The Senate has called on the Central Bank of Nigeria (CBN) to provide a comprehensive explanation for the alleged N1.44 trillion non-remittance of its operating surplus.

The call came as the CBN presented a positive outlook on Nigeria’s economy in the second half of 2025, describing the recovery as the most stable and promising in over a decade.

Senator Adetokunbo Abiru (APC, Lagos East), Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, praised the CBN for stabilising the foreign exchange market and reducing inflation, but stressed that transparency and accountability remain crucial for public trust.

Abiru said the Senate expected the CBN to provide a full account of the surplus funds, outline corrective measures taken, and explain the institutional safeguards in place to prevent future lapses. He also sought clarification on:

• The 45% Cash Reserve Ratio (CRR) and 75% CRR on non-TSA public-sector deposits
• FX forward settlements
• Circulation of mutilated naira notes
• Excessive bank charges and failed electronic transactions
• Compliance of CBN subsidiaries with parliamentary oversight
• Activities of the Financial Services Regulatory Coordinating Committee in 2025

CBN Governor Olayemi Cardoso responded with a detailed review, highlighting Nigeria’s economic performance:

• Real GDP growth of 3.98% in Q3 2025, up from 3.86% in Q3 2024
• Inflation fell for seven consecutive months to 16.05% in October 2025
• Food inflation decreased to 13.12% in October from 21.87% in August
• Narrowed gap between official and parallel forex rates, now under 2%
• Strengthened average exchange rate to N1,442.92/US$ as of November 26, 2025
• Foreign reserves rebounded to US$46.7 billion, providing 10.3 months of import cover
• Diaspora remittances surged by 66.7%, from US$200 million to US$600 million per month
• US$7 billion verified FX backlog resolved, restoring market confidence

Cardoso expressed optimism for 2026, noting that Nigeria ranks among Africa’s most advanced digital payments markets, supported by a thriving fintech ecosystem. He also reported progress in the bank recapitalisation programme, improved ATM cash availability, enhanced digital-payment oversight, and stronger cybersecurity protocols.

While acknowledging these achievements, the Senate pressed the CBN for further clarity on key policy decisions and transparency regarding the alleged non-remittance.