency Stress Test Baseline Position
The banking sector remained resilient and efficient as the baseline CAR, LR, NPL, ROA
and ROE stood at 13.43, 53.05, 5.76, 3.20 and 43.36 per cent, respectively, in the first half
of the year.

Table 3.6: Banking Industry Baseline of Selected Key Indicators

CAR (%)
LR (%)
NPL Ratio
(%)
ROA (%)
ROE (%)
Prudential Requirements


a. Dec 2023

b. Jun 2024

c. Dec 2024

d. Jun 2025

Percentage Points Change (c – b)


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 3.19 Banking Industry Selected Key Indicators


3.3.1.1. General Credit and Obligor Credit Concentration Risk
Stress testing outcomes affirmed the resilience of the banking sector in managing both
general credit risk and credit concentration exposures, even under severe scenarios.
Notably, the industry maintained a CAR above the regulatory minimum of 10.00 per cent,
despite a simulated 50.00 per cent surge in NPLs. This underscored the sector’s capacity
to absorb significant credit shocks while preserving capital buffer and systemic stability.

Table 3.7 Credit Default Stress Test

Under a scenario analysis of five largest corporate credit exposures in each bank
deteriorating from performing to sub-standard classification, the CAR would remain above
the regulatory minimum of 10.00 per cent, indicating the industry’s capacity to absorb credit
concentration shocks without breaching capital requirements. In a worst-case scenario,

CAR (%)
LR (%)
NPL Ratio (%)
ROA (%)
ROE (%)
Percentage
End-Dec 2023
End-Jun 2024
End-Dec 2024
End-Jun 2025
Shocks
End-Jun 2024
CAR (%)
End-Dec 2024
CAR (%)
End-Jun 2025
CAR (%)
Baseline
12.52
15.25
13.43
10% increase in NPLs
12.25
14.97
13.22
15% increase in NPLs
12.12
14.82
13.11
20% increase in NPLs
11.98
14.68
13.00
30% increase in NPLs
11.71
14.39
12.79
50% increase in NPLs
11.17
13.80
12.36


FINANCIAL STABILITY REPORT – JUNE 2025

where credits shift from doubtful to lost (Scenario 3), the CAR would drop to 11.99 per cent,
remaining above the regulatory minimum.
Table 3.8 Obligor Credit Concentration Stress Tests

3.3.1.2. Sectoral Credit Concentration Stress Test
The banking sector’s credit distribution revealed that the Oil & Gas sector accounted for the
largest share of total credit exposure at 29.34 per cent, followed by Finance & Insurance
sector with 13.54 per cent. This concentration profile reflected the prevailing lending
dynamics and sectoral credit demand patterns within the industry.

Table 3.9 Credit Exposure by Sectors
S/No
SECTOR
End-Dec

(N’Bn)
% to Total
Credit
End-Jun 2025
(N’Bn)
% to Total
Credit

Oil & Gas


Manufacturing


General


General Commerce


Finance & Insurance
4,849.54
8.10
7,984.87

13.54

Agriculture, Forestry and Fishing
2,940.51
4.91
3,280.01

5.56

Others
14,710.47
24.57
14,650.41

24.8

Total
59,877.49

58,965.42

Scenarios
End-Jun

CAR (%)
End-Dec

CAR (%)
End-Jun

CAR (%)
Baseline
12.52
15.25
13.43
Scenario 1
Five largest corporate credit facilities shifted from performing to substandard (10% provision)
12.15
14.94
13.15
Scenario 2
Five largest corporate credit facilities shifted from sub-standard to
doubtful (50% provision)
11.59
14.46
12.72
Scenario 3
Five largest corporate credit facilities shifted from doubtful to lost
(100% provision)
10.65
13.64
11.99


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 3.20 Credit Exposure by Sectors


The stress test results highlighted the banking sector's capacity to absorb credit
concentration shocks, both sectoral and obligor-related, even under severe scenarios.
3.3.1.3. Climate Risk Stress Test
Results from the climate risk stress test indicated that banking sector solvency ratios would
fall below the regulatory threshold under a severe scenario, reaching a low of 7.43 per cent.
This indicates heightened systemic vulnerability to climate-induced financial shocks,
primarily driven by credit losses associated with physical risks e.g., flood-related disruptions
to business operations and transition risks, e.g., asset repricing following the shift toward
low-carbon technologies (Appendix 12).
Figure 3.21 Climate Risk Stress Test: Impact on CAR


Oil & Gas
Manufacturing
General
General Commerce
Finance & Insurance
Agriculture
Others

Mild
Moderate
Severe
Per Cent
Baseline CAR
Post-Shock CAR


FINANCIAL STABILITY REPORT – JUNE 2025

3.3.2.
Liquidity Stress Test
The test results showed that under a one-day run scenario, LR would decline to 44.59 per
cent, from the baseline of 52.69 per cent. In extended 5-day and 30-day stress scenarios,
the LR would further decrease to 20.53 and 11.55 per cent, respectively. These declines
would lead to liquidity shortfalls of ₦1,218.41 billion and ₦3,821.70 billion, respectively,
compared to ₦7,918.72 billion and ₦9,055.58 billion recorded at end-December 2024.
Nevertheless, available CRR balances would be sufficient to offset any shortfall in liquidity
(Appendix 13).

Figure 3.22 Liquidity Stress Test


pTable 3.10: Implied Cash Flow Liquidity Stress Test Results

No. of Banks with
LR < 30%


Jun

Dec

Jun 2025 Dec

LR (%)
Shortfall
to
30%
LR
threshold
(N’ billion)
Jun 2025
LR (%)
Shortfall to 30% LR
threshold
(N’ billion)
Day 1


Day 2


Day 3


Day 4


Day 5


Day 30


* denotes liquidity below threshold


Pre- shock
After Day 1
After Day 2
After Day 3
After Day 4
After Day 5
After Cum
Day 30
Per cent
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25


FINANCIAL STABILITY REPORT – JUNE 2025

3.3.2.1. Maturity Mismatch
The asset-liability analysis revealed structural imbalances, particularly within the short-term
funding buckets. A baseline assessment showed a mismatch of ₦12,176.45 billion, with
current assets surpassing current liabilities. The ≤30-day tenor bucket exhibited a
pronounced shortfall of ₦39,542.25 billion, if there is no rollover. This might have presented
elevated liquidity risk in meeting near-term obligations.
Under the Static Rollover Risk (Test 2) and Dynamic Rollover Risk (Test 3) assessments,
substantial mismatches of ₦18,887.28 billion and ₦26,729.02 billion, respectively, were
recorded.
The maturity mismatch and rollover risk profiles provided clear indications of potential shortterm liquidity stress, highlighting the need for proactive liquidity risk management.
pTable 3.11:rity Profile of Assets and Liabilities
Bucket
Liabilities
Assets
Mismatch
Cumulative Mismatch
₦’ billion
≤30 days

31-90 days

91-180 days

181-365 days

1-3 years

>3 years

Total
114,368.20
126,544.64


Table 3.12: Stress Test Results for Maturity Mismatch

Test 1
Descriptive
Maturity
Mismatch.
(No
consideration
of
rollover)
Test 2
Static
Rollover
Risk
Analysis.
(No possibility to close
liquidity gaps in other
buckets)
Test 3
Dynamic Rollover Risk test.
(Free assets used to close
liquidity gaps in other buckets)
₦’ billion
No.
of
banks with
mismatch
N’ billion
No.
of
banks
with
mismatch
N’ billion
No. of banks
with mismatch
≤30 days
54,460.94

35,525.45

7,186.62

31-90 days
10,526.50

(5,593.86)

(62.74)

91-180days
9,364.44

(6,473.26)

(2,203.77)

FINANCIAL STABILITY REPORT – JUNE 2025

181365days
9,593.75

(6,009.75)

(4,135.76)

1-3 Years
2,146.59

(12,611.22)

(6,770.23)

Above

years
(8,996.30)

(23,724.65)

(20,743.14)

Total
77,095.92
(18,887.28)
(26,729.02)
3.3.2.2. Contagion Risk Analysis
The risk of contagion from inter-bank placements and takings declined significantly,
following a 52.77 per cent reduction in total exposure, from ₦2,053.36 billion at endDecember 2024 to ₦969.75 billion. A breakdown showed that 10 out of the 27 banks
accounted for 83.22 per cent of total placements, while eight banks accounted for 84.72
per cent of total takings. The contagion risk remained low, as placements were
collateralised.
Figure 3.23 Network Analysis based on Interbank Exposures


Overall, the stress tests results showed that Nigerian banks have demonstrated resilience,
supported by robust capital buffer and liquidity positions. However, the rising level of nonperforming loans underscored the need for sustained risk management and the continued
deployment of appropriate macroprudential measures to safeguard financial stability.

3.4.
Supervision of Banks and Other Financial Institutions
The Bank sustained its supervisory and regulatory activities in the banking sector using the
risk-based approach, with the aim of promoting a safe, stable, and sound financial system.
Node colour representation
Blue = Placement only
Purple = Net Placement
Pink = Takings only
Magenta = Net Takings


FINANCIAL STABILITY REPORT – JUNE 2025

In the first half of 2025, regulatory forbearance on facilities affected by the COVID-19
pandemic and waivers on Single Obligor limits were terminated, while the banking sector
recapitalisation continued as banks raised funds to meet the increased minimum capital
requirements.

3.4.1.
Routine Examination
Routine examination of nine mobile money operators was conducted in the review period,
aimed at assessing operational resilience and compliance with regulations. The outcome
indicated that the examined institutions complied with regulations, including regular
reconciliation of pool and settlement accounts, applicable transaction limits on agent
terminals and user wallets, and appropriate pass-through insurance arrangements with the
NDIC.
Similarly, the Bank conducted routine examinations of 46 Payment Service Providers
(PSPs) to assess their compliance with corporate governance standards, AML/CFT/CPF
regulations and determine their operational resilience and the effectiveness of their risk
management practices. Appropriate sanctions were applied to erring institutions.

The Bank also examined a total of 253 MFBs in the review period. The outcome revealed
some deficiencies and appropriate regulatory measures were taken.

3.4.2.
Target Examination
Risk Assets Examination of all banks were conducted in the first half of 2025. The
examination evaluated the quality of the banks’ assets and determined the adequacy of
loan loss provisioning requirements for the approval of the banks’ 2024 annual financial
statements. The outcome confirmed that the banks remained safe, stable and sound.
However, appropriate regulatory remediation measures were taken to address observed
lapses.
Similarly, assessments were conducted on mobile money operators and super agents to
ascertain compliance level with cash withdrawal limits at agent locations. The exercise
revealed that the institutions were largely compliant. However, a few instances of breaches
were observed and appropriate sanctions imposed, while remediation measures were
recommended.

3.4.3.
Spot Checks
A spot check investigation was conducted on a PSP which was found to have launched a
product without prior CBN approval. Subsequently, financial sanctions were imposed on
the institution, while remediation measures were enforced.


FINANCIAL STABILITY REPORT – JUNE 2025

3.4.4.
Foreign Exchange Examination
The Bank conducted Foreign Exchange Examination of the 34 Authorized Dealers (ADs),
consisting of 29 commercial banks and five merchant banks. The objective was to ascertain
the ADs’ compliance with extant foreign exchange rules and regulations, sources of FX
flows and utilisation of foreign exchange acquired for eligible transactions.
3.4.5.
Anti Money Laundering
The Bank conducted AML/CFT/CPF risk-based examinations covering 24 Commercial
Merchant and Non-Interest Banks, 93 Bureau De Change operators and 10 payment
service providers. Examination findings were communicated to the respective institutions
through supervisory letters.
Activities during the period included engagements with Inter-Governmental Action Group
against Money Laundering in West Africa (GIABA) and the Financial Action Task Force
(FATF). The discussions focused on aligning industry practices with global standards and
addressing emerging risks within the financial system.


3.4.6.
Domestic Systemically Important Banks
During the review period, five5 banks maintained their designation as D-SIBs. These banks
continued to be subjected to enhanced supervision in view of the significant impact the
failure of any of the institutions could have on the overall financial system.


The five D-SIBs accounted for 59.23 per cent (₦98,331.65 billion) of the industry’s total
assets of ₦166,023.82 billion. The D-SIBs also accounted for 60.43 per cent (₦62,471.86
billion) of total industry deposits of ₦103,377.40 billion and 57.66 per cent (₦34,010.33
billion) of the aggregate industry credit of ₦58,980.87 billion, respectively.

3.4.7.
Environmental Sustainability Examination
Environmental Social Governance (ESG) reports of all Commercial Banks were reviewed
in the first half of 2025. The outcomes from the review were communicated to the banks for
appropriate action.

3.5.
Supervisory Collaboration
The Bank sustained collaborative engagements on supervisory and regulatory issues.
These engagements included participation in the following meetings:
• 20th Basel Committee on Banking Supervision (BCBS) Financial Stability Institute
High Level Meetings for Africa in Cape Town, South Africa. The meeting discussed
strategies for strengthening Financial Sector Supervision in the continent.

5 The five banks designated as D-SIBs were unchanged from the preceding half-year.


FINANCIAL STABILITY REPORT – JUNE 2025

• 52nd and 53rd meetings of the College of Supervisors of the West African Monetary
Zone (CSWAMZ) held in Freetown, Sierra Leone. The meetings reviewed crossborder supervision issues, including examination processes, Basel standards
implementation, ECL impairment models, capacity building and other developments
in the banking system across the Zone.

• 22nd Annual Assembly of the Committee of Bank Supervisors of West and Central
Africa (CBSWCA) held in Libreville, Gabon. The meeting reviewed macroeconomic,
financial and banking sector developments in member countries.

• The Community of African Banking Supervisors (CABS) conference and meeting
held in Balaclava, Mauritius, reviewed the activities, programmes and the work plan
of the CABS Working Groups for 2026 - 2028.

• The two statutory meetings of the Financial Regulation Advisory Council of Experts
(FRACE), and one interactive session for FRACE and Advisory Committee of
Experts (ACE) members. The meetings provided opportunity for exchange of ideas
on mitigating Shariah non-compliance, strengthening internal Shariah controls and
audits as well as fostering the institutionalisation and operation of resilient Shariah
governance systems in Non-Interest Financial Institutions (NIFIs).


3.6.
Credit Reporting
3.6.1.
Credit Risk Management System
The Credit Risk Management System (CRMS) of the CBN continued to function as a pivotal
and authoritative repository of credit information within the banking sector. The total number
of credit facilities on the CRMS database increased by 8.31 per cent to 65,880,944 from
60,826,788 at end-December 2024. The total facilities comprised 64,717,170 individual and
1,163,774 non-individual borrowers.
The total number of facilities with outstanding balances increased by 22.53 per cent to
5,064,234 (comprising 4,964,131 individuals and 100,103 non-individuals) from 4,132,917
at end-December 2024. The strict enforcement of the CBN Regulatory Guidelines on
CRMS led to enhanced compliance by banks, as signified by improved credit records.

Table 3.13: Credit Risk Management System Statistics
Description
End-Dec 2024
End-Jun 2025 Change
Change
%
* Total No. of Credit/facilities
reported on the CRMS:

Individuals

Non-Individuals


FINANCIAL STABILITY REPORT – JUNE 2025

* Total No. of Outstanding Credit
facilities on the CRMS:

Individuals

Non-Individuals

* The figures include borrowers with multiple loans and/or credit lines
3.6.2.
Credit Bureaux
The licensed credit bureaux remained three in the review period. The number of uniquely
identified credit records of the credit bureaux increased by 4.77 per cent to 352.57 million
from 336.51 million at end-December 2024. The increase was due largely to expansion in
microloans. The number of subscribers in the database of the credit bureaux increased by
2.58 per cent to 4,768 from 4,648 at end-December 2024.

Table 3.14: Credit Bureaux Statistics

[S/N

End-June 2024
End-December

End-June

Change (N)
% Change
1 Number
of
credit
records

2 Value
of
Credit
Facilities (N’Trn)

3 Number of borrowers

4 Number
of
subscribers
4,789
4,648

2.58

3.7.
Other Developments
3.7.1.
Guidelines on Management of Dormant Accounts, Unclaimed Balances
and Other Financial Assets in Banks and Other Financial Institutions in
Nigeria
The Bank issued further guidance to banks and OFIs on the management of dormant
accounts, unclaimed balances and other financial assets. The circular required banks and
other financial institutions to publish names of individuals authorised to operate the
accounts, the types of accounts and the addresses of the branches where the accounts
were domiciled on the institution's or association's websites.
3.7.2.
Review of Automated Teller Machine Transaction Fees
The Bank issued a circular on February 10, 2025, reviewing upwards, the ATM transaction
fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other
Financial and Non-Bank Financial Institutions, 2020.


FINANCIAL STABILITY REPORT – JUNE 2025

3.7.3.
Waiver of Non-Refundable Annual Licence Renewal Fee for Existing
Bureaux de Change
A circular was issued on January 24, 2025, informing BDCs of the waiver of 2025 annual
renewal licence fee. The decision was in furtherance of the transition to the new Bureau De
Change regulatory structure.

3.7.4.
Banking Sector Recapitalisation
In furtherance to the directive to raise the capital requirement for commercial, merchant
and non-interest banks, eight banks met the requirement during the review period.
Box 2: Review of Minimum Capital Requirements for Commercial, Merchant, and
Non-Interest Banks in Nigeria
The Bank on March 28, 2024, issued a circular announcing an upward review of the
Minimum Capital Requirements for Commercial, Merchant and Non-Interest Banks in
Nigeria in line with Section 9 of the Banks and Other Financial Institutions Act (BOFIA)
2020. This was aimed at engendering a more resilient, safe and sound financial system
that would support the emergence of the FGN’s targeted one trillion-dollar economy by
2030. The review also became necessary to strengthen and reposition the banking
system since the last banking consolidation exercise in 2005. The circular stipulated
March 31, 2026 as the deadline for compliance.

Category
Minimum Capital Requirements
₦’ Billion
Current
New
International commercial banks

National commercial banks

Regional commercial banks

National merchant banks

National non-interest banks

Regional non-interest banks

Other details of the circular included:
Options for Meeting Requirements: Banks may raise capital through private placement,
rights issue, public subscription, mergers and acquisitions, or adjusting their licence
authorisation (upgrade/downgrade).


FINANCIAL STABILITY REPORT – JUNE 2025

Timeline: Existing banks must meet the new capital requirements within 24 months,
starting from April 1, 2024, and ending on March 31, 2026. New banks must meet the
requirements upon application.
Compliance: Banks have submitted implementation plans to the CBN. The CBN will
continue to monitor compliance and enforce the requirements within the stipulated
timeline.
For Existing and New Banks: For existing banks, the minimum capital shall include
paid-up capital and share premium only and must adhere to the minimum capital
adequacy ratio (CAR). New banks must meet the paid-up capital requirement directly.


3.8.
Market Conduct Assessment
The Bank conducted a comprehensive gap analysis of industry employee-related
regulatory approval processes, benchmarking existing practices against international
standards. This assessment identified areas requiring improvement to ensure consistency
and strengthen governance across approval regimes, as well as providing greater
transparency and uniformity in approval procedures, thereby supporting a more robust and
credible financial system.
3.8.1.
Complaint Management and Resolution
The total number of complaints received by the Bank rose by 143.38 per cent to 10,704
from 4,398 in the second half of 2024. The increase was attributed to several factors which
included greater public awareness of consumer rights, regulatory emphasis on complaint
reporting and enhanced customer confidence in the Bank’s complaint resolution and
redress framework.
A breakdown of the complaints revealed that 53.45 and 46.55 per cent were lodged against
CMNBs and OFIs 6 , respectively. In terms of categorisation, Electronic/Cards-related
complaints accounted for 51.50 per cent; Fraud, 39.27 per cent and Account Management,
Excess charges and Others accounted for the balance. A total of 9,771 complaints were
resolved/closed, indicating an increase of 4.57 per cent from 9,344 complaints
resolved/closed in the preceding half-year.
Total claims amounted to ₦21.42 billion and US$5.09 million as against ₦4.53 billion and
US$1.05 million, in the second half of 2024, while the sums of ₦7.17 billion and
US$3,432.20 were refunded to complaints.


6 MFBs, MMOs, PSBs, FCs and PMBs.


FINANCIAL STABILITY REPORT – JUNE 2025

Table 0.1: Complaints Received
Category
End-Jun

%
End-Dec

%
End-Jun

%
Electronic/Cards

Fraud
6,857
41.49

13.67
4,203
39.27
Account Mgt.
3,699
22.38

10.35

7.00
Excess Charges

0.49

1.77

1.46
Others

3.07

0.98

0.77
Total
16,527

4,398

10,704


Figure 0.1 Number of Complaints Received


Figure 0.2 Complaints Resolved/Closed

ELECTRONIC/CARDS
FRAUD
ACCOUNT MGT
EXCESS CHARGES
OTHERS

Jul - Dec 2024
Jan - Jun 2025

Electronic/Cards
Fraud
Account Mgt
Excess Charges
Others
4,458
2,134
2,626

4,432
2,878
2,229

End-Dec 2024
End-Jun 2025


FINANCIAL STABILITY REPORT – JUNE 2025

Table 0.2: Complaints Resolved/Closed
Category
End-Jun

Percentage
End-Dec

Percentage
End-Jun

Percentage
Electronic/Cards

Fraud

Account Mgt.

Excess Charges

1.85

0.64

1.90
Others

0.06

0.72

0.47
Total
14,743

9,344

9,771


FINANCIAL STABILITY REPORT – JUNE 2025

4. DEVELOPMENTS IN THE PAYMENTS SYSTEM
The Bank sustained its supervisory effort and engagement with stakeholders in promoting
an efficient and effective payment ecosystem, while fostering innovation and ensuring
adaptability in the rapidly evolving payment landscape.
4.1.
Bank Verification Number
The number of individuals enrolled on the BVN platform rose by 2.44 per cent to 65.95
million from 64.38 million at end-December 2024. A total of 335.78 million bank accounts
were linked with BVN, compared with 297.28 million at the end of the preceding period.
The total number of active accounts in the banking industry rose to 317.72 million, above
the 311.65 million recorded in the second half of 2024. The number of BVN watch-listed for
fraudulent activities at end-June 2025 stood at 13,766.

Table 4.1 BVN Statistics
Description
End-December

End-June 2025

% Change
BVNs enrolled
64,804,993
65,950,728
1.77
Accounts linked with BVN
297,286,819
335,781,854
12.95
Active Accounts
311,649,156
317,720,755
1.95
Watch-listed BVNs (Fraudulent)
9,476
13,766
45.27
Watch-listed BVNs (Deceased)
21,118
24,281
14.98
Source: NIBSS

4.2.
Cheque Standards and Cheque Printers’ Accreditation Scheme
The Bank renewed the operating licences of two cheque printers during the review period.
4.3.
Cheque Payments
The volume and value of cheque payments decreased by 4.68 and 5.08 per cent to 7.13
and ₦9.72 trillion from 7.48 and ₦10.24 trillion, respectively, at end-December 2024. This
development indicated a preference for the use of other payment channels.

4.4.
Large Value Payments
The volume and value of inter-bank fund transfers through the CBN RTGS System rose to
215,797 and ₦226,055 billion from 205,307 and ₦124,114 billion in the preceding half-year,
indicating increases of 5.11 and 82.14 per cent, respectively.


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 4.1. Volume of Inter-bank RTGS Transactions


Figure 4.2. Value of Inter-bank RTGS Transactions


4.5.
Retail Payments
The volume of retail payments decreased marginally, while the value increased in the first
half of 2025, largely attributed to growth in e-commerce. A breakdown indicated that the
volume of electronic payments dropped slightly by 0.01 per cent to 24,235.03 million from
24,236.34 million, while the value rose by 6.20 per cent to ₦1,899.85 trillion in the first half
of 2025, compared with ₦1,775.74 trillion in the second half of 2024.
In terms of volume, ATM, point of sales (PoS) and USSD transactions increased by 72.99,
20.76, and 27.99 per cent, respectively, while Internet (web), NEFT, Mobile App and Direct
Debits transactions decreased by 10.99, 12.17, 2.32 and 38.95 per cent, respectively
compared with levels in the second half of 2024. Similarly, the value of ATM, PoS, Internet
(web), NEFT and USSD transactions increased by 114.90, 7.16, 3.01, 22.27 and 7.62 per
cent, respectively in the first half of 2025. Conversely, the value of transactions through
mobile apps and Direct Debit declined by 8.45 and 23.54 per cent respectively, compared
with the preceding half of 2024.
A review of the components of e-payments showed that the internet/web channel sustained
its dominance, accounting for 44.44 and 57.63 per cent of the total volume and value,
respectively.
The Bank continued to promote the adoption of electronic payments through innovative
payment systems and financial literacy schemes.

₦'Billion
Jun-24
Dec-24
Jun-25

₦'Billion
Jun-24
Dec-24
Jun-25


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 4.3 Composition of e-Payments Transactions by Volume


Figure 4.4 Share of e-Payments Transactions by Value in the First Half


ATM
4%
POS
32%
Internet (Web)
44%
NEFT
0%
USSD
2%
Mobile App
18%
Direct Debits
0%
ATM
2%
POS
8%
Internet (Web)
58%
NEFT
21%
USSD
0%
Mobile App
11%
Direct Debits
0%


FINANCIAL STABILITY REPORT – JUNE 2025

Table 4.2: Electronic Transactions
Payment
Channels
Number of Terminals
Volume of Transactions (Million)
Value
of
Transactions
(N’Trillion)


End-Jun

End-Dec

End-Jun

End-Jun

End-Dec

End-Jun

End-Jun

End-Dec

End-Jun

ATM

POS

Internet (Web)

NEFT

USSD

Mobile App

Direct Debits

Total
Retail
Payments

RTGS

Total
Epayments

Cheques

MMOs


4.6.
Other Developments
4.6.1.
Unclaimed Balances Trust Fund
The total amount received into the Unclaimed Balances Trust Fund (UBTF) pool accounts
were ₦16.7 billion, US$10.7 million, £996,000 and €574,000 at end-June 2025, compared
with ₦10.16 billion, US$0.14 billion, £0.12 million and €0.06 million in the second half of
2024.
4.6.2.
Pan-African Payment and Settlement System
The volume and value of transactions settled on Pan-African Payment and Settlement
System (PAPSS) for Nigerian participants decreased to 3,246 and ₦5.6 billion, respectively
in the first half of 2025, compared with 4,600 and ₦11.97 billion in the preceding half year.


FINANCIAL STABILITY REPORT – JUNE 2025

Box 3: Pan-African Payment and Settlement System


The Pan-African Payment and Settlement System (PAPSS) is a centralised payments
and settlement system developed by the African Export-Import Bank (Afreximbank) in
collaboration with the African Union. The system is a secure multi-currency platform,
that enables real-time gross settlement with low transaction costs. It supports three core
processes: instant payment, pre-funding and net settlement.
PAPSS enables efficient cross-border flow of money within Africa, minimising risk and
contributing to financial integration and boosting intra-African trade.
The system is regulated in accordance with the PAPSS bye-law, the overarching
framework for the operation and governance of the payments and settlement system.
The bye-law outlines the Scheme Rules and technical standards essential for
facilitating a stable and effective international payments system.


FINANCIAL STABILITY REPORT – JUNE 2025

5. DEPOSIT INSURANCE
5.1.
Deposit Guarantee
The Nigeria Deposit Insurance Corporation (NDIC) continued to guarantee payments to
depositors, in the event of failure of an insured financial institution, to a maximum of
₦5,000,000.00 per depositor of CMNBs & MMOs and ₦2,000,000.00 per depositor of
PMBs, PSBs and MFBs.
5.2.
Deposit Insurance Coverage
The number of fully insured depositors of CMNBs, including MMOs, with deposit balances
within the maximum coverage level of ₦5,000,000.00 and below stood at 99.24 per cent of
299,693,572 depositors.
The value of fully insured deposits was ₦12,685.60 billion (12.24 per cent) of total deposits
of ₦103,665.14 billion, compared with ₦14,250.51 billion (14.27 per cent) of total deposits
of ₦99,891.19 billion at end-December 2024.
A total of 229,657 insiders’ (directors and staff) deposits of ₦201.66 billion were not covered
under the deposit insurance scheme to mitigate moral hazard.

Table 5.1: Deposit Insurance Coverage for CMNBs and MMOs
End-Dec 2024
End-Jun 2025
Category of Depositors
Number of
Depositors by
BVN
Value of
Deposits
₦ Million
Number of
Depositors by
BVN
Value of
Deposits
₦ Million
<=N5,000,000
219,731,094 14,250,504.93
297,420,917
12,685,601.17
>N5,000,000
1,346,714 85,439,179.21
2,042,998
90,777,879.27
Insiders (Directors & Staff)

TOTAL
221,299,147 99,891,190.99
299,693,572 103,665,144.22
Fully insured to Total
Accounts (%)

Source: NDIC

The number of fully insured depositors of PSBs with balances within the maximum
coverage limit of ₦2,000,000.00, stood at 53,633,134, accounting for 99.99 per cent of the
depositors. The amount fully insured was ₦15,092.67 million (23.32 per cent), compared
with ₦11,361.33 million (38.01 per cent) in the preceding period.


FINANCIAL STABILITY REPORT – JUNE 2025

Table 5.2: Deposit Insurance Coverage for PSBs
End-Dec 2024
End-Jun 2025
Category of Depositors
Number of
Depositors by
BVN
Value of
Deposits
₦ Million
Number of
Depositors by
BVN
Value of
Deposits
₦ Million
<=N2,000,000

>N2,000,000

18,142.29

49,180.41
Insiders (Directors &
Staff)

384.91

445.15
TOTAL

Fully insured to Total
Accounts (%)

Source: NDIC

In general, the percentage of fully insured depositors exceeded the range of 90 to 95 per
cent recommended by the International Association of Deposit Insurers (IADI).

5.3.
Deposit Insurance Funds
The balance in the Deposit Insurance Fund (DIF) increased by 20.51 per cent to ₦2,746.86
billion. Similarly, the balances in the Non-Interest Deposit Insurance Fund (NIDIF), Special
Insured Institutions Fund (SIIF) and Payment Service Deposit Insurance Fund (PSDIF) rose
by 31.21, 4.35, and 4.76 per cent to ₦40.53 billion, ₦256.62 billion and ₦0.88 billion,
respectively. The increases were largely attributed to premium collections from insured
institutions.


Table 5.3: Balances of Insurance Funds
Fund
Type
Institution Covered
End-Dec

End-Jun

%
Change
₦ Billion
DIF
Commercial and Merchant Banks
2,279.36
2,746.86
20.51
NIDIF
Non-interest Banks
30.89
40.53
31.21
SIIF
Microfinance/Primary Mortgage Banks
245.93
256.62
4.35
PSDIF
Payment Service Banks
0.84
0.88
4.76
Source: NDIC

5.4.
Payment of Insured Deposit and Liquidation Dividends
The total number of insured financial institutions in liquidation remained 651, comprising 50
CMBs, 546 MFBs, and 55 PMBs7. The liquidation process aims to ensure the payment of
a guaranteed sum, recovery of debts owed to closed banks, sales of physical assets, and

7 CMBs refer to commercial and merchant banks


FINANCIAL STABILITY REPORT – JUNE 2025

payment of liquidation dividends to claimants, with priority to the uninsured sums whose
deposit balances are more than the maximum guaranteed balance of ₦5,000,000.00 or
₦2,000,000.00, as applicable, under the Corporation’s deposit insurance.

5.4.1.
Payments to Insured Depositors
The sums of ₦2.94 billion and ₦0.03 billion were paid to 6,127 and 285 depositors of closed
CMBs and MFBs, compared with ₦39.54 billion and ₦0.01 billion paid to 565,490 and 158
depositors at end-December 2024. Cumulatively, the sums of ₦60.97 billion and ₦5.17
billion had been paid to 1,152,146 and 135,943 insured depositors of 50 CMBs and 546
MFBs in-liquidation.
Additionally,10 insured depositors of PMBs in-liquidation were paid ₦3.44 million compared
with ₦1.97 million paid to six insured depositors in the second half of 2024. Cumulatively,
the sum of ₦368.08 million had been paid to 2,703 depositors of 55 closed PMBs.
Table 5.4 Payments to Insured Depositors of Banks In-Liquidation

For the
Cumulative as at

Second Half 2024
First Half 2025
End-June 2025

₦’ Million
₦’ Million
CMBs
*39,542.96
2,941.03
60,976.55
MFBs
*8.26
26.33
5,174.16
PMBs
*1.97
3.44
368.08
GRAND TOTAL
39,553.20
2,970.79
66,518.79
Source: NDIC *Revised
5.4.2.
Payments to Uninsured Depositors8
The sums of ₦31.16 billion and ₦1.64 million were paid to uninsured depositors of 50 CMBs
and 546 MFBs in-liquidation, respectively. Cumulative payment to uninsured depositors of
CMBs and MFBs stood at ₦137.12 billion and ₦248.90 million, respectively, at end-June
2025.
There was no payment to uninsured depositors of PMBs in-liquidation in the first half of
2025 and second half of 2024, thus, cumulative payments remained ₦261.99 million.
Table 5.5: Payments to Uninsured Depositors of Banks In-Liquidation

Six-Month Period
Cumulative as at

Second Half 2024 First Half 2025
End-Jun 2025

₦’Million
₦’ Million
CMBs
*193.11
31,162.58
137,118.82
MFBs
0.25
1.64
248.90
PMBs
-
-
261.99
GRAND TOTAL
193.36
31,164.22
137,629.89

8 Uninsured deposits refer to deposits in excess of maximum deposit insurance coverage


FINANCIAL STABILITY REPORT – JUNE 2025

Source: NDIC *Revised
5.4.3.
Payments to Creditors and Shareholders of Banks In-Liquidation
There was no payment to creditors of closed CMBs in the first half of 2025, hence,
cumulative payments remained ₦1.28 billion. The sum of ₦2.59 million was paid to four
creditors of MFBs in-liquidation in the first half of 2025 and the cumulative payment of ₦3.20
million was paid to five creditors of closed MFBs at end-June 2025.
The sum of ₦0.42 million was paid to a shareholder of closed CMB, compared with nil
payment during the second half of 2024. The payments to shareholders of 50 CMBs in
liquidation cumulated to ₦4,899.55 million at end-June 2025, compared with ₦4,899.13
million at end-December 2024.
Table 5.6: Payments to Creditors of Banks In-Liquidation

Six-Month Period
Cumulative as at

Second Half 2024 First Half 2025 End-Jun 2025

₦’ Million
₦’ M₦’ Million
CMBs
0.00
0.00
1,282.50
MFBs
0.00
2.59
3.20
PMBs
0.00
0.00
0.00
GRAND TOTAL
0.00
2.59
1,285.70
Source: NDIC

5.5.
Recovery of Failed Banks’ Assets
5.5.1.
Risk Assets Recovery
The sum of ₦3.23 billion was recovered from banks in-liquidation (comprising ₦3.16 billion,
₦47.19 million, and ₦19.43 million from CMBs, MFBs and PMBs, respectively), compared
with the sum of ₦2.17 billion (₦2.08 billion, ₦29.68 million and ₦65.41 million from CMBs,
MFBs and PMBs, respectively) in the preceding period.
Table 5.7: Risk Assets Recovery for Banks In-Liquidation

Six-Month Period
Cumulative as at

Second Half 2024 First Half 2025 End-Jun 2025

₦’ Million
₦’ Million
CMBs
2,078.37
3,160.54
36,701.52
MFBs
29.68
47.19
485.49
PMBs
65.41
19.43
1,016.29
GRAND TOTAL
2,173.46
3,227.16
38,203.30
Source: NDIC


FINANCIAL STABILITY REPORT – JUNE 2025

5.5.2.
Disposal of Physical Assets
The sum of ₦27,960.82 million was realised from physical assets and rent on properties of
banks in-liquidation, comprising ₦27,910.86 million, ₦21.68 million and ₦28.28 million from
CMBs, MFBs and PMBs, respectively.
Table 5.8: Disposal of Physical Assets

Six-Month Period
Cumulative as at

Second Half 2024 First Half 2025
End-Jun 2025

₦’ Million
₦’ Million
CMBs
4,649.82
27,910.86
55,088.95
MFBs
174.97
21.68
1,320.37
PMBs
3.39
28.28
265.27
GRAND TOTAL
4,828.18
27,960.82
56,674.59
Source: NDIC
5.5.3.
Realisation of Investments and Fixed Assets
The sum of ₦2.60 billion was realised from investments of banks in-liquidation during the
first half of 2025, comprising ₦2.59 billion and ₦4.71 million, for CMBs and MFBs,
respectively. The sum of ₦9.43 billion has been realised from investments of banks inliquidation from inception.

Table 5.9: Realisation of Investments of Banks In-Liquidation

Six-Month Period
Cumulative as at

Second Half 2024 First Half 2025
End-Jun 2025

₦’ Million
₦’ Million
CMBs
788.04
2,590.30
9,183.68
MFBs
38.52
4.71

PMBs
0.16
0.00
75.05
GRAND TOTAL
826.72
2,595.00
9,427.73
Source: NDIC

5.6.
Other Developments
5.6.1.
Fit and Proper Persons Enquiries
A total of 482 requests for Fit & Proper Persons enquiries were received and due diligence
conducted. A total of 159 incomplete requests were returned, while 15 required further
investigations.

5.6.2.
Fidelity Insurance Coverage
In the first half of 2025, 32 out of 38 CMBs and four out of five PSBs submitted evidence of
their Fidelity Insurance Coverage. In addition, 55.00 per cent of the CMBs and 80.00 per


FINANCIAL STABILITY REPORT – JUNE 2025

cent of the PSBs maintained adequate Fidelity Insurance Coverage of 15.00 per cent of
paid-up capital.
5.6.3.
Whistle Blowing
A total of 170 out of 296 whistle-blowing cases, bordering on service delivery inadequacies,
theft and cash suppression among others, were resolved.


FINANCIAL STABILITY REPORT – JUNE 2025

6. PENSIONS
The pension industry recorded steady growth reflecting improvement in the macroeconomic
environment, marked by decline in inflation, stable exchange rate and fiscal consolidation.
Pension Assets under Management (AuM) grew by 9.41 per cent to ₦24,629.97 billion from
₦22,512.35 billion in the second half of 2024, driven largely by higher investment returns
and additional contributions received. However, the pension asset-to-GDP ratio declined to
6.55 per cent from 8.36 per cent, largely owing to the rebasing of GDP (Appendix 14).
Figure 6.1: Total Pension Assets to GDP Ratio


6.1.
Other Developments in the Nigerian Pension Industry
6.1.1.
RSA Membership
RSA membership under the Contributory Pension Scheme (CPS) increased to 10.80 million
from 10.58 million in the second half of 2024. The growth reflects rising compliance among
private sector employers and gradual adoption by subnational entities. In addition, the
Personal Pension Plan (formerly Micro Pension Plan) recorded over 15,000 new
registrations during the period, signalling growing participation by the informal sector and
improved financial inclusion.
6.1.2.
Retirement Savings Account Transfer
The volume and value of RSA transfers rose by 38.6 and 17.4 per cent to 60,669 and
₦435.48 billion, respectively. The growth demonstrated rising contributors’ confidence,
enhanced operational efficiency and increased market dynamics.
6.1.3.
Accrued Pension Rights Payments
The Federal Government released ₦67.35 billion for the final settlement of accrued pension
rights arrears owed to 17,822 retirees, bringing cumulative payments to ₦1,211.07 billion.
This demonstrated Government commitment to ensure timely benefit payments.


end-Jun-2023
end-Dec-2023
end-Jun-2024
end-Dec-2024
end-Jun-2025
Percentages


FINANCIAL STABILITY REPORT – JUNE 2025

Table 6.1: Accrued Rights Payments


6.1.4.
Policy and Operational Reforms
The Pension Contribution Remittance System (PCRS) was operationalised through
licensed Payment Solution Service Providers (PSSPs), improving remittance integrity and
reconciliation efficiency across public and private sector employers. To reduce turnaround
time and enhance service delivery to retirees, ‘benefit approval authority’ was delegated to
PFAs to enable direct processing of retirement and death benefits.
The combination of policy reforms, sustained asset growth and operational improvements
have reinforced public confidence in the CPS.


Payment Period
End-Dec 2024
End-Jun 2025
Number of Retirees
15,686
17,822
Accrued Rights Paid (₦
billion)
62,692,846,600
67,350,722,000


FINANCIAL STABILITY REPORT – JUNE 2025

7. INSURANCE
7.1.
Assets and Premium Income
The total assets of the insurance industry rose by 13.98 per cent to ₦4,397.20 billion from
₦3,857.60 billion at end-December 2024. Gross written premium and total net premium
were ₦1,213.70 billion and ₦598.60 billion, respectively, while total gross claims amounted
to ₦420.20 billion in the first half of 2025.
Table 7.1: Assets and Premium Income
Period
End-Dec 2024
₦ billion
End-Jun 2025
₦ billion
Total Assets
3,857.60
4,397.20
Gross Premium Income
1,583.60
1,213.70
Net Premium Income
928.40
598.60
Total (Gross) Claims
731.10
420.20
Source: NAICOM

7.2.
Key Insurance Industry Financial Soundness Indicators
7.2.1.
Capital Adequacy and Leverage
The industry remained solvent, with a CAR of 42.00 per cent, compared with 42.70 per cent
at end-December 2024. Nonetheless, this level remained above the regulatory threshold of
40.00 per cent. Similarly, total capital to total invested assets declined by 539.29
percentage points, to 604.46 per cent from 1,143.75 per cent at end-December 2024. The
contraction was primarily driven by a 138.52 per cent (₦314.79 billion) increase in total
invested assets, which outweighed the 26.06 per cent (₦146.32 billion) rise in total capital.
The sustained strength of the capital-to-invested-assets ratio reinforces confidence in the
solvency and risk-bearing capacity of insurance firms. The indicators also signalled a stable
operating environment, which are essential for policyholder protection, investor confidence
and the sector’s contribution to broader financial system stability.


FINANCIAL STABILITY REPORT – JUNE 2025

Figure 7.1: Equity to Total Invested Assets


7.2.2.
Liquidity
The industry’s liquidity level remained above the regulatory threshold of 100.00 per cent
and sufficient to cover significant claims, as liquid assets to current liabilities ratio increased
by 2.71 percentage points to 124.36 per cent from 121.65 per cent at end-December 2024.

7.2.3.
Other Prudential Ratios
The retention ratio, measured as insurance premium retained to total premium generated,
increased by 1.30 percentage points to 74.97 per cent from 73.67 per cent at endDecember 2024, signifying the industry’s ability to retain a significant share of its risk
portfolio.
The combined ratio, which measures the underwriting performance of insurers, increased
by 15.43 percentage points to 76.89 per cent from 61.46 per cent in the preceding halfyear. The outcome, however, was below the 100.00 per cent threshold.
Table 7.2 Insurance Industry Dashboard
KEY INDICATORS
Threshold
%
End-Dec

End-Jun

%
Change
CAR (Capital/Total Asset)
Not less than

Liquidity Ratio (liquid assets/current
liabilities)
Not less than

Claims Ratio
Not less than

Expense Ratio
Not
more
than 35.00
23.16
34.15
10.99
Combined Ratio
Not
more
than 80.00

end-Jun-2023
end-Dec-2023
end-Jun-2024
end-Dec-2024
end-Jun-2025
Percentage


FINANCIAL STABILITY REPORT – JUNE 2025

Underwriting Profit Margin

44.63
18.44
26.19
Investment to Total Assets Ratio
Not less than

Change in Gross Written Premium
± 33.00
35.02
39.82
4.80
Change in Net Written Premium

35.19
37.51
2.32
Change in Capital & Surplus

Retention Ratio
Not less than

Return on Assets
Not less than


FINANCIAL STABILITY REPORT – JUNE 2025

8. RISKS TO THE FINANCIAL SYSTEM
8.1.
Credit Risk
Risk Rating (Medium Risk, Trending upward)


The NPL ratio of CMNBs was 5.76 per cent, indicating an increase in credit risk, compared with
4.87 per cent in the preceding half-year. However, the NPL ratios of DFI, PMB, MFB and FC subsectors improved in the review period. The ongoing recapitalisation efforts of CMNBs and expanded
implementation of the GSI are expected to bolster loss-absorption buffers.
On the back of fiscal and FX reforms, Nigeria’s sovereign credit ratings improved to 'B' with a stable
outlook in the first half of 2025. In the latter half of the year, credit risk might be impacted by oil price
volatility, high inflation and fiscal consolidation challenges. Additionally, the impact of forbearance
exit, high interest rates, together with tighter financial conditions and reduced disposable income
are expected to elevate the trend. However, enhanced supervision of banks and implementation of
robust loan recovery frameworks will moderate the trend.

8.2.
Liquidity Risk
Risk Rating (Low Risk, Stable)


The banking industry demonstrated resilience to funding shocks as the liquidity ratio improved
significantly to 53.05 from 48.62 per cent at end-December 2024. This improvement was driven by
increased holdings of treasury securities, placements at the deposit facility, coupled with buoyant
diaspora remittances and oil revenues.
The liquidity of the industry is expected to remain strong in the second half of 2025. Furthermore,
the strengthening of the FX market and relative naira stability are expected to sustain improved FX
liquidity. However, risk remain due to oil revenue shortfalls and external debt servicing obligations
in the second half of the year.

8.3.
Market Risk
Risk Rating (Medium Risk, Stable)


The domestic financial markets remained liquid and resilient despite the global geopolitical tensions
and uncertainties. The Naira remained stable, averaging ₦1,529.74/US$, demonstrating the
continued impact of the foreign exchange reforms supported by improved transparency, strong
equity market performance, steady FX inflows and improved market conduct. Crude oil and gas
revenues rose to ₦5.21 trillion, while non-crude exports surged to ₦18.43 trillion, contributing to
improved FX liquidity.


FINANCIAL STABILITY REPORT – JUNE 2025

Interbank, overnight and prime lending rates were high in the review period, driven by the tight
monetary policy stance of the Bank in its bid to control inflation.
The strong performance of the NGX is projected to continue in H2 2025, driven by bank
recapitalisation, robust earnings, foreign inflows, and currency stability. While optimism persists,
lingering trade wars, geopolitical tensions and global trade disruptions could dampen foreign
portfolio flows, thereby increasing vulnerability to sudden reversals.

8.4.
Operational and Cybersecurity Risk
Risk Rating (Medium, Trending up)

In response to the significant fraud losses of ₦52.26 billion at end-December 2024, banks intensified
investments in resilient operating platforms, digital infrastructure, and business continuity
frameworks. Consequently, fraud losses declined to ₦15.47 billion at end-June 2025.
Notwithstanding, fraud risk remains a challenge in the banking industry, as 70.00 per cent of the
losses were linked to digital channels, including mobile platforms and virtual assets.
Additionally, cybersecurity challenges remained elevated during the review period as incidents of
social engineering, unauthorised access to information, insider threats and third-party
risks continued to rise.
The Bank assessed cybersecurity maturity for banks across key domains. The results indicated
gaps which were communicated to the institutions for remediation. The Bank also issued
cybersecurity advisories to institutions, emphasising preventive measures, monitoring of vendor
access, and escalation protocols for cyber incidents. These regulatory actions, combined with
enhanced cybersecurity investments, enforcement of the cybersecurity framework by financial
institutions and adoption of stronger authentication protocols, as well as fraud detection tools are
expected to safeguard financial integrity and maintain public trust.

8.5.
Macroeconomic Risk
Risk Rating (Medium, Stable)

During the review period, the domestic economy was impacted by elevated geopolitical risks driven
by conflicts in the Middle East, U.S. trade policies, and increasing global uncertainties. In the first
half of 2025, fiscal vulnerabilities persisted due to high debt, which portends concern over long-term
debt sustainability. In response to these macroeconomic headwinds, the Bank implemented FX
reforms and sustained contractionary policy stance to ensure price stability. In addition, the Bank
strengthened collaboration with the fiscal authority to address structural risks.


FINANCIAL STABILITY REPORT – JUNE 2025

9. Outlook

On the global front, geopolitical tensions and fragmentation, sweeping tariff changes, trade
protectionism and inflationary pressures, will continue to pose risks to financial stability and
economic growth.
Notwithstanding the threats, the domestic economy recorded improvements in the first half of the
year as evidenced by an output growth of 3.68 per cent, alongside easing inflationary pressures.
The outlook for the second half of 2025 remains positive, predicated on the sustained
implementation of monetary, fiscal and economic reforms.
In the foreign exchange market, continued implementation of foreign exchange reforms, in
particular, the use of EFEMs platform and sustained adherence to the FX Code, is expected to
promote ethical market conduct, enhance market transparency, improve FX liquidity and boost
investor confidence.
The financial soundness indicators in the first half of 2025 revealed financial system resilience.
Although there was an uptick in non-performing loans, ongoing recapitalisation measures for
financial institutions, sustained supervisory and regulatory measures, micro and macro prudential
policies and enhanced corporate governance are expected to promote financial system stability.
The outlook for the second half of 2025 is cautiously optimistic as high debt profile portends longterm debt sustainability concerns. Nevertheless, the projected increase in oil production and higher
non-oil revenue from tax reforms are expected to improve debt sustainability. Above all, the
sustained reform momentum, regulatory vigilance and enhanced synergy between the monetary
and fiscal authorities would ensure continued resilience.


FINANCIAL STABILITY REPORT – JUNE 2025

10. APPENDIX 1: SECTORAL CONTRIBUTIONS TO REAL GDP GROWTH
Source: National Bureau of Statistics

Sector
H1

H2

H1

H2

H1 2022
H2

H1 2023
H2

H1

H2

H1

Agriculture

Of which: Crop Production

Industry

Of which: Oil

Manufacturing

Services

Of which: Finance & Insurance

ICT

Real GDP Growth


FINANCIAL STABILITY REPORT – JUNE 2025

11. APPENDIX 2: INDICES OF SELECTED STOCK MARKETS
Country
Stock Index
End-June

End-Dec

End-June

End-Dec 2024
End-June

%
Change

(5) & (4)
AFRICA
Nigeria
NGX All-Share
Index

South
Africa
JSE All-Share
Index

Kenya
Nairobi NSE 20
Index

Egypt
EGX CASE 30

Ghana
GSE All-Share
Index

NORTH AMERICA
US
S&P 500

Canada
S&P/TSX
Composite

Mexico
Bolsa

SOUTH AMERICA
Brazil
Bovespa Stock

Argentina
Merval

Columbia
COLCAP

EUROPE
UK
FTSE 100

France
CAC 40

Germany
DAX

ASIA
Japan
NIKKEI 225

China
Shanghai SE A

India
BSE Sensex

Source: Bloomberg


FINANCIAL STABILITY REPORT – JUNE 2025

12. APPENDIX 3: PERFORMANCE OF SELECTED CURRENCIES AGAINST THE US
DOLLAR
Country
Currency

End-June

End-December

End-June 2025
Change
(%)
App + /Dep -


a
b
c
b/c
AFRICA
Nigeria
Naira


South Africa
Rand


Kenya
Shilling


Egypt
Pound


Ghana
Cedi


NORTH AMERICA
Canada
Dollar


Mexico
Peso


SOUTH AMERICA
Brazil
Real


Argentina
Peso


Colombia
Peso


EUROPE
UK
Pound


Euro Area
Euro


ASIA
Japan
Yen


China
Renminbi


India
Rupee


Bloomberg:


FINANCIAL STABILITY REPORT – JUNE 2025

13. APPENDIX 4: MONETARY POLICY RATES OF SELECTED COUNTRIES
Countries
End-June 2023
End-Dec 2023
End-June 2024
End-Dec 2024
End-Jun 2025
Developed Economies
Japan

Europe

UK

US

Canada

South Korea

New Zealand

Australia

Indonesia

Malaysia

Emerging Markets and Developing Economies
Brazil

Russia

India

China

South Africa

Other Emerging Economies
Mexico

Chile

Colombia

Africa
Egypt

Ghana

Nigeria


FINANCIAL STABILITY REPORT – JUNE 2025

14. APPENDIX 5: EXTERNAL RESERVE
Year
H2 Inflow
in US$
H2 Outflow in
US$
H1 Inflow
in US$
H1 Outflow
in US$
Total
Inflow in
US$
Total
Outflow
in US$
Net Flow in
US$


FINANCIAL STABILITY REPORT – JUNE 2025

15. APPENDIX 6: OUTSTANDING DEBT INSTRUMENTS
Instrument
End-Dec

End-Jun

End-Dec

End-Jun

End-Dec

End-Jun

End-Dec

End-June

End-Dec

End-Jun

%
Change
(Dec -
Jun
2025)
Proportion
of Total
(Jun-2025)
(a) Federal Government

Nig. Treasury Bills

FGN Bonds

FGN Savings Bonds

FGN Sukuk

FGN Green Bonds

Nig. Treasury Bonds

FGN Promissory Notes

(b) Sub-National

Total Domestic Debt

(c) External

Multilateral

Bilateral

Commercial

Syndicated Loan

Total Debt


FINANCIAL STABILITY REPORT – JUNE 2025

16. APPENDIX 7: REAL SECTOR INITIATIVES: SUMMARY OF DISBURSEMENTS AND
REPAYMENTS

ITEM
Jul-Dec 2024
Jan-Jun 2025
S/N
Intervention
Disbursement
Repayment
(₦' Billion)
Disbursement
Repayment
(₦' Billion)
(₦' Billion)
(₦' Billion)

Power and Airline Intervention Fund (PAIF)


Nigerian
Electricity
Market
Stabilization
Fund
(NEMSF)


Nigerian Electricity Market Stabilization Fund- 2
(NEMSF 2)


Nigerian Electricity Market Stabilization Fund-3
(NEMSF-3)


Nigerian Bulk Electricity Trading- Payment Assurance
Fund (NBET-PAF)


Family Homes Intervention Facility (FHIF)
-

-
-

Solar Connection Facility (SCF)


National Mass Metering Programme (NMMP)


Intervention Facility for National Gas Expansion
(IFNGEP)


CBN-Bank Of Industry Intervention Fund (CBIF)


Real Sector Support Facility (RSSF)


Textile Sector Intervention Facility (TSIF)


Revived-Textile Sector Intervention Facility (RevivTSIF)


Differentiated Cash Reserve Requirement (RSSFDCRR)


Small
&
Medium
Enterprise
Restructuring
&
Refinancing Facility (SMERRF)


Health Sector Intervention Facility (HSIF)


Covid-19 Intervention for the Manufacturing Sector
(CIMS)


Health Sector Research & Development Intervention
Scheme (HSRDIS)


100 FOR 100 Policy on Production and Productivity


Youth Entrepreneurship Intervention Programme
(YEDP)


Targeted Credit Facility (TCF)


Creative Industry Financing Initiative (CIFI)


National Youth Intervention Fund (NYIF)


Agri-business
Small
&
Medium
Enterprises
Intervention Scheme (AgSMEIS)


Tertiary Institution Entrepreneurship Scheme (TIES)


Anchors Borrowers Programme (ABP)


Accelerated
Agricultural
Development
Scheme
(AADS)


Accelerated Agricultural Development Scheme -
Differentiated Cash Reserve Requirement (AADSDCRR)


Commercial Agriculture Credit Scheme (CACS)


Paddy Aggregated Scheme (PAS)


Maize Aggregated Scheme (MAS)


Rice Distribution Facility (RDF)


National Food Security Programme (NFSP)


Non-Oil Export Stimulation Facility (NESF)


Export Financing Initiative (EFI)


Presidential Fertilizer Initiative (PFI)


Export Development Fund (EDF)


FINANCIAL STABILITY REPORT – JUNE 2025

Export Development Fund – Nigeria Export Import
Bank (EDF-NEXIM)


Micro, Small and Medium Enterprise Development
Fund (MSMEDF)


Shared Agency Network Expansion Facility (SANEF)


Excess Crude Account (ECA)


Salary Bailout Facility (SBF)


TRADERMONI


FGN Bond


CBN – BoI Long-term Funding Facility (CBLF)


Sundry Transactions (SUNDRY TRXN)

TOTAL

Source: Central Bank of Nigeria
*Figures are provisional and are as of June 30, 2025
**Recoverable expense for agricultural inputs, thus not captured as disbursement


FINANCIAL STABILITY REPORT – JUNE 2025

17. APPENDIX 8: SELECTED FINANCIAL SOUNDNESS INDICATORS OF THE
NIGERIAN BANKING INDUSTRY
Indicators

End
June
End Dec
End
June
End Dec
End
June
1. Assets-Based Indicators
Non-performing loans to total gross loans

Liquid assets (core) to total assets

Liquid assets (core) to short-term liabilities

Residential real estate loans to total gross
loans

Commercial real estate loans to total gross
loans

Return on assets

2. Capital-Based Indicators
Regulatory capital to risk-weighted assets

Regulatory Tier 1 capital to risk-weighted
assets

Nonperforming loans net of provisions to
capital

3. Income and Expense-Based Indicators
Interest margin to gross income

Noninterest expenses to gross income

Personnel expenses to noninterest expenses

4. Exposure to Selected Sectors
Oil & Gas to Gross Loans

Manufacturing to Gross Loans

Services to Gross Loans

5. OFCs Assets Indicators
Pension Assets to GDP

Insurance Assets to GDP

-*FSIs are computed based on IMF-FSI Manual


FINANCIAL STABILITY REPORT – JUNE 2025

18. APPENDIX 9: FINANCIAL HIGHLIGHTS OF PMBs
ASSETS
End-Dec. 2024
(₦’ billion)
End-June 2025
(₦’ billion)
Change
(₦’ billion)
% Change
Cash

Cash
Reserve
Requirement

Balances with Banks

Placement with bank

Investments/Noncurrent Held for Sale

Short
Term
Investments (Treasury
Bills)

Investment in Quoted
Shares

Loans and Advances

Other Assets

Fixed Assets
27.26
30.98


TOTAL

Financed By:


Paid-up Capital

Reserves

Shareholders' Funds
57.61
78.47


Deposits

Due to Banks & Others

Long-term Loans/NHF

Other Liabilities

TOTAL

Financial Indicators


Capital
Adequacy
Ratio (CAR) %

Non-Performing
Loans (NPL) Ratio %


FINANCIAL STABILITY REPORT – JUNE 2025

19. APPENDIX 10: FINANCIAL HIGHLIGHTS OF MFBs
ASSETS
End-Dec. 2024
(₦’ billion)
End-June 2025
(₦’ billion)
Change
(₦’billion)
% Change
Cash

Due from Banks
in Nigeria

Placements

Investments in TB

Long
term
Investments

Loans
and
Advances (Net)

Other Assets

Fixed Assets

TOTAL ASSETS

LIABILITIES


Deposits

Takings
from
Nigeria Banks

Refinancing
Facilities

Other Liabilities

Borrowings:


Nigeria
Institutions

Foreign Agencies

Debenture/Loan
Stock

Capital

Reserves

TOTAL
LIABILITIES

SHAREHOLDERS'
FUND

Indicators


Capital Adequacy
Ratio (CAR)

Portfolio-At-Risk
(PAR)

Liquidity
Ratio
(LR)


FINANCIAL STABILITY REPORT – JUNE 2025

FINANCIAL STABILITY REPORT – JUNE 2025

20. APPENDIX 11: STRESS TEST METHODOLOGY, ASSUMPTIONS AND SCENARIOS
Methodology
A multifactor shock stress testing methodology was used to assess the adequacy of banks’
solvency and liquidity positions in relation to economic activities. Different scenarios were
used, encompassing the principles of plausibility, duration, and severity to capture tail risks.
Macroeconomic Assumptions
•
Persistence in global inflationary pressures leading to prolonged contractionary policy
actions and sharp contraction of global output.
•
Moderate to sharp fall in global demand for crude oil, leading to a commensurate
decline in oil prices.
•
Local crude oil production remained significantly below the approved OPEC quota for
Nigeria.
•
High inflation, rising unemployment, heightened security challenges and low
agricultural production.
Satellite Assumptions
•
Macroeconomic conditions and developments apply to the banking industry
symmetrically.
•
Severity and determination of tail risks are generally recursive with significant
likelihood.
•
There are no regulatory interventions nor banks’ management actions during the
shocks.
•
Capitalization under stress is first mitigated by net income as follows:
[〖Capitalization〗_((t))+〖Net Income〗_((t+1)) ]/〖RWAs〗_((t+1))
•
Fuel subsidy policy change, persistent inflationary pressures, and prolonged
contractionary policy stance.
Impact on banks:
•
Increased NPLs as households and corporates experience more difficulty in servicing
their loans.
•
Mark-to-market losses on fixed income securities as a result of rise in interest rates,
especially those classified under FVTPL & FVTOCI.
•
Maturity mismatch at the shorter end of interest sensitive assets/liabilities. Through
assets and maturity transformation, banks borrow short and lend long to gain from
interest differential. In periods of stress, this has both liquidity and capital implications.
Prolonged high interest rates regime will result in losses to banks with long positions.
Other Credit-related Risks
In periods of heightened stress, the following are significant risks to assess:
•
Credit concentration risk is often pronounced in period of stress, resulting in significant
solvency/capital implications for banks.
Contagion Risk Analysis


FINANCIAL STABILITY REPORT – JUNE 2025

Interconnectedness, especially through interbank transactions, generates and amplifies
significant risks to the banking system, leading to possible system collapse.
Unification of the Foreign Exchange Windows & Floating of the Naira
•
Resulted in the depreciation of the naira against other currencies, particularly the US
dollar.
•
Impact on banks:
o Translation gain/loss on their net foreign assets
o Increased NPLs in FCY-denominated loan portfolio.
o Increased cost of servicing FCY-denominated liabilities - Eurobonds and other
securities issued in FCY.
Climate Risk Factors
Physical
o Extreme weather conditions resulting in severe and frequent floods, affecting
businesses and impacting:
•
Exposure to agriculture in varying degrees of severity; and
•
General credit exposure in varying degrees of severity.
Transition
Increased cost of fossil energy owing to regional conflicts, international sanctions, and
domestic reforms (fuel subsidy removal and increased electricity tariff) leading to shift towards
eco-friendly sources of energy such as solar power system, electric car, gas powered
generators and vehicles. These are expected to impact exposures to:
o Downstream oil and gas; and
o Power and energy sub-sector


FINANCIAL STABILITY REPORT – JUNE 2025

21. APPENDIX 12: CLIMATE RISK STRESS TEST SCENARIO ASSUMPTIONS
Scenarios
Mild
Moderate
Severe
Physical risk factors –
Losses in credit
exposures due to
floods affecting
businesses.
i) 1% loss in total credit
exposure (excluding
Agriculture)
ii) 10% loss in Agric-
credit exposure

i)
2.5% loss in total
credit exposure
(excluding
Agriculture)
ii) 25% loss in Agric-
credit exposures
i)
5% loss in total
credit exposures
(excluding
Agriculture)
ii) 50% loss in Agric-
credit exposures
Transition risk factors -
Losses in credit
exposures due to shift
to eco-friendly
technologies.
i)
5% loss in exposure
to Downstream Subsector
ii) 5% loss in exposure
to Power & Energy
Sub-sector
i)
10% loss in exposure
to the Downstream
Sub-sector
ii) 10% loss in exposure
to the Power &
Energy Sub-sector
i) 15% loss in exposure
to the Downstream
Sub-sector
ii) 15% loss in exposure
to the Power & Energy
Sub-sector


FINANCIAL STABILITY REPORT – JUNE 2025

22. APPENDIX 13: LIQUIDITY STRESS TEST ASSUMPTIONS
Implied Cash Flow Analysis
The Implied Cash Flow Analysis (ICFA) assessed the ability of the banking system to
withstand unanticipated substantial withdrawals of deposits, short-term wholesale and
long-term funding over 5 days and cumulative 30 days, with specific assumptions on
fire sale of assets.
The test assumed gradual average outflows of 3.8, 5.0 and 1.5 per cent of current &
savings deposits, short-term funding and long-term funding respectively, over a 5-day
period and a cumulative average outflow of 22.0, 11.0 and 1.5 per cent of current &
savings deposits, short-term funding and long-term funding respectively, on a 30-day
balance. It also assumed that the assets in Table 3.10 would remain unencumbered
after a fire sale.


The Maturity Mismatch/Rollover Risk
This assessed funding maturity mismatch and rollover risk for assets and liabilities in
the 1-30 and 31-90 day buckets, with assumptions of availability of funding from the
CBN and intra-group as described below:

i. Test 2a: Descriptive Maturity Mismatch assumed that the baseline mismatch
remained, but 5 per cent of total deposits would be made available by the CBN and the
intra-group;

ii. Test 2b: Static Rollover Risk assumed that 80.0 and 72.0 per cent of the funding
in the 1-30 and 31-90 day buckets would be rolled over, with no possibility to close
the funding gap from other buckets. However, 5 per cent of the total deposits would
still be available from the CBN and the intra-group; and

iii. Test 2c: Dynamic Rollover Risk made the same assumption as in 2b above, but
with the option of closing the liquidity gap from other buckets.

TABLE 22.1 PERCENTAGE OF ASSETS UNENCUMBERED AFTER FIRE SALES
Item
No
Assets
%
Unencumbered
1.
Cash and cash equivalents

2.
Current account with CBN

3.
Government bonds, treasury bills and other
assets with 0% risk-weighting
66.5
4.
Certificates of deposit held
66.5


FINANCIAL STABILITY REPORT – JUNE 2025

5.
Other short-term investments

6.
Collateralized placements and money at call

7.
CRR

FINANCIAL STABILITY REPORT – JUNE 2025

23. APPENDIX 14: PENSION INDUSTRY PORTFOLIO
ASSET CLASSES
End-December 2024
End – June 2025

₦ 'Million
₦ 'Million
DOMESTIC ORDINARY SHARES
2,241,924.37
3,080,945.23
FOREIGN ORDINARY SHARES
267,986.94
292,775.10
TOTAL FGN SECURITIES
14,114,343.22
15,185,536.59
* FED. GOVT BONDS (HTM)
12,015,063.50
12,786,881.23
* FED. GOVT BONDS (AFS)
1,248,569.37
1,660,403.06
* TREASURY BILLS
704,529.28
624,150.10
* AGENCY BONDS (NMRC)
45,378.34
6,503.96
* SUKUK BONDS (HTM)
79,739.70
89,638.24
* SUKUK BONDS (AFS)
13,917.04
7,245.94
* GREEN BONDS
7,145.99
10,714.07
STATE GOVT SECURITIES
250,855.02
241,910.88
CORP. DEBT SECURITIES
2,246,508.38
2,264,438.03
* CORPORATE BONDS (HTM)
1,452,693.58
1,436,676.32
* CORPORATE BONDS (AFS)
765,896.34
787,372.14
* CORPORATE INFRASTRUCTURE BONDS
27,918.46
38,924.14
* CORPORATE GREEN BONDS
-
1,465.44
MONEY MKT INSTR.
2,215,529.02
2,237,430.94
* FIXED DEPOSIT/ BANK ACCEPTANCE
1,925,972.96
1,842,834.60
* COMMERCIAL PAPERS
161,161.51
342,652.26
* FOREIGN MONEY MKT INSTR.
128,394.55
51,944.08
MUTUAL FUNDS
80,782.52
183,815.45
* OPEN/CLOSE FUNDS
58,785.39
106,003.06
* REITs
21,997.13
77,812.39
SUPRA-NATIONAL BONDS
20,771.23
20,817.61
INFRASTRUCTURE FUNDS
214,325.13
242,799.44
REAL ESTATE
283,619.13
255,944.87
PRIVATE EQUITIES
147,861.87
229,380.08
CASH & OTHER ASSETS
427,839.34
394,176.18

CURRENT NET ASSET VALUE

22,512,346.17

24,629,970.42


FINANCIAL STABILITY REPORT – JUNE 2025

24. ACKNOWLEDGMENTS - LIST OF MAJOR CONTRIBUTORS
S/N Name
Organisation
1. R. I. Sike
Financial Policy and Regulation Department, CBN
2. M. A. Alabi
Financial Policy and Regulation Department, CBN
3. J. A. Mohammed
Financial Policy and Regulation Department, CBN
4. A. Sylvanus-Dannana
Financial Policy and Regulation Department, CBN
5. L. Mohammed
Financial Policy and Regulation Department, CBN
6. M. K. Ibrahim
Development Finance Department, CBN
7. M. E. Obiechina (PhD.) Development Finance Department, CBN
8. S. O. Odeniran (PhD.)
Monetary Policy Department, CBN
9. Y.D. Bulus (PhD.)
Monetary Policy Department, CBN
10. A. A. Akintola (PhD.)
Research Department, CBN
11. B.A. Gaiya (PhD.)
Research Department, CBN
12. A. A. Umaru
Banking Supervision Department, CBN
13. I. Hamman
Statistics Department, CBN
14. A. Salihu
Statistics Department, CBN
15. E. O. Shonibare
Risk Management Department, CBN
16. J. A. Angaye
Risk Management Department, CBN
17. U. Ojowu
Risk Management Department, CBN
18. P. N. Bewaji (PhD.)
Financial Markets Department, CBN
19. V. A. Martins
Development
Finance
Institutions
Supervision
Department, CBN
20. O. Ogbe
Development
Finance
Institutions
Supervision
Department, CBN
21. O. O. Jayeola
Other Financial Institutions Supervision Department, CBN
22. A. M. Wanka
Reserve Management Department, CBN
23. M. K. Muazu
Consumer Protection Department, CBN
24. C. D. Chjioke
Consumer Protection Department, CBN
25. C. O. Ugwueze
Payments System Supervision Department, CBN
26. O. A. Ojerinde
Banking Services Department, CBN
27. I. A. Adeleke
Banking Services Department, CBN


FINANCIAL STABILITY REPORT – JUNE 2025

28. S. H. Hassan (PhD.)
Securities and Exchange Commission
29. M. Mammada
Nigeria Insurance Commission
30. H. Gumel
National Pension Commission
31. C. C. Chukwu
Nigeria Deposit Insurance Corporation

This Report was produced and supervised by the Financial Policy and Regulation
Department in collaboration with other Regulators.


RITA I. SIKE
DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT