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+{"doc_id": "0c9d7a4635a8555f9398f9a326770486", "text": "FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFINANCIAL \nSTABILITY \nREPORT \n \nJUNE 2025 \n \nFINANCIAL STABILITY REPORT – JUNE 2025 \ni \n \nCONTENTS \nCONTENTS......................................................................................................................... i \nLIST OF FIGURES ............................................................................................................ vi \nLIST OF TABLES ............................................................................................................. viii \nLIST OF BOXES ................................................................................................................ x \nLIST OF ACRONYMS ....................................................................................................... xi \nGOVERNOR’S STATEMENT .......................................................................................... xvii \nFOREWORD .................................................................................................................. xviii \nEXECUTIVE SUMMARY .................................................................................................. xix \n1. ECONOMIC AND FINANCIAL DEVELOPMENTS ...................................................... 1 \n1.1 \nOutput Growth ....................................................................................................... 1 \n1.1.1 \nGlobal Output Growth ..................................................................................... 1 \n1.1.2 \nDomestic Output Growth ................................................................................ 2 \n1.2 \nInflation .................................................................................................................. 4 \n1.2.1 \nGlobal Inflation ................................................................................................ 4 \n1.2.2 \nDomestic Inflation ........................................................................................... 5 \n1.3 \nOil Prices ............................................................................................................... 5 \n1.4 \nFood Prices ........................................................................................................... 6 \n1.5 \nInternational Stock Markets ................................................................................... 7 \n1.6 \nGlobal Foreign Exchange Market .......................................................................... 9 \n1.7 \nMonetary Policy Rates .......................................................................................... 9 \n1.8 \nExternal Reserves ............................................................................................... 10 \n2. DEVELOPMENTS IN THE NIGERIA FINANCIAL SYSTEM ...................................... 12 \n2.1. \nMonetary and Credit Developments .................................................................... 12 \n2.1.1. \nMarket Structure of the Banking Industry ...................................................... 13 \n2.1.2. \nSectoral Distribution of Credit ....................................................................... 13 \n2.1.3. \nConsumer Credit........................................................................................... 14 \n2.2. \nComposition of Banks and Other Financial Institutions ....................................... 15 \n2.3. \nFinancial Markets ................................................................................................ 17 \n2.3.1. \nMoney Market ............................................................................................... 17 \n2.3.2. \nNigerian Foreign Exchange Market .............................................................. 21 \n2.3.3. \nCapital Market .............................................................................................. 22 \n2.3.4. \nCommodities Market ..................................................................................... 31 \n2.3.5. \nDigital Assets Market .................................................................................... 33 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nii \n \nBox 1: Digital Assets ........................................................................................................ 35 \n2.4. \nSecurities and Exchange Commission Regulatory and Supervisory Activities .... 35 \n2.4.1. \nEnactment of the Investment and Securities Act 2025 ................................. 36 \n2.4.2. \nRules for Private Company Debt Issuance ................................................... 36 \n2.4.3. \nSensitisation Campaigns .............................................................................. 36 \n2.5. \nReal Sector Initiatives.......................................................................................... 36 \n2.6. \nFinancial Inclusion and Institutional Support ....................................................... 36 \n2.6.1. \nFinancial Inclusion ........................................................................................ 36 \n2.6.2. \nNational Financial Inclusion Governance Committee Meetings .................... 37 \n2.6.3. \nDigital Finance Services and Agent Networks .............................................. 37 \n2.6.4. \nFinancial Literacy and Consumer Education ................................................ 38 \n2.6.5. \nNational Collateral Registry .......................................................................... 38 \n3. CENTRAL BANK REGULATORY AND SUPERVISORY ACTIVITIES ...................... 40 \n3.1. \nFinancial Soundness Indicators .......................................................................... 40 \n3.1.1. \nAsset-Based Indicators ................................................................................. 41 \n3.1.2. \nCapital-Based Indicators ............................................................................... 43 \n3.1.3. \nIncome and Expense Ratios ......................................................................... 43 \n3.2. \nOther Financial Institutions .................................................................................. 44 \n3.2.1. \nDevelopment Finance Institutions ................................................................. 44 \n3.2.2. \nPrimary Mortgage Banks .............................................................................. 46 \n3.2.3. \nFinance Companies ...................................................................................... 48 \n3.2.4. \nBureaux De Change ..................................................................................... 51 \n3.2.5. \nMicrofinance Banks ...................................................................................... 52 \n3.2.6. \nMaturity Structure of MFB Loans & Advances and Deposit Liabilities .......... 54 \n3.2.7. \nOther Developments in the OFI Sub-sector .................................................. 55 \n3.2.8. \nAsset Management Corporation of Nigeria ................................................... 55 \n3.3. \nBanking Industry Stress Tests ............................................................................. 56 \n3.3.1. \nSolvency Stress Test Baseline Position ........................................................ 56 \n3.3.2. \nLiquidity Stress Test ..................................................................................... 60 \n3.4. \nSupervision of Banks and Other Financial Institutions ........................................ 62 \n3.4.1. \nRoutine Examination ..................................................................................... 63 \n3.4.2. \nTarget Examination ....................................................................................... 63 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \niii \n \n3.4.3. \nSpot Checks ................................................................................................. 63 \n3.4.4. \nForeign Exchange Examination .................................................................... 64 \n3.4.5. \nAnti Money Laundering ................................................................................. 64 \n3.4.6. \nDomestic Systemically Important Banks ....................................................... 64 \n3.4.7. \nEnvironmental Sustainability Examination .................................................... 64 \n3.5. \nSupervisory Collaboration ................................................................................... 64 \nThe Bank sustained collaborative engagements on supervisory and regulatory issues. \nThese engagements included participation in the following meetings: .......................... 64 \n3.6. \nCredit Reporting .................................................................................................. 65 \n3.6.1. \nCredit Risk Management System ................................................................. 65 \n3.6.2. \nCredit Bureaux .............................................................................................. 66 \n3.7. \nOther Developments ........................................................................................... 66 \n3.7.1. \nGuidelines on Management of Dormant Accounts, Unclaimed Balances and \nOther Financial Assets in Banks and Other Financial Institutions in Nigeria .............. 66 \n3.7.2. \nReview of Automated Teller Machine Transaction Fees ............................... 66 \n3.7.3. \nWaiver of Non-Refundable Annual Licence Renewal Fee for Existing Bureaux \nde Change ................................................................................................................. 67 \n3.7.4. \nBanking Sector Recapitalisation ................................................................... 67 \nBox 2: Review of Minimum Capital Requirements for Commercial, Merchant, and Non-\nInterest Banks in Nigeria .................................................................................................. 67 \n3.8. \nMarket Conduct Assessment .............................................................................. 68 \n3.8.1. \nComplaint Management and Resolution ....................................................... 68 \n4. DEVELOPMENTS IN THE PAYMENTS SYSTEM .................................................... 71 \n4.1. \nBank Verification Number .................................................................................... 71 \n4.2. \nCheque Standards and Cheque Printers’ Accreditation Scheme ........................ 71 \n4.3. \nCheque Payments ............................................................................................... 71 \n4.4. \nLarge Value Payments ........................................................................................ 71 \n4.5. \nRetail Payments .................................................................................................. 72 \n4.6. \nOther Developments ........................................................................................... 74 \n4.6.1. \nUnclaimed Balances Trust Fund ................................................................... 74 \n4.6.2. \nPan-African Payment and Settlement System .............................................. 74 \nBox 3: Pan-African Payment and Settlement System ...................................................... 75 \n5. DEPOSIT INSURANCE ............................................................................................. 76 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \niv \n \n5.1. \nDeposit Guarantee .............................................................................................. 76 \n5.2. \nDeposit Insurance Coverage ............................................................................... 76 \n5.3. \nDeposit Insurance Funds .................................................................................... 77 \n5.4. \nPayment of Insured Deposit and Liquidation Dividends ...................................... 77 \n5.4.1. \nPayments to Insured Depositors ................................................................... 78 \n5.4.2. \nPayments to Uninsured Depositors .............................................................. 78 \n5.4.3. \nPayments to Creditors and Shareholders of Banks In-Liquidation ................ 79 \n5.5. \nRecovery of Failed Banks’ Assets ....................................................................... 79 \n5.5.1. \nRisk Assets Recovery ................................................................................... 79 \n5.5.2. \nDisposal of Physical Assets .......................................................................... 80 \n5.5.3. \nRealisation of Investments and Fixed Assets ............................................... 80 \n5.6. \nOther Developments ........................................................................................... 80 \n5.6.1. \nFit and Proper Persons Enquiries ................................................................. 80 \n5.6.2. \nFidelity Insurance Coverage ......................................................................... 80 \n5.6.3. \nWhistle Blowing ............................................................................................ 81 \n6. PENSIONS ................................................................................................................ 82 \n6.1. \nOther Developments in the Nigerian Pension Industry ........................................ 82 \n6.1.1. \nRSA Membership.......................................................................................... 82 \n6.1.2. \nRetirement Savings Account Transfer .......................................................... 82 \n6.1.3. \nAccrued Pension Rights Payments ............................................................... 82 \n6.1.4. \nPolicy and Operational Reforms ................................................................... 83 \n7. INSURANCE .............................................................................................................. 84 \n7.1. \nAssets and Premium Income .............................................................................. 84 \n7.2. \nKey Insurance Industry Financial Soundness Indicators ..................................... 84 \n7.2.1. \nCapital Adequacy and Leverage ................................................................... 84 \n7.2.2. \nLiquidity ........................................................................................................ 85 \n7.2.3. \nOther Prudential Ratios ................................................................................ 85 \n8. RISKS TO THE FINANCIAL SYSTEM....................................................................... 87 \n8.1. \nCredit Risk ........................................................................................................... 87 \n8.2. \nLiquidity Risk ....................................................................................................... 87 \n8.3. \nMarket Risk ......................................................................................................... 87 \n8.4. \nOperational and Cybersecurity Risk .................................................................... 88 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nv \n \n8.5. \nMacroeconomic Risk ........................................................................................... 88 \n9. Outlook ...................................................................................................................... 89 \n10. APPENDIX 1: SECTORAL CONTRIBUTIONS TO REAL GDP GROWTH ................ 90 \n11. APPENDIX 2: INDICES OF SELECTED STOCK MARKETS .................................... 91 \n12. APPENDIX 3: PERFORMANCE OF SELECTED CURRENCIES AGAINST THE US \nDOLLAR ........................................................................................................................... 92 \n13. APPENDIX 4: MONETARY POLICY RATES OF SELECTED COUNTRIES............. 93 \n14. APPENDIX 5: EXTERNAL RESERVE ....................................................................... 94 \n15. APPENDIX 6: OUTSTANDING DEBT INSTRUMENTS ............................................ 95 \n16. APPENDIX 7: REAL SECTOR INITIATIVES: SUMMARY OF DISBURSEMENTS AND \nREPAYMENTS ................................................................................................................. 96 \n17. APPENDIX 8: SELECTED FINANCIAL SOUNDNESS INDICATORS OF THE \nNIGERIAN BANKING INDUSTRY .................................................................................... 98 \n18. APPENDIX 9: FINANCIAL HIGHLIGHTS OF PMBs .................................................. 99 \n19. APPENDIX 10: FINANCIAL HIGHLIGHTS OF MFBs .............................................. 100 \n20. APPENDIX 11: STRESS TEST METHODOLOGY, ASSUMPTIONS AND SCENARIOS\n \n102 \n21. APPENDIX 12: CLIMATE RISK STRESS TEST SCENARIO ASSUMPTIONS ....... 104 \n22. APPENDIX 13: LIQUIDITY STRESS TEST ASSUMPTIONS .................................. 105 \n23. APPENDIX 14: PENSION INDUSTRY PORTFOLIO ............................................... 107 \n24. ACKNOWLEDGMENTS - LIST OF MAJOR CONTRIBUTORS ............................... 108 \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nvi \n \nLIST OF FIGURES \nFIGURE 1.1 GLOBAL OUTPUT GROWTH ............................................................................................. 1 \nFIGURE 1.2 GROSS DOMESTIC PRODUCT GROWTH .......................................................................... 2 \nFIGURE 1.3: CONTRIBUTIONS TO REAL GDP GROWTH ...................................................................... 3 \nFIGURE 1.4 GLOBAL INFLATION ......................................................................................................... 4 \nFIGURE 1.5 INFLATIONARY TRENDS ................................................................................................... 5 \nFIGURE 1.6: OIL PRICES (US$ PER BARREL) ........................................................................................ 6 \nFIGURE 1.8 INDICES OF AFRICAN STOCK MARKETS ........................................................................... 7 \nFIGURE 1.9 INDICES OF NORTH AMERICAN STOCK MARKETS ........................................................... 8 \nFIGURE 1.10 INDICES OF SOUTH AMERICAN STOCK MARKETS ......................................................... 8 \nFIGURE 1.11 INDICES OF EUROPEAN STOCK MARKETS ..................................................................... 8 \nFIGURE 1.12 INDICES OF ASIAN STOCK MARKETS ............................................................................. 9 \nFIGURE 1.13 EXTERNAL RESERVES (US$ BILLION) ............................................................................ 11 \nFIGURE 2.1 HERFINDAHL-HIRSCHMAN INDEX AND CONCENTRATION RATIOS OF THE BANKING \nINDUSTRY ASSETS AND DEPOSITS ............................................................................................ 13 \nFIGURE 2.2 SECTORAL CREDIT UTILISATION .................................................................................... 14 \nFIGURE 2.3 CONSUMER CREDIT ....................................................................................................... 15 \nFIGURE 2.4 VOLATILITY IN OPEN-REPURCHASE RATES .................................................................... 18 \nFIGURE 2.5 MONEY MARKET RATES ................................................................................................ 18 \nFIGURE 2.6 INTEREST RATES SPREAD ............................................................................................... 19 \nFIGURE 2.7 PRIMARY MARKET: NIGERIAN TREASURY BILLS ALLOTMENT ....................................... 20 \nFIGURE 2.8 PRIMARY MARKET: NTBS TRANSACTIONS .................................................................... 20 \nFIGURE 2.9 HOLDINGS OF NTBS OUTSTANDING (PER CENT AND ₦ BILLION) ................................. 20 \nFIGURE 2.10 TRANSACTIONS AT THE NIGERIAN FOREIGN EXCHANGE MARKET............................. 21 \nFIGURE 2.11 MONTHLY AVERAGE RATES AT THE NFEM ................................................................. 21 \nFIGURE 2.12 YIELD CURVE ................................................................................................................ 27 \nFIGURE 3.1 BANKING INDUSTRY NPLS RATIO .................................................................................. 41 \nFIGURE 3.2 BANKING INDUSTRY LIQUIDITY INDICATORS ................................................................ 41 \nFIGURE 3.3 EXPOSURE TO REAL ESTATE SECTOR............................................................................. 42 \nFIGURE 3.4 EXPOSURE OF BANKING SYSTEM TO OIL & GAS, MANUFACTURING AND SERVICES ... 43 \nFIGURE 3.5 BANKING INDUSTRY CAPITAL ADEQUACY INDICATORS............................................... 43 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nvii \n \nFIGURE 3.6 INCOME AND EXPENSE RATIOS ..................................................................................... 44 \nFIGURE 3.7 CONSOLIDATED BALANCE SHEET OF DFIS..................................................................... 44 \nFIGURE 3.8 TOTAL ASSETS OF DFIS .................................................................................................. 45 \nFIGURE 3.9 TOTAL LIABILITIES OF DFIS ............................................................................................ 45 \nFIGURE 3.10 CONSOLIDATED BALANCE SHEET OF PMBS ................................................................ 46 \nFIGURE 3.11 COMPOSITION OF ASSETS OF PMBS ........................................................................... 47 \nFIGURE 3.12 COMPOSITION OF LIABILITIES OF PMBS ..................................................................... 47 \nFIGURE 3.13 CONSOLIDATED BALANCE SHEET OF FINANCE COMPANIES ...................................... 50 \nFIGURE 3.14 COMPOSITION OF ASSETS OF FINANCE COMPANIES ................................................. 50 \nFIGURE 3.15 COMPOSITION OF LIABILITIES OF FINANCE COMPANIES ........................................... 51 \nFIGURE 3.16 BALANCE SHEET OF MICROFINANCE BANKS............................................................... 52 \nFIGURE 3.17 COMPOSITION OF ASSETS ........................................................................................... 53 \nFIGURE 3.18 COMPOSITION OF LIABILITIES OF MICROFINANCE BANKS ......................................... 53 \nFIGURE 3.19 BANKING INDUSTRY SELECTED KEY INDICATORS ....................................................... 57 \nFIGURE 3.20 CREDIT EXPOSURE BY SECTORS .................................................................................. 59 \nFIGURE 3.21 CLIMATE RISK STRESS TEST: IMPACT ON CAR ............................................................. 59 \nFIGURE 3.22 LIQUIDITY STRESS TEST ............................................................................................... 60 \nFIGURE 3.23 NETWORK ANALYSIS BASED ON INTERBANK EXPOSURES .......................................... 62 \nFIGURE 3.24 NUMBER OF COMPLAINTS RECEIVED ......................................................................... 69 \nFIGURE 3.25 COMPLAINTS RESOLVED/CLOSED ............................................................................... 69 \nFIGURE 4.1. VOLUME OF INTER-BANK RTGS TRANSACTIONS ......................................................... 72 \nFIGURE 4.2. VALUE OF INTER-BANK RTGS TRANSACTIONS ............................................................. 72 \nFIGURE 4.3 COMPOSITION OF E-PAYMENTS TRANSACTIONS BY VOLUME ..................................... 73 \nFIGURE 4.4 SHARE OF E-PAYMENTS TRANSACTIONS BY VALUE IN THE FIRST HALF ....................... 73 \nFIGURE 6.1: TOTAL PENSION ASSETS TO GDP RATIO ...................................................................... 82 \nFIGURE 7.2: EQUITY TO TOTAL INVESTED ASSETS ........................................................................... 85 \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nviii \n \nLIST OF TABLES \nTABLE 1.1: GLOBAL OUTPUT GROWTH .............................................................................................. 1 \nTABLE 1.2: CRUDE OIL PRODUCTION (BPD) ..................................................................................... 3 \nTABLE 1.3: GLOBAL INFLATION (PER CENT) ....................................................................................... 4 \nTABLE 1.4: OIL PRICES (US$ PER BARREL) .......................................................................................... 6 \nTABLE 1.5: FAO FOOD PRICE INDEX ................................................................................................... 7 \nTABLE 2.1: COMPONENTS OF MONETARY BASE (₦BILLION) ........................................................... 12 \nTABLE 2.2: GROWTH RATES OF MONETARY AGGREGATES ............................................................. 12 \nTABLE 2.3: COMPOSITION OF BANKS AND OTHER FINANCIAL INSTITUTIONS ................................ 15 \nTABLE 2.4 PAYMENT SERVICE PROVIDERS ....................................................................................... 16 \nTABLE 2.5: NEW ISSUES IN THE CAPITAL MARKET ........................................................................... 23 \nTABLE 2.6: NIGERIAN EXCHANGE LIMITED INDICES, ASI AND EQUITY MARKET CAPITALISATION . 23 \nTABLE 2.7: FOREIGN AND DOMESTIC PORTFOLIO PARTICIPATION IN EQUITIES TRADING ............ 24 \nTABLE 2.8: TRANSACTIONS ON THE NASD OTC MARKET ................................................................ 25 \nTABLE 2.9: PUBLIC DEBT STOCK BY INSTRUMENT .......................................................................... 26 \nTABLE 2.10: MARKET CAPITALISATION (DEBT SECURITIES/BONDS) ................................................ 28 \nTABLE 2.11: FMDQ MARKET SIZE ..................................................................................................... 29 \nTABLE 2.12: OTC TRANSACTIONS FOR FGN BONDS AND TREASURY BILLS ..................................... 30 \nTABLE 2.13: COLLECTIVE INVESTMENT SCHEMES ........................................................................... 30 \nTABLE 2.14: NGX EXCHANGE-TRADED PRODUCTS .......................................................................... 31 \nTABLE 2.15: TRANSACTIONS ON AFEX ............................................................................................. 32 \nTABLE 2.16: LAGOS COMMODITIES AND FUTURES EXCHANGE TRANSACTIONS ............................ 32 \nTABLE 2.17: NIGERIA COMMODITIES EXCHANGE TRANSACTIONS .................................................. 33 \nTABLE 2.18: GEZAWA COMMODITIES EXCHANGE TRANSACTIONS ................................................. 33 \nTABLE 2.19: SUMMARY OF BUSHA TRANSACTION .......................................................................... 34 \nTABLE 2.20: SUMMARY OF QUIDAX TRANSACTIONS ...................................................................... 34 \nTABLE 2.21: KEY FINANCIAL INCLUSION INDICATORS ..................................................................... 37 \nTABLE 2.22: TRANSACTIONS ON THE NATIONAL COLLATERAL REGISTRY PORTAL ......................... 38 \nTABLE 2.23: WOMEN AND WOMEN-OWNED ENTERPRISES TRANSACTIONS ON THE NATIONAL \nCOLLATERAL REGISTRY ............................................................................................................. 39 \nTABLE 2.20: VALUE OF FINANCING STATEMENTS BY TYPE OF SECURED CREDITOR ....................... 40 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nix \n \nTABLE 3.1: SOURCES AND UTILISATION OF INVESTIBLE FUNDS OF PMBS AS OF JUNE 2025 ......... 48 \nTABLE 3.2: HIGHLIGHTS OF THE FINANCIAL POSITION OF FINANCE COMPANIES .......................... 49 \nTABLE 3.3: SOURCES AND UTILISATION OF INVESTIBLE FUNDS OF FINANCE COMPANIES AS OF JUNE \n2025 .......................................................................................................................................... 51 \nTABLE 3.4: SOURCES AND UTILISATION OF INVESTIBLE FUNDS OF MICROFINANCE BANKS AS AT \nJUNE 2025 ................................................................................................................................. 54 \nTABLE 3.5: MATURITY STRUCTURE OF MFBS LOANS AND ADVANCES AND DEPOSIT LIABILITIES .. 55 \nTABLE 3.6: BANKING INDUSTRY BASELINE OF SELECTED KEY INDICATORS .................................... 56 \nTABLE 3.7 CREDIT DEFAULT STRESS TEST ........................................................................................ 57 \nTABLE 3.8 OBLIGOR CREDIT CONCENTRATION STRESS TESTS ......................................................... 58 \nTABLE 3.9 CREDIT EXPOSURE BY SECTORS ...................................................................................... 58 \nTABLE 3.10: IMPLIED CASH FLOW LIQUIDITY STRESS TEST RESULTS ............................................... 60 \nTABLE 3.11: MATURITY PROFILE OF ASSETS AND LIABILITIES ......................................................... 61 \nTABLE 3.12: STRESS TEST RESULTS FOR MATURITY MISMATCH ..................................................... 61 \nTABLE 3.13: CREDIT RISK MANAGEMENT SYSTEM STATISTICS ....................................................... 65 \nTABLE 3.14: CREDIT BUREAUX STATISTICS....................................................................................... 66 \nTABLE 3.15: COMPLAINTS RECEIVED ............................................................................................... 69 \nTABLE 3.16: COMPLAINTS RESOLVED/CLOSED ................................................................................ 70 \nTABLE 4.1 BVN STATISTICS ............................................................................................................... 71 \nTABLE 4.2: ELECTRONIC TRANSACTIONS ......................................................................................... 74 \nTABLE 5.1: DEPOSIT INSURANCE COVERAGE FOR CMNBS AND MMOS .......................................... 76 \nTABLE 5.2: DEPOSIT INSURANCE COVERAGE FOR PSBS .................................................................. 77 \nTABLE 5.3: BALANCES OF INSURANCE FUNDS ................................................................................. 77 \nTABLE 5.4 PAYMENTS TO INSURED DEPOSITORS OF BANKS IN-LIQUIDATION ............................... 78 \nTABLE 5.5: PAYMENTS TO UNINSURED DEPOSITORS OF BANKS IN-LIQUIDATION ......................... 78 \nTABLE 5.6: PAYMENTS TO CREDITORS OF BANKS IN-LIQUIDATION ................................................ 79 \nTABLE 5.7: RISK ASSETS RECOVERY FOR BANKS IN-LIQUIDATION ................................................... 79 \nTABLE 5.8: DISPOSAL OF PHYSICAL ASSETS ..................................................................................... 80 \nTABLE 5.7: REALISATION OF INVESTMENTS OF BANKS IN-LIQUIDATION ........................................ 80 \nTABLE 6.1: ACCRUED RIGHTS PAYMENTS ........................................................................................ 83 \nTABLE 7.1: ASSETS AND PREMIUM INCOME .................................................................................... 84 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nx \n \nTABLE 7.2 INSURANCE INDUSTRY DASHBOARD .............................................................................. 85 \nTABLE 17.1 PERCENTAGE OF ASSETS UNENCUMBERED AFTER FIRE SALES .................................. 105 \n \nLIST OF BOXES \nBOX 1: DIGITAL ASSETS …………………………………………….……………………………….………………………………35 \nBOX 2: REVIEW OF MINIMUM CAPITAL REQUIREMENTS FOR COMMERCIAL, MERCHANT AND NON-\nINTEREST BANKS IN NIGERIA …………………………………………….…………………………….….………………………67 \nBOX 3: PAN-AFRICAN PAYMENT AND SETYTLEMENT SYSTEM ....………………………….………………………75 \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxi \n \nLIST OF ACRONYMS \nAcronym \nDescription \nAACB \nAssociation of African Central Banks \nACGS \nAgricultural Credit Guarantee Scheme \nAEs \nAdvanced Economies \nAMCON \nAsset Management Corporation of Nigeria \nAML/CFT/CPF \nAnti-Money Laundering, Combating the Financing of Terrorism and \nCountering Proliferation Financing \nASI \nAll Share Index \nAuM \nAssets under Management \nBCBS \nBasel Committee on Banking Supervision \nBDCs \nBureaux de Change \nBOA \nBank of Agriculture \nBOI \nBank of Industry \nBRICS \nBrazil, Russia, India, China, and South Africa \nBVN \nBank Verification Number \nCABS \nCommunity of African Banking Supervisors \nCACS \nCommercial Agriculture Credit Scheme \nCAR \nCapital Adequacy Ratio \nCBDC \nCentral Bank Digital Currency \nCBN \nCentral Bank of Nigeria \nCCP \nCentral Counterparties \nCIBN \nChartered Institute of Bankers of Nigeria \nCIC \nCurrency in Circulation \nCIS \nCollective Investment Scheme \nCMNBs \nCommercial, Merchant and Non-interest Banks \nCMOs \nCapital Market Operators \nCOB \nCurrency Outside Banks \nCODC \nCurrency Outside Depository Corporations \nCPI \nConsumer Price Index \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxii \n \nAcronym \nDescription \nCPS \nContributory Pension Scheme \nCRMS \nCredit Risk Management System \nCRR \nCash Reserve Requirement \nCSE \nCrisis Simulation Exercise \nCSWAMZ \nCollege of Supervisors of the West African Monetary Zone \nDAX \nDeutscher Aktienindex (German stock index of 30 major German \ncompanies) \nDCs \nDepository Corporations \nDFIs \nDevelopment Finance Institutions \nDIF \nDeposit Insurance Fund \nD-SIBs \nDomestic Systemically Important Banks \nDVP \nDelivery Versus Payment \nEBAs \nEligible Bank Assets \nECB \nEuropean Central Bank \nEGX CASE 30 \nEgypt Stock Exchange (Cairo and Alexandria Stock Exchange) 30 \nStock Index \nEMDEs \nEmerging Markets and Developing Economies \nESG \nEnvironmental, Social & Governance \nETF \nExchange Traded Funds \nEVD \nEbola Virus Disease \nFAO \nFood and Agriculture Organisation \nFATF \nFinancial Action Task Force \nFCs \nFinance Companies \nFGN \nFederal Government of Nigeria \nFMBN \nFederal Mortgage Bank of Nigeria \nFPI \nForeign Portfolio Investment \nFRACE \nFinancial Regulation Advisory Council of Experts \nFSIs \nFinancial Soundness Indicators \nFSR \nFinancial Stability Report \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxiii \n \nAcronym \nDescription \nFSRCC \nFinancial Services Regulation Co-ordinating Committee \nGCMX \nGezawa Commodity Market and Exchange Limited \nGDP \nGross Domestic Product \nGIABA \nInter-Governmental Action Group Against Money Laundering in \nWest Africa \nGSE \nGhanaian Stock Exchange \nGSI \nGlobal Standing Instruction \nHHI \nHerfindahl-Hirschman Index \nI&E \nInvestor & Exporter \nICAAP \nInternal Capital Adequacy Assessment Process \nICE \nIntercontinental Exchange \nICFA \nImplied Cash Flow Analysis \nIFOs \nIllegal Fund Operators \nIFRS \nInternational Financial Reporting Standards \nIMF \nInternational Monetary Fund \nIRRBB \nInterest Rate Risk in the Banking Book \nKOB \nKnowledge of Business \nKYC \nKnow Your Customer \nLCFE \nLagos Commodities and Futures Exchange \nLDR \nLoan-Deposit Ratio \nLR \nLiquidity Ratio \nM1 \nNarrow Money Supply \nM2 \nBroad Money Supply \nM3 \nM2 plus CBN Bills held by the money-holding sectors \nMC \nMarket Capitalization \nMENA \nMiddle East and North African Countries \nMFBs \nMicrofinance Banks \nMHSs \nMoney Holding Sectors \nMICEX \nMoscow Interbank Currency Exchange \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxiv \n \nAcronym \nDescription \nMMOs \nMobile Money Operators \nMoUs \nMemoranda of Understanding \nMPR \nMonetary Policy Rate \nMSMEs \nMicro, Small and Medium Enterprises \nMTDS \nMedium-Term Debt Strategy \nNAICOM \nNational Insurance Commission \nNAPGEP \nNational Peer Group Educator Programme \nNASD \nNational Association of Securities Dealers \nNAV \nNet Asset Value \nNBS \nNational Bureau of Statistics \nNCR \nNational Collateral Registry \nNDA \nNet Domestic Assets \nNDIC \nNigeria Deposit Insurance Corporation \nNDPR \nNigerian Data Protection Regulation \nNEXIM \nNigerian Export-Import Bank \nNFA \nNet Foreign Assets \nNFIU \nNigerian Financial Intelligence Unit \nNGX \nNigerian Exchange Limited \nNIBSS \nNigeria Inter-Bank Settlement System \nNICPAS \nNigeria Cheque Printers’ Accreditation Scheme \nNIDIF \nNon-Interest Deposit Insurance Fund \nNIMC \nNational Identity Management Commission \nNIN \nNational Identity Number \nNMRC \nNigeria Mortgage Re-finance Company Plc \nNPLs \nNon-Performing Loans \nNSBPs \nNigeria Sustainable Banking Principles \nNSE 20 \nNairobi Stock Exchange 20-Share Index \nNSE ASI \nNigerian Stock Exchange All-Share Index \nNTBs \nNigerian Treasury Bills \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxv \n \nAcronym \nDescription \nNYSC \nNational Youth Service Corps \nOAGF \nOffice of the Accountant General of the Federation \nOBB \nOpen Buy Back \nODCs \nOther Depository Corporations \nOFIs \nOther Financial Institutions \nOPEC \nOrganisation of Petroleum Exporting Countries \nOPEC+ \nOPEC Members plus 10 other oil-producing countries \nORB \nOPEC Reference Basket \nOTC \nOver-the-Counter \nPAIF \nPower and Aviation Infrastructure Fund \nPAR \nPortfolio at risk \nPCX \nPrime Commodity Exchange \nPENCOM \nNational Pension Commission of Nigeria \nPFAs \nPension Fund Administrators \nPFCs \nPension Fund Custodians \nPMBs \nPrimary Mortgage Banks \nPoS \nPoint of Sale \nPSBs \nPayment Service Banks \nPSDIF \nPayment Service Deposit Insurance Fund \nPSPs \nPayments System Providers \nPSV 2025 \nPayments System Vision 2025 \nQR \nQuick Response \nRAS \nRisk Assessment Summary \nRBS \nRisk-Based Supervision \nRCAR \nRoot Cause Analysis Report \nRCMMP \nRevised Capital Market Master Plan \nROA \nReturn on Assets \nROE \nReturn on Equity \nRRPs \nRecovery and Resolution Plans \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxvi \n \nAcronym \nDescription \nRTGS \nReal-Time Gross Settlement \nS&P/FMDQ \nStandards and Poor’s Financial Market Dealers Quotations \nS&P/TSX \nStandards and Poor’s Composite Index of the Toronto Stock \nExchange \nSANEF \nShared Agent Network Expansion Facilities \nSCV \nSingle Customer View \nSDRs \nSpecial Drawing Rights \nSEC \nSecurities and Exchange Commission \nSIF \nSecurities Issuers Forum \nSMEs \nSmall and Medium Enterprises \nSRE \nSupervisory Review and Evaluation \nSSA \nSub-Saharan Africa \nTIN \nTax Identification Number \nWAMZ \nWest African Monetary Zone \nWEO \nWorld Economic Outlook \nWTI \nWest Texas Intermediate \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxvii \n \nGOVERNOR’S STATEMENT \nThe June 2025 edition of the Financial Stability Report presents developments in the \nNigerian financial system in the wake of continued global geopolitical tensions, trade \nfrictions, as well as global macroeconomic headwinds. The Report captures the measures \nundertaken by the Bank to achieve its mandate of price, monetary, and financial system \nstability. \n \nGlobal economic growth is projected to moderate to 2.8 per cent in 2025, down from 3.3 \nper cent in 2024. Growth in Advanced Economies (AEs) is expected to decline to 1.4 per \ncent in 2025, compared with 1.8 per cent in 2024. Emerging Market and Developing \nEconomies (EMDEs) are projected to grow by 3.7 per cent in 2025, down from 4.3 per cent \nin 2024. In Sub-Saharan Africa (SSA), output growth is forecast at 3.8 per cent in 2025, \ncompared with 4.0 per cent in 2024, driven by lower commodity prices, rising protectionism, \nand sharper deceleration in major economies. \n \nIn Nigeria, output increased to 3.68 per cent in the first half of 2025. The performance was \nspurred by increased oil production, growth in services, industry and agriculture sectors. \nMonetary and fiscal reforms also supported growth in the domestic economy as naira \nrecorded an appreciation of 0.76 per cent to ₦1,529.71/US$ due to improved FX liquidity \nand the adoption of the Nigerian FX Code, which promoted market-based price discovery, \ntransparency, and ethical conduct. \n \nFurthermore, the Bank maintained its commitment to price and monetary stability, enforced \nrobust regulatory and supervisory frameworks, and advanced strategic market initiatives, \nincluding banking sector recapitalisation and foreign exchange market reforms. The \nresilience and stability observed across the financial system underscore the effectiveness \nof these policy interventions. \n \nNigeria’s economic outlook remains positive, supported by strategic reforms, improved oil \nproduction, a stable exchange rate, and ongoing innovations and collaborations within the \nfinancial sector. Furthermore, strengthened collaboration with fiscal authorities is expected \nto enhance policy coordination and foster sustainable economic development. \n \nThe Bank, in collaboration with other financial sector regulators and fiscal authorities, will \ncontinue to implement policies and initiatives aimed at preserving the integrity, safety, \nsoundness, and overall stability of the financial system. \n \nOlayemi Michael Cardoso \nGovernor, Central Bank of Nigeria \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxviii \n \nFOREWORD \nThe Nigeria Financial Stability Report (FSR) has over the years become an authoritative \npublication of the Bank, which previews global economic developments as well as presents \ncomprehensive economic conditions and financial system developments in Nigeria. \nGlobal financial conditions eased in the first half of 2025, shaped by disinflation and policy \nrate cuts in major economies, amid geoeconomic fragmentation and trade wars. The global \nfinancial market witnessed mixed trends across asset classes, influenced by the monetary \npolicy stance of major central banks, supply chain disruptions, trade and capital flows. \nStock markets remained bullish as key indices recorded modest gains. Commodity prices \nmoderated, while bond yields recorded mixed performances. \nIn Nigeria, the financial system demonstrated resilience and relative stability. The exchange \nrate remained largely stable in the first half of 2025, while attractive yields in the bond and \nequity markets sustained a positive investor outlook. The macroeconomic environment was \nbroadly characterised by easing inflationary pressures, a higher trade surplus, and \nincreased capital flows. Similarly, key financial soundness indicators and stress test results \naffirmed the stability and resilience of the Nigerian financial system. \nThe June 2025 edition of the FSR is structured into nine sections. Section one considers \ndevelopments in the global and domestic economies, while section two outlines \ndevelopments in the financial system. Sections three and four cover regulatory and \nsupervisory issues, as well as developments in the payments ecosystem. Sections five, six \nand seven focus on major activities in the deposit insurance schemes, pension and \ninsurance subsectors, respectively. The last two sections, eight and nine, discuss the key \nrisks and outlook for financial stability. \nIn keeping with the mandate of promoting a sound financial system in Nigeria, the Bank will \nsustain collaboration with other financial sector regulators in proactively assessing, \nidentifying, and mitigating emerging risks in the financial ecosystem. \n \nPhilip Ikeazor \nDeputy Governor, Financial System Stability \nCentral Bank of Nigeria \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxix \n \nEXECUTIVE SUMMARY \nGlobal economic growth declined in the first half of 2025, relative to the level in the \npreceding half-year, owing largely to the impact of trade friction, policy uncertainties, and \ngeopolitical tensions. Output in Emerging Market & Developing Economies (EMDEs) and \nSub-Saharan Africa (SSA) also declined, further constraining global economic growth. \nGlobal growth is estimated at 2.8 per cent in 2025 from 3.3 per cent in 2024. In Advanced \nEconomies, growth is projected to decline to 1.4 per cent in 2025 from 1.8 per cent in 2024, \ndue to slowing economic activity in the US, while in EMDEs growth is estimated to decline \nto 3.7 per cent from 4.3 per cent in 2024 on account of the trade frictions and geopolitical \nuncertainties. Growth in SSA is expected to decrease to 3.8 per cent from 4.0 per cent in \n2024. \nGlobal inflation sustained its disinflationary trajectory during the review period, underpinned \nby the lagged effects of the contractionary monetary policy cycle and weak external \ndemand. Consequently, global inflation is estimated to decline to 4.7 per cent in 2025 from \n6.3 per cent in 2024. In SSA, inflation is forecasted to decline to 13.3 per cent in 2025 from \n18.3 per cent in 2024. However, abrupt policy rate cuts and supply chain disruptions may \nupend these trends and reverse the gains of low and stable inflation. \nIn Nigeria, the economy grew by 3.68 per cent, compared with 3.65 per cent in the second \nhalf of 2024, driven largely by the non-oil sector. Headline inflation declined to 22.22 per \ncent, driven by exchange rate stability and monetary tightening. In the foreign exchange \nmarket, the naira appreciated to ₦1,535.72/US$ from ₦1,544.08/US$ at end-December \n2024, while external reserves stood at US$37.81 billion at end-June 2025. The Bank \nmaintained the monetary policy rate at 27.50 per cent in the first half of 2025 to sustain the \ndisinflationary trend. \nCapital market performance was bullish, driven by renewed investor optimism. The NGX \nAll-Share Index and market capitalisation rose by 16.57 and 21.02 per cent, respectively. \nIn the first half of 2025, domestic investors continued to dominate the capital market amid \nsignificant foreign portfolio inflow. \nIn the review period, the Nigeria Deposit Insurance Corporation widened its deposit \ninsurance coverage ratio, the pension industry grew its “Assets Under Management” by \n9.41 per cent, and the insurance sector's total assets rose significantly by 13.98 per cent. \nThese developments reflected positive performance in the financial sector. \nThe Bank sustained its regulatory and oversight functions, including on-site surveillance, \noff-site monitoring and AML/CFT/CPF assessments to ensure the safety and soundness of \nthe financial system. It also sustained the banking sector recapitalisation drive to strengthen \nrisk absorption and support economic growth. Additionally, BVN onboarding, agents’ \nenrolments and e-payment system channels were sustained during the review period to \nenhance access to financial services, particularly in the underserved areas. \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \nxx \n \nKey risks to financial system stability during the review period included elevated inflation, \nhigh interest rates, cybersecurity threats, global trade frictions and high debt levels. Overall, \nthe outlook of the financial system remained positive, supported by improved regulatory \noversight and enhanced fiscal-monetary collaboration. The Bank remained committed to \nachieving monetary and price stability and promoting a stable, sound and resilient financial \nsystem in Nigeria. \n \n \nFINANCIAL STABILITY REPORT – JUNE 2025 \n1 \n \n1. ECONOMIC AND FINANCIAL DEVELOPMENTS \n1.1 Output Growth \n1.1.1 Global Output Growth \nGlobal growth is expected to moderate to 2.8 per cent in 2025 from 3.3 per cent in 2024, \nreflecting the impact of increased trade friction, policy uncertainty, and geopolitical tensions, \nwhich weighed on economic activities despite the decline in inflation. (IMF, WEO April \n2025). \nOutput growth in Advanced Economies (AEs) is estimated at 1.4 per cent in 2025, \ncompared with 1.8 per cent in 2024, representing a decline of 0.4 percentage point, owing \nlargely to the slowdown in economic activities in the US. By contrast, growth in Emerging \nMarket and Developing Economies (EMDEs) is expected to moderate to 3.7 per cent in \n2025, from 4.3 per cent in 2024, reflecting productivity losses in the Middle East and Central \nAsia, particularly in China, following the hike in U.S tariffs on Chinese exports. \nIn Sub-Saharan Africa (SSA), output growth is projected at 3.8 per cent in 2025, compared \nwith 4.0 per cent in 2024, reflecting lower commodity prices, rising protectionism, and a \nsharper deceleration in major economies. \n \nFigure 1.1 Global Output Growth \n \nSource: IMF World Economic Outlook Update, April 2025 \nNote: *IMF Projections \nTable 1.1: Global Output Growth \n \n2020 \n2021 \n2022 \n2023 \n2024 \n2025* \n2026* \nWorld \n-3.1 \n6.3 \n3.5 \n3.3 \n3.3 \n2.8 \n3.0 \nAdvanced Economies \n-4.5 \n5.4 \n2.6 \n1.7 \n1.8 \n1.4 \n1.5 \n United States \n-3.4 \n5.9 \n1.9 \n2.9 \n2.8 \n1.8 \n1.7 \n Euro Area \n-6.4 \n5.3 \n3.4 \n0.4 \n0.9 \n0.8 \n1.2 \n Japan \n-4.5 \n2.2 \n1.0 \n1.5 \n0.1 \n0.6 \n0.6 \n United Kingdom \n-9.4 \n7.6 \n4.3 \n0.3 \n1.1 \n1.1 \n1.4 \n Canada \n-5.2 \n5.0 \n3.8 \n1.5 \n1.5 \n \n1.4 \n1.6 \n0\n2\n4\n6\n8\n10\n12\n14\n16\n18\nWorld\nAdvanced\nEconomies\nMiddle East &\nCentral Asia\nEmerging Market\nand Developing\nEconomies\nSub-saharan\nAfrica\nPERCENT\n2023\n2024\n2025*\n2026*\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n2 \n \nEmerging Market & Developing \nEconomies \n-2.0 \n6.8 \n4.1 \n4.4 \n4.3 \n3.7 \n3.9 \n China \n2.3 \n8.4 \n3.0 \n5.2 \n5.0 \n4.0 \n4.0 \n Middle East & Central Asia \n-3.2 \n4.0 \n5.6 \n2.0 \n2.4 \n3.0 \n3.5 \nSub-Saharan Africa \n-1.7 \n4.7 \n4.0 \n3.6 \n4.0 \n3.8 \n4.2 \n Nigeria \n-1.8 \n3.0 \n3.3 \n2.9 \n3.4 \n3.0 \n2.7 \nIMF WEO April 2025 *IMF Projections \n \n \n1.1.2 Domestic Output Growth \nThe domestic economy sustained its growth trajectory in the first half of 2025, as real output \ngrew by 3.68 per cent, compared with 3.65 per cent in the preceding half-year. \n \nFigure 1.2 Gross Domestic Product Growth \n \nSource: National Bureau of Statistics \n \nThe non-oil sector remained the main driver of growth, contributing 3.28 percentage points, \nowing to the performance of the services sector. \nAn analysis of sectoral contribution to real GDP growth indicated that the services sector \ncontributed 2.35 percentage points, which was higher than the 2.22 percentage points in \nthe preceding half-year. The sustained performance of the services sector was driven, \nmainly, by activities in the finance & insurance and transport & storage sub-sectors. The \nperformance of the finance & insurance sub-sector was attributed to improvements in the \nbanking segment, bolstered by capital raising activities, interest income, profit margins and \nthe enactment of the new Insurance Act, which attracted investment and renewed \nconfidence in the sub-sector. The growth in the transport & storage sub-sector was \nanchored on improved federal road rehabilitation projects, which improved transit \nefficiency, logistics, and supply chains across the country. \nThe agriculture sector contributed 0.39 percentage point to real GDP growth, higher than \nthe 0.13 percentage point in the preceding half-year. The contribution was largely driven by \n \n3.32 \n2.88 \n2.41 \n3.00 \n3.08 \n3.65 \n3.68 \nH1 2022\nH2 2022\nH1 2023\nH2 2023\nH1 2024\nH2 2024\nH1 2025\nPER CENT (%)\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n3 \n \nimproved crop production, spurred by investment in new machinery. Similarly, the industry \nsector recorded a contribution of 0.94 percentage point, compared with 0.54 percentage \npoint in the preceding half-year (Appendix 1). \nFigure 1.3: Contributions to real GDP Growth \n \nSource: National Bureau of Statistics \n \nThe oil sector contributed 0.40 percentage point to real GDP growth, maintaining its positive \nperformance. Oil GDP expanded by 11.16 per cent, compared with 3.87 per cent in the \npreceding half-year. The sustained expansion in the oil sector was largely attributed to \nenhanced security around critical production terminals, which boosted oil production by \n6.79 per cent to 1.47 million barrels per day (bpd). \n \nTable 1.2: Crude Oil Production (bpd) \n2024 \nJuly \nAugust \nSeptember October \nNovember December \n2024H2 \nAVERAGE \nDaily \nAverage \n1,306,657 1,351,689 \n1,324,293 1,333,322 \n1,485,656 \n1,484,585 \n1,381,034 \n2025 \nJanuary \nFebruary \nMarch \nApril \nMay \nJune \n2025H1 \nAVERAGE \nDaily \nAverage \n1,538,697 1,465,006 \n1,400,783 1,485,700 \n1,452,941 \n1,505,474 \n1,474,767 \nSource: Nigerian Upstream Petroleum Regulatory Commission (NUPRC) \n \n \n-0.5\n0\n0.5\n1\n1.5\n2\n2.5\n3\n3.5\n4\nJun-23\nDec-23\nJun-24\nDec-24\nJun-25\nPercentage points\nAgriculture\nIndustry\nServices\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n4 \n \n1.2 Inflation \n1.2.1 Global Inflation \nGlobal inflation is projected to decline to 4.3 per cent in 2025 from 5.7 per cent in 2024, \nowing to several factors including the lagged effect of monetary policy tightening, slowing \neconomic growth, weak external demand and softening commodity prices. \nIn the AEs, inflation is projected to decline to 2.5 per cent in 2025 from 2.6 per cent in 2024, \ndriven largely by deceleration in prices in the Euro area and Japan. Inflation is expected to \nremain at 3.0 per cent in the US due to tight labour market, lingering effects of supply chain \ndisruption and geopolitical events. However, inflation in the UK is estimated to rise to 3.1 \nper cent from 2.5 per cent in 2024 attributable largely to increases in energy and utility \ncosts. \nIn EMDEs, inflation is expected to ease to 5.5 per cent in 2025 from 7.7 per cent in 2024 \ndue to tight monetary policy, increased capital inflow, and relative stability in the exchange \nrates. Similarly, in the Middle East and North Africa, inflation is estimated to decelerate to \n12.7 per cent in 2025 from 14.6 per cent in 2024. Inflation in SSA is expected to decline to \n13.3 per cent from 18.3 per cent in 2024, underpinned by tighter monetary policy, lower \nglobal food prices and efforts at fiscal consolidation. \n \n \nFigure 1.4 Global Inflation \n \nSource: WEO, April 2025 \n \n \nTable 1.3: Global Inflation (per cent) \n2020 \n2021 \n2022 \n2023 \n2024 \n*2025 \n2026* \nWorld Consumer Prices \n3.3 \n4.7 \n8.7 \n5.7 \n5.7 \n4.3 \n3.6 \nAdvanced Economies \n0.7 \n3.1 \n7.3 \n4.6 \n2.6 \n2.5 \n2.2 \nUnited States \n1.3 \n4.7 \n8.0 \n4.1 \n3.0 \n3.0 \n2.5 \nEuro Area \n0.3 \n2.6 \n8.4 \n5.4 \n2.4 \n2.1 \n1.9 \nJapan \n0.0 \n–0.2 \n2.5 \n3.3 \n2.7 \n2.4 \n1.7 \nUnited Kingdom \n0.9 \n2.6 \n9.1 \n7.3 \n2.5 \n3.1 \n2.2 \n0\n5\n10\n15\n20\nWorld Consumer Prices\nAdvanced Economies\nEmerging Market and\nDeveloping Economies\nMiddle East and North\nAfrica\nSub-Saharan Africa\nPer cent\n2023\n2024\n*2025\n2026*\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n5 \n \nEmerging Market and \nDeveloping Economies \n5.2 \n5.8 \n9.5 \n8.0 \n7.7 \n5.5 \n4.6 \nMiddle East and North Africa \n10.9 \n12.9 \n13.6 \n14.9 \n14.6 \n12.7 \n10.7 \nSub-Saharan Africa \n11.2 \n11.6 \n15.2 \n17.6 \n18.3 \n13.3 \n12.9 \nSource: WEO April 2025 *IMF Projection \n \n \n \n \n1.2.2 Domestic Inflation \nInflation declined in the first half of 2025, driven by the food and non-food components of \nthe consumer price index (CPI) basket. Headline inflation (year-on-year) decelerated to \n22.22 per cent from 34.80 per cent at end-December 2024. The drivers were the CPI \nrebasing effect, seasonal adjustments in food supply, and exchange rate stability. \n \nFigure 1.5 Inflationary Trends \n \nSource: National Bureau of Statistics \n \nFood inflation (year-on-year) declined to 21.97 per cent, from 39.84 per cent in the second \nhalf of 2024. Similarly, core inflation fell to 22.76 per cent, compared with 29.28 per cent in \nthe second half of 2024, owing mainly to the contractionary monetary policy stance, \nimproved security and exchange rate stability. \n \n1.3 Oil Prices \nThe average OPEC oil price fell by 5.23 per cent to US$69.73 from US$73.58 per barrel in \nthe preceding half-year. Similarly, the prices of Bonny Light, UK brent and WTI declined, \nreflecting the impact of weakening global output, increased production by OPEC+ and the \nongoing shift to alternative energy sources. \n \n \n \n \n \n \n18.60\n21.34\n22.79\n28.92\n34.19\n34.80\n22.22\n20.60\n23.75\n25.25\n33.93\n40.87\n39.84\n21.97\n15.70\n18.21\n20.06\n23.06\n27.40\n29.28\n22.76\n0.00\n5.00\n10.00\n15.00\n20.00\n25.00\n30.00\n35.00\n40.00\n45.00\n0.00\n5.00\n10.00\n15.00\n20.00\n25.00\n30.00\n35.00\n40.00\n45.00\n50.00\nH1 2022\nH2 2022\nH1 2023\nH2 2023\nH1 2024\nH2 2024\nH1 2025\nPer cent (%)\nPer cent (%)\nHeadline (LHS)\nFood (RHS)\nCore (RHS)\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n6 \n \nFigure 1.6: Oil Prices (US$ per barrel) \n \nSource: OPEC Monthly Oil Market Report \nNote: Brent is North Sea Dated \nTable 1.4: Oil Prices (US$ Per Barrel) \nSelected Price Benchmarks \nEnd-Dec \n2022 \nEnd-Jun \n2023 \nEnd-Dec \n2023 \nEnd-Jun \n2024 \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nOPEC Basket \n81.14 \n76.14 \n78.44 \n83.22 \n73.58 \n69.73 \nBonny Light \n82.58 \n75.16 \n78.19 \n89.31 \n73.94 \n71.73 \nUK Brent \n83.33 \n75.41 \n77.15 \n85.00 \n74.07 \n69.80 \nWest Texas Intermediate \n80.00 \n70.64 \n71.77 \n81.54 \n70.85 \n67.33 \nSource: OPEC Monthly Market Reports \n \n1.4 Food Prices \nThe Food and Agriculture Organisation (FAO) food price index inched up to 128.10 from \n127.41 points in the preceding half-year, driven mainly by increases in international prices \nfor dairy, meat, and vegetable oils, which offset the fall in the prices of cereals and sugar. \nFigure 1.7: FAO Food Price Index \n \nSource: FAO \n \n0\n10\n20\n30\n40\n50\n60\n70\n80\n90\n100\nOPEC Basket\nBonny Light\nUK Brent\nWest Texas Intermediate\nUS$ PER BARREL\nJun-23\nDec-23\nJun-24\nDec-24\nJun-25\n0\n20\n40\n60\n80\n100\n120\n140\n160\n180\nFAO Food Price Index\n(FFPI)\nMeat Index\nDairy Index\nCereals Index\nOils Index\nSugar Index\nINDEX POINTS\nEnd-Jun 2023\nEnd-Dec 2023\nEnd-Jun 2024\nEnd-Dec 2024\nEnd-Jun 2025\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n7 \n \nTable 1.5: FAO Food Price Index \n \nEnd-\nJun \n2021 \nEnd-\nDec \n2021 \nEnd-\nJun \n2022 \nEnd-\nDec \n2022 \nEnd-\nJun \n2023 \nEnd-\nDec \n2023 \nEnd-\nJun \n2024 \nEnd-\nDec \n2024 \nEnd-\nJun \n2025 \nFAO Food Price \nIndex (FFPI) \n125.36 \n133.72 \n155.66 \n133.10 \n123.01 \n119.07 \n120.99 \n127.41 \n128.10 \nMeat Index \n110.87 \n110.52 \n125.43 \n111.93 \n118.63 \n111.15 \n118.08 \n119.58 \n126.00 \nDairy Index \n120.07 \n130.39 \n158.16 \n148.58 \n119.88 \n118.69 \n127.86 \n141.91 \n155.50 \nCereals Index \n130.31 \n140.49 \n166.34 \n147.25 \n126.60 \n122.80 \n115.17 \n111.38 \n107.40 \nOils Index \n157.68 \n178.51 \n211.80 \n144.60 \n115.79 \n122.30 \n131.81 \n162.08 \n155.70 \nSugar Index \n107.73 \n116.43 \n117.28 \n117.18 \n152.16 \n134.23 \n119.36 \n119.29 \n103.70 \nSource: FAO \n1.5 International Stock Markets \nGlobal equities recorded a mixed performance in the first half of 2025, indicating a shift in \ninvestor sentiment and evolving macroeconomic conditions. African markets led the gains, \nparticularly Nigeria, Ghana and Kenya, reflecting improved domestic fundamentals. In \nNorth America, the U.S. S&P 500 rebounded after a muted start, driven largely by strong \nperformances in technology and consumer discretionary stocks. The Canadian market \nrecorded steady gains, while Mexico experienced mild profit-taking. \nThe performance of stocks in South America was mixed, as Brazil’s early-year rally slowed, \nArgentina witnessed sharp declines, whereas Colombia outperformed with sustained \ninvestor confidence. In Europe, markets were bullish with Germany as the standout \nperformer. Performance in Asian markets varied, with Japan rebounding and India \nmaintaining a steady upward trajectory on strong domestic demand and earnings outlook. \nOverall, the global equity market performance was largely driven by the technology sector, \nresilient corporate earnings and differentiated investor appetite toward reform-oriented \nemerging economies. However, gains moderated in several regions, as investors \nreassessed risks linked to inflation dynamics, policy tightening, and geopolitical uncertainty \n(Appendix 2). \nFigure 1.7 Indices of African Stock Markets \n \n0.00\n20,000.00\n40,000.00\n60,000.00\n80,000.00\n100,000.00\n120,000.00\n140,000.00\nNGX All-Share Index\nJSE All-Share Index\nNairobi NSE 20 Index\nEGX CASE 30\nGSE All-Share Index\nNigeria\nSouth Africa\nKenya\nEgypt\nGhana\nIndex Points\nEnd-June 2023\nEnd-Dec 2023\nEnd-June 2024\nEnd-Dec 2024\nEnd-June 2025\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n8 \n \nFigure 1.8 Indices of North American Stock Markets \n \nSource: Bloomberg \n \n \n \n \n \n \nFigure 1.9 Indices of South American Stock Markets \n \n \n \nFigure 1.10 Indices of European Stock Markets \nSource: Bloomberg \n \n0.00\n10,000.00\n20,000.00\n30,000.00\n40,000.00\n50,000.00\n60,000.00\n70,000.00\nS&P 500\nS&P/TSX Composite\nBolsa\nUS\nCanada\nMexico\nIndex Points\n0.00\n500,000.00\n1,000,000.00\n1,500,000.00\n2,000,000.00\n2,500,000.00\n3,000,000.00\nBovespa Stock\nMerval\nCOLCAP\nBrazil\nArgentina\nColumbia\nIndex Points\nEnd-June 2023\nEnd-Dec 2023\nEnd-June 2024\nEnd-Dec 2024\nEnd-June 2025\n0.00\n5,000.00\n10,000.00\n15,000.00\n20,000.00\n25,000.00\n30,000.00\nFTSE 100\nCAC 40\nDAX\nUK\nFrance\nGermany\nIndex Points\nEnd-June 2023\nEnd-Dec 2023\nEnd-June 2024\nEnd-Dec 2024\nEnd-June 2025\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n9 \n \nFigure 1.11 Indices of Asian Stock Markets \n \nSource: Bloomberg \n \n \n1.6 Global Foreign Exchange Market \nExchange rate trends were mixed during the period, with most currencies showing mild \nadjustments relative to the US dollar. \nIn Africa, the Nigerian naira appreciated marginally by 0.54 per cent, strengthening to \n₦1,535.72/US$ from ₦1,544.08/US$ at end-December 2024, reflecting improvement in \nforeign exchange (FX) market liquidity. The Kenyan shilling was broadly unchanged over \nthe six-month period, signaling relative market stability, while the Egyptian pound firmed \nslightly by 2.4 per cent to EGP49.60/US$, on account of improved FX inflows. Ghana’s cedi \nrecorded the most significant improvement, appreciating by 29.6 per cent due to improved \nFX liquidity and the effectiveness of monetary policy. \nIn North America, the Canadian dollar posted a 5.4 per cent appreciation against the US \ndollar, supported by stable energy prices and resilient capital inflows, while the Mexican \npeso appreciated by 10.0 per cent. South America showed divergent outcomes as the \nColombian peso appreciated by 6.95 per cent amid favourable oil receipts and capital \ninflow, in contrast to a 16.75 per cent depreciation of the Argentinian peso. \nIn Europe, the euro and British pounds gained 12.16 and 8.86 per cent, respectively, \nagainst the US dollar, driven primarily by shifting monetary policy expectations. In Asia, the \nJapanese yen strengthened by 8.38 per cent, reflecting markets’ anticipation of policy \nnormalisation by the Bank of Japan, while the Chinese renminbi appreciated by 1.86 per \ncent as authorities cautiously managed the exchange rate. The Indian rupee was broadly \nstable, anchored by strong services exports and robust remittance flows (Appendix 3). \n1.7 Monetary Policy Rates \nMonetary policy stance among major central banks was divergent, reflecting varying \ndisinflation paths and growth cycles. In AEs, policy easing gained traction, but at a more \ngradual and data-dependent pace than earlier projected. \n0.00\n20,000.00\n40,000.00\n60,000.00\n80,000.00\n100,000.00\nNIKKEI 225\nShanghai SE A\nBSE Sensex\nJapan\nChina\nIndia\nIndex Points\nEnd-June 2023\nEnd-Dec 2023\nEnd-June 2024\nEnd-Dec 2024\nEnd-June 2025\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n10 \n \nAmong EMDEs, Brazil tightened monetary policy rate to 15.00 per cent from 12.25 per cent \nin December 2024 to combat persistent inflation risks, while Russia lowered its rate to 20.00 \nper cent from 21.00 per cent as inflationary pressures slightly eased. China maintained an \naccommodative stance by easing its policy rate to 3.00 per cent, in line with its priority of \nsustaining growth. In other emerging markets, Mexico and Colombia continued easing to \n8.00 and 9.25 per cent, respectively, while Chile held steady at 5.00 per cent after \nfrontloading rate cuts earlier in the cycle. \nIn Africa, Nigeria maintained a tight stance, holding the Monetary Policy Rate (MPR) at \n27.50 per cent through the first half of 2025, reflecting its commitment to rein in inflation. \nSouth Africa and Egypt moderated their stances, reducing their policy rates slightly to 7.25 \nand 24.00 per cent, respectively, while Ghana tightened marginally to 28.00 per cent, \nsignalling efforts to further contain inflation and boost inflows (Appendix 4). \n \n1.8 External Reserves \nNigeria’s gross external reserves stood at US$37.81 billion, compared with US$40.19 \nbillion at end-December 2024. This level of reserves is equivalent to 12.4 months of import \ncover (FOB), significantly higher than the minimum benchmark of 3 months of import cover. \nA breakdown of the reserves showed that the Central Bank of Nigeria (CBN) holdings \naccounted for US$32.95 billion (87.14 per cent), the Federal Government of Nigeria (FGN) \nUS$4.86 billion (12.86 per cent) and the Federation US$723,350.08 (approximately less \nthan 0.01 per cent). By currency composition, 76.51 per cent of the reserves were held in \nUS dollars, 11.46 per cent in Special Drawing Rights (SDRs), 8.94 per cent in Chinese \nRenminbi, and 3.09 per cent in other currencies. \nTotal inflows to the reserves declined by 22.29 per cent to US$18.34 billion, from US$23.60 \nbillion at end-December 2024. The decrease was largely driven by lower third-party receipts \nand crude oil-related tax revenues. Conversely, total outflows rose by 16.84 per cent to \nUS$20.47 billion at end-June 2025, from US$17.52 billion in the second half of 2024, \nprimarily due to higher settlements and FX sales. The combined effect of reduced inflows \nand increased outflows resulted in net outflows in the review period (Appendix 5). \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n11 \n \nFigure 1.12 External Reserves (US$ Billion) \n \n \n \n \n39.16 \n36.61 \n33.71 \n33.22 \n34.76 \n40.19 \n37.81 \nPer Cent\nJun-22\nDec-22\nJun-23\nDec-23\nJun-24\nDec-24\nJun-25\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n12 \n \n2. DEVELOPMENTS IN THE NIGERIA FINANCIAL SYSTEM \n2.1. \nMonetary and Credit Developments \nThe monetary base grew by 6.08 per cent at end-June 2025, driven by an increase of 8.89 \nper cent in liabilities to other depository corporations (ODCs). The disaggregation of the \nmonetary base showed that Currency-in-Circulation (CIC) decreased by 7.97 per cent to \n₦5,007.52 billion, while the eNaira stock remained at ₦18.31 billion. The decline in notes \nand coins reflected a reduction in cash demand by economic agents. \nTable 2.1: Components of Monetary Base (₦Billion) \n \nH2 2020 \nH1 2021 \nH2 2021 \nH1 2022 \nH2 2022 \nH1 2023 \nH2 2023 \nH1 2024 \nH2 2024 \nH1 2025 \nMonetary Base \n13,107.92 \n12,333.85 \n13,295.15 \n13,860.27 \n16,032.96 \n17,339.25 \n24,735.52 \n25,023.19 \n32,672.83 \n34,659.42 \nCurrency-In-Circulation \n2,908.46 \n2,741.26 \n3,325.16 \n3,255.56 \n3,012.06 \n2,603.27 \n3,653.30 \n4,048.73 \n5,441.16 \n5,007.52 \n Of which Notes & Coins \n2,908.46 \n2,741.26 \n3,324.22 \n3,254.21 \n3,009.51 \n2,596.11 \n3,639.32 \n4,030.35 \n5,422.85 \n4,989.21 \n eNaira \n- \n- \n0.94 \n1.35 \n2.55 \n7.16 \n13.98 \n18.38 \n18.31 \n18.31 \nLiabilities to ODCs \n10,199.46 \n9,592.59 \n9,969.99 \n10,604.70 \n13,020.91 \n14,735.98 \n21,082.21 \n20,974.46 \n27,231.67 \n29,651.90 \nMonetary Base (% Growth) \n-1.04 \n-5.91 \n7.79 \n4.25 \n15.68 \n8.15 \n42.66 \n1.16 \n \n30.57 \n6.08 \n \n \nBroad money supply (M3) grew by 3.44 per cent, representing an annualised growth of \n6.88 per cent, below the provisional benchmark of 8.12 per cent. The rise in M3 was driven \nby the 29.74 per cent increase in net foreign assets (NFA). The growth in the NFA was due \nto the 7.89 per cent rise in claims on non-residents. However, net domestic assets (NDA) \ndeclined, resulting from the 20.18 and 2.43 per cent fall in net claims on government and \nclaims on “other sectors”, respectively, reflecting the contractionary monetary policy stance \nof the Bank. \n \nTable 2.2: Growth Rates of Monetary Aggregates \n% Change \nH2 \n2020 \nH1 2021 \nH2 2021 \nH1 2022 \nH2 2022 \nH1 \n2023 \nH2 \n2023 \nH1 \n2024 \nH2 2024 \nH1 2025 \nNet Foreign Assets \n7.34 \n-18.73 \n28.25 \n-34.68 \n-37.09 \n49.67 \n62.36 \n147.27 \n38.41 \n29.74 \nNet Domestic Assets \n9.21 \n7.64 \n8.92 \n21.94 \n12.98 \n23.53 \n17.07 \n12.1 \n3.86 \n-6.89 \nDomestic Claims \n7.62 \n6.85 \n10.27 \n17.82 \n15.1 \n31.04 \n10.89 \n1.08 \n8.28 \n-7.01 \nNet Claims on Central \nGovernment \n29.15 \n0.88 \n19.37 \n31.61 \n30.07 \n35.7 \n4.35 \n-28.66 \n13.4 \n-20.18 \nClaims on Other Sectors \n1.13 \n9.15 \n7.03 \n12.35 \n8.16 \n28.44 \n14.74 \n17.03 \n6.6 \n-2.43 \nOther Items (Net) \n-12.04 \n11.97 \n24.83 \n7.92 \n30.78 \n29.7 \n-35.98 \n65.18 \n-113.41 \n-336.3 \n \n \nThe growth in total monetary liabilities was due to the 4.99 and 3.83 per cent increase in \ntransferable deposits and other deposits, respectively. The rise in transferable deposits was \nattributed to increases in the deposits of commercial & merchant banks. Similarly, the \ngrowth in other deposits was due mainly to the rise in foreign currency deposits of the \ndepository corporations. The growth in broad money liabilities was driven largely by the \ncontributions of other deposits and transferable deposits by 2.52 and 1.48 percentage \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n13 \n \npoints, respectively. However, the contribution of currency outside depository corporations \nand securities other than shares declined by 0.55 and 0.01 percentage points, respectively. \n \n2.1.1. \nMarket Structure of the Banking Industry \nThe Commercial, Merchant and Non-Interest Banks (CMNBs) remained highly competitive \nas depicted by the Herfindahl-Hirschman Indices (HHI)1. The HHI in terms of deposits and \nassets, stood at 916.69 and 880.65 compared with 1,010.94 and 1,012.92, respectively, in \nthe preceding half-year. The concentration ratio of the 7 largest banks (CR7) in terms of \ndeposits fell to 70.59 per cent from 71.49 per cent, while assets rose to 70.42 per cent from \n70.14 per cent at end-December 2024. In addition, the share of individual banks in total \ndeposits and assets ranged from 0.07 to 18.17 and 0.10 to 15.28 per cent, respectively. \nFigure 2.1 Herfindahl-Hirschman Index and Concentration Ratios of the Banking Industry Assets \nand Deposits \n \n \n2.1.2. \nSectoral Distribution of Credit \nTotal credit to key sectors of the economy decreased by 1.79 per cent to ₦58,159.13 billion, \nfrom ₦59,216.95 billion at end-December 2024, reflecting the tight monetary policy stance \nof the Bank. Credit utilisation across all sectors recorded mixed performance, as credit to \nthe industry and services sectors decreased by 4.68 and 0.87 per cent, respectively, while \nthe agriculture sector grew by 11.63 per cent. A further disaggregation of the sectoral credit \nutilisation revealed that the services sector, at ₦32,408.24 billion, accounted for the largest \nshare (55.72 per cent), followed by industry, ₦22,564.38 billion (38.80 per cent) and \nagriculture, ₦3,186.52 billion (5.48 per cent). \n \n \n1 HHI values range from 100 (highly competitive) to 10,000 (monopoly) \n500\n1000\n1500\n2000\n2500\n0\n10\n20\n30\n40\n50\n60\n70\n80\nJun-22\nDec-22\nJun-23\nDec-23\nJun-24\nDec-24\nJun-25\nHHI (points)\nPer cent (%)\nCR - Deposits\nCR - Assets\nCR - Largest Deposits\nCR - Largest Assets\nHHI - Deposit\nHHI - Assets\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n14 \n \nFigure 2.2 Sectoral Credit Utilisation \n \n \nTable 2.3: Sectoral Credit Utilisation \nITEM \nEnd-Jun \n2024 \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nPercentage Share in Total \n% Change Between \n \n₦’’Billion \n₦’’Billion \n₦’’Billion \nJun-24 \nDec-24 \nJun-25 \n(1) & (2) \n(2) & (3) \n \n(1) \n(2) \n(3) \n(4) \n(5) \n(6) \n \n \n[a] Agriculture \n2,440.83 \n2,854.51 \n3,186.52 \n4.38 \n4.82 \n5.48 \n16.95 \n11.63 \n[b] Industry \n24,571.78 \n23,671.35 \n22,564.38 \n44.10 \n39.97 \n38.80 \n-3.66 \n-4.68 \n of which Manufacturing \n9,263.98 \n8,528.59 \n7,091.00 \n17.36 \n14.4 \n12.19 \n-7.94 \n-16.86 \n[c] Services \n28,701.19 \n32,691.09 \n32,408.24 \n51.52 \n55.21 \n55.72 \n13.9 \n-0.87 \n of which Finance, Insurance \n & Capital Market \n6,159.99 \n7,745.45 \n9,472.18 \n9.72 \n13.08 \n16.29 \n25.74 \n22.29 \n Trade/General Commerce \n3,565.94 \n4,536.64 \n3,855.23 \n7.97 \n7.66 \n6.63 \n27.22 \n-15.02 \nTOTAL PRIVATE SECTOR \nCREDIT \n55,713.80 \n59,216.95 \n58,159.13 \n100 \n100 \n100 \n6.29 \n-1.79 \n \n \n2.1.3. \nConsumer Credit \nConsumer credit fell by 18.34 per cent to ₦4,004.30 billion from ₦4,903.39 billion at end-\nDecember 2024, reflecting the impact of the contractionary monetary policy stance of the \nBank. A disaggregation of consumer credit showed that personal loans accounted for 50.28 \nper cent, while retail loans accounted for 49.72 per cent, compared with 78.55 and 21.45 \nper cent, respectively, at end-December 2024. Of the total claims on the private sector \n(₦58,159.13 billion), the share of consumer credit stood at 6.89 per cent, relative to 8.28 \nper cent in the preceding half-year. \n \n \n \n \n-0.5\n0\n0.5\n1\n1.5\n2\n2.5\n3\n3.5\nJun-23\nDec-23\nJun-24\nDec-24\nJun-25\nPercentage points\nAgriculture\nIndustry\nServices\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n15 \n \n \nFigure 2.3 Consumer Credit \n \n2.2. \nComposition of Banks and Other Financial Institutions \nThe number of licensed CMNBs increased to 38, comprising 28 commercial, five merchant \nand five non-interest banks (NIBs). Seven commercial banks with international \nauthorisation had 56 cross-border banking subsidiaries, while one of the banks had a \nforeign branch. The number of representative offices was five, bringing the total number of \noffshore affiliates to 61. There were also two sub-subsidiaries and four branches of cross-\nborder institutions at end-June 2025. The number of Payment Service Banks (PSBs) \nremained five. \nDuring the review period, the number of licensed Microfinance Banks (MFBs) increased to \n835 (9 National, 105 State, 292 Unit Tier-1 and 429 Unit Tier-2 MFBs). Additionally, 15 \nFinance Companies (FCs) were licensed. The reinstatement of one Primary Mortgage Bank \n(PMB) licence brought the total number to 34 (23 State and 11 National PMBs). \n \nTable 2.4: Composition of Banks and Other Financial Institutions \n \nS/N Type \nEnd-Dec 2024 \nEnd-Jun 2025 \nChange \n1 \nCMNBs \n \n \n \nCommercial Banks: \n \n \n \n International \n7 \n7 \n0 \n National \n14 \n15 \n1 \n Regional \n6* \n6 \n0 \nMerchant Banks: \n \n \n \n National \n6 \n5 \n-1 \nNon-Interest Banks: \n \n \n \n National \n4 \n5 \n1 \n \nSub-total A \n37* \n38 \n1 \n2 \nMicrofinance Banks: \n \n \n \n National \n9 \n9 \n0 \n State \n123 \n105 \n-18 \n Tier 1 Unit \n254 \n292 \n38 \n7.22 \n8.10 \n7.52 \n7.67 \n8.49 \n8.28 \n6.89 \n 6.00\n 6.50\n 7.00\n 7.50\n 8.00\n 8.50\n 9.00\n -\n 1,000.00\n 2,000.00\n 3,000.00\n 4,000.00\n 5,000.00\n 6,000.00\nJun-22\nDec-22\nJun-23\nDec-23\nJun-24\nDec-24\nJun-25\nPer cent (%)\n₦' Billion\n Consumer credit (rhs)\n Ratio of consumer credit to claims on private sector (lhs)\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n16 \n \n Tier 2 Unit \n433 \n429 \n-4 \n \n819 \n835 \n16 \n3 \nBureaux De Change \n1629 \n1629 \n0 \n4 \nFinance Companies \n124 \n139 \n15 \n5 \nDevelopment Finance Institutions \n7 \n8 \n1 \n6 \nPrimary Mortgage Banks \n33 \n34 \n1 \n \nSub-total B \n2,612 \n2,645 \n33 \n7 \nFinancial Holding Companies \n7 \n7 \n0 \n8 \nRepresentative Office \n1 \n1 \n0 \n9 \nPayment Service Banks \n5 \n5 \n0 \n10 \nPayment Service Providers \n203 \n203 \n0 \n \nSub-total C \n216 \n216 \n0 \n \nGrand Total \n2,865* \n2,899 \n34 \n*Corrected figures \n \nThe Bank also issued licences to 51 Payments Service Providers (PSPs), comprising one \nSwitching/Processing company, 11 Payment Terminal Service Providers (PTSP), 25 \nPayment Solution Service Providers (PSSP), 13 Super-Agents and one Payments Terminal \nService Aggregator (PTSA), bringing the total number of licensed PSPs to 264. \nTable 2.5 Payment Service Providers \nS/N Licence Type \nEnd-Dec 2024 \nEnd-Jun 2025 \nChange \n1 \nCard Schemes \n8 \n8 \n0 \n2 \nMobile Money Operator* \n17 \n17 \n0 \n3 \nSwitching/Processing Companies \n18 \n19 \n1 \n4 \nPayment Solution Services \n \n \n \n Payment Terminal Services Provider** \n36* \n47 \n11 \n Payment Solution Services Provider ** \n83* \n108 \n25 \n Super-Agent** \n49* \n62 \n13 \n \n168 \n217 \n49 \n5 \nPayments Service Holding Company \n1 \n1 \n0 \n6 \nPayments Terminal Service Aggregator \n1 \n2 \n1 \n \nTotal \n213* \n264 \n51 \n*The data shown is for Non-Bank Licensed Mobile Money Operators. \n** Some PSSPs, PTSPs and super agents hold a combination of authorisations. \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n17 \n \n2.3. \nFinancial Markets \nGlobal financial market developments were shaped by geopolitical tensions, tariff and trade \npolicy shifts, and cautious policy changes by major central banks. There were heightened \nuncertainties and fragmentations in global supply chains, trade and capital flows due to \ngeopolitical tensions. Commodity price adjustments and elevated debt levels, especially \nacross emerging markets, also affected investors' sentiments across major markets, amid \nsofter growth prospects and the weakening of the US dollar against major currencies \n \nDespite the global uncertainty, Nigerian financial markets remained resilient, largely driven \nby the FX market reforms. These reforms enhanced FX liquidity, strengthened market \nintegrity through increased transparency and stricter compliance enforcement, which \npromoted investor confidence and capital inflows. Financial institutions also bolstered \nregulatory capital positions and risk management frameworks to mitigate systemic \nvulnerabilities. \n \n2.3.1. \nMoney Market \nThe Bank sustained its liquidity management operations, including open market operations \n(OMO) auctions and discount window activities, alongside complementary Nigerian \nTreasury Bills (NTBs) and FGN bond auctions, to maintain liquidity within desirable \nthresholds and rein in inflation. Collateralised transactions continued to dominate activities \nin the interbank market, accounting for 99.09 per cent of the total value of deals. Key drivers \nof transactions included net fiscal flows, effects of cash reserve ratio (CRR) maintenance \nand OMO. Consequently, banking system liquidity conditions and interbank market rates \nreflected shifts in policy and autonomous flows. \n2.3.1.1. Interbank Market Rates \nThe interbank money market rates generally traded within the standing facility corridor, \nunderscoring effective monetary policy transmission during the first half of 2025. The Open \nRepurchase (OPR) daily weighted average rate opened at 27.20 per cent on January 2, \n2025, compared with 27.08 per cent on July 1, 2024. The rate peaked at 32.58 per cent on \nFebruary 13, 2025 dipped to 25.80 per cent on April 24, 2025, and closed at 28.19 per cent \nat end-June 2025, compared with 27.20 per cent at end-December 2024. The weighted \naverage OPR rate was 28.90 per cent, compared with 29.30 per cent in the preceding half \nof 2024. \n \nAt the call segment, the unsecured weighted daily average rate opened at 26.50 per cent \non January 1, 2025, as against 29.00 per cent on July 1, 2024. It peaked at 32.50 per cent \non February 24, 2025, and closed at 26.50 per cent at end-June 2025. The weighted \naverage call rate was 28.34 per cent, compared with 28.98 per cent in the second half of \n2024. \n \nThe monthly average OPR and interbank call rates declined to 27.70 and 27.55 per cent \nfrom 29.75 and 29.31 per cent, respectively, at end-December 2024. The inter-bank money \nmarket rate volatility also moderated significantly during the review period. The volatility in \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n18 \n \nOPR rate fell to 0.80 percentage point in the first half of 2025, from 4.16 percentage points \nin the second half of 2024, consistent with stable liquidity condition under a tight policy \nstance. \n \n \nFigure 2.4 Volatility in Open-Repurchase Rates \n \n \n \n \n \nFigure 2.5 Money Market Rates \n \n \n2.3.1.2. Deposit and Lending Rates \nThe weighted average prime and maximum lending rates increased following a sustained \ntight monetary policy stance. The rates rose by 0.89 and 0.11 percentage point to 18.22 \nand 29.99 per cent, respectively, above the levels in the preceding half-year. \n-2.00\n0.00\n2.00\n4.00\n6.00\n8.00\n10.00\nPercentage points\nOPR Volatility - 2nd Half 2024\n4.16\n0.00\n0.50\n1.00\n1.50\n2.00\n2.50\n3.00\nPercentage points\nOPR Volatility - 1st Half 2025\n0.80\n24.00\n26.00\n28.00\n30.00\n32.00\n34.00\nPer cent\nJul-24\nAug-24\nSept-24\nOct-24\nNov-24\nDec-24\nJan-25\nFeb-25\nMar-25\nApr-25\nMay-25\nJun-25\nInter-\nBank\nCall\n30.73\n28.44\n27.92\n27.83\n28.88\n29.31\n28.58\n31.03\n29.97\n26.54\n26.57\n27.55\nOPR\n30.18\n28.17\n27.79\n30.42\n29.36\n29.75\n29.14\n31.77\n30.67\n26.97\n26.98\n27.70\nMPR\n26.75\n26.75\n27.25\n27.25\n27.50\n27.50\n27.50\n27.50\n27.50\n27.50\n27.50\n27.50\nSLF\n31.75\n31.75\n32.25\n32.25\n32.50\n32.50\n32.50\n32.50\n32.50\n32.50\n32.50\n32.50\nSDF\n25.75\n25.75\n26.25\n26.25\n26.50\n26.50\n26.50\n26.50\n26.50\n26.50\n26.50\n26.50\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n19 \n \nSimilarly, weighted average deposit (demand, savings and term) rate grew by 0.10 \npercentage point to 5.65 per cent from 5.55 per cent in the preceding half-year. The spread \nbetween the average maximum lending rate and the weighted average deposit rate \nnarrowed marginally by 0.13 percentage point to 24.34 percentage points. \n \n \nFigure 2.6 Interest Rates Spread \n \n \n \n2.3.1.3. Nigerian Treasury Bills \nAt the primary market, the Nigerian Treasury Bills (NTBs) recorded higher offerings, \nsubscriptions and allotments for the 91-, 182-, and 364-day tenors. Total NTBs offered and \nallotted were ₦7,977.02 billion and ₦8,502.09 billion, respectively, indicating increases of \n59.28 and 60.77 per cent from the preceding period. \nSimilarly, total subscriptions rose by 107.61 per cent to ₦22,674.33 billion, pushing the bid \nto cover ratio to 2.67x, compared with 2.18x in the second half of 2024, reflecting \nheightened demand by deposit money banks, merchant banks, mandate, and internal \ncustomers, for risk-free securities at relatively attractive yields. \nAverage stop rates were 17.81, 18.42, and 19.68 per cent, compared with 17.58, 18.22, \nand 21.38 per cent for the 91-,182-, and 364-day tenor, respectively, in the second half of \n2024. \n \n \n \n \n \n \n \n \n \n0\n10\n20\n30\nH1 2022\nH2 2022\nH1 2023\nH2 2023\nH1 2024\nH2 2024\nH1 2025\nPercentage point\nSPRD (MLR-Weighted average savings rate)\nSPRD (MLR-Weighted average deposit rate)\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n20 \n \nFigure 2.7 Primary Market: Nigerian Treasury Bills Allotment \n \nFigure 2.8 Primary Market: NTBs Transactions \n \n \nThe stock of NTBs outstanding rose by 3.34 per cent to ₦12,764.08 billion from ₦12,351.12 \nbillion at end-December 2024, while the ownership structure remained bank-anchored: \nODCs holdings accounted for 62.02 per cent, corporates 24.77 per cent, and CBN \nbranches the balance of 13.21 per cent. This indicates a sustained appetite for risk-free \nshort-dated assets, driven by system liquidity and cash-management needs. \nFigure 2.9 Holdings of NTBs Outstanding (Per cent and ₦ Billion) \n \n \n₦2,458.11\nbn, 49%\n₦1,471.67\nbn, 29%\n₦650.96bn\n, 13%\n₦427.38bn\n, 9%\nEnd-December 2024\nODCs\nMBs\nMandate & Internal Customers\nCBN Branches\n₦5,717.31bn\n, 67%\n₦1,922.00bn\n, 23%\n₦696.93bn, \n8%\n₦165.85bn, \n2%\nEnd-June 2025\nODCs\nMBs\nMandate & Internal Customers\nCBN Branches\n -\n 5.00\n 10.00\n 15.00\n 20.00\n 25.00\n 30.00\n -\n 1,000.00\n 2,000.00\n 3,000.00\n 4,000.00\n 5,000.00\n 6,000.00\nJul-24\nAug-24 Sept-24\nOct-24\nNov-24\nDec-24\nJan-25\nFeb-25\nMar-25\nApr-25\nMay-25\nJun-25\nPer Cent\n₦'Billion\nOffer (₦'B)\nSubscription (₦'B)\nMaturities (₦'B)\nAve. Rates %\n₦7,891.35bn\n, 64%\n₦3,032.35bn\n, 24%\n₦1,427.42bn\n, 12%\nEnd-December 2024\nODCs\nCorporates\nCBN\n₦7,916.73bn\n, 62%\n₦3,161.34bn\n, 25%\n₦1,686.02bn\n, 13%\nEnd-June 2025\nODCs\nCorporates\nCBN\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n21 \n \n2.3.2. \nNigerian Foreign Exchange Market \nForeign exchange activities recorded a significant boost, with FX sales rising to US$4.74 \nbillion from US$3.18 billion in the second half of 2024. FX purchases were US$3.97 billion, \nresulting in net sales of US$0.77 billion, while there were no new forward transactions \nduring the review period. \nTotal FX market turnover stood at US$52.47 billion, reflecting an increase of 262.40 per \ncent, compared with US$14.48 billion in the preceding half-year, reflecting improved market \nparticipation under the Electronic Foreign Exchange Matching System (EFEMS). \nFigure 2.10 Transactions at the Nigerian Foreign Exchange Market \n \n \n2.3.2.1. Foreign Exchange Rate \nThe naira recorded an appreciation of 0.76 per cent to ₦1,529.71/US$ on June 30, 2025, \nfrom ₦1,541.36/US$ on January 2, 2025, reversing the 1.73 per cent depreciation recorded \nin the preceding half of 2024 (₦1,509.69/US$ → ₦1,535.82/US$). The appreciation was \nsupported by improved FX liquidity and the adoption of the Nigerian FX Code, which \npromoted market-based price discovery, transparency, and ethical conduct, thereby \nstrengthening investor confidence. \n \nFigure 2.11 Monthly Average Rates at the NFEM \n \n \n0\n1000\n2000\n3000\n4000\n5000\nH2 2024\nH1 2025\n$' million\nSales\nPurchases\n1350.00\n1500.00\n1650.00\n1800.00\nJul-24 Aug-24 Sept-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25\n₦/US$\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n22 \n \n2.3.2.2. Over-the-Counter Foreign Exchange Futures \nThere were no new over-the-counter (OTC) FX futures contracts in the review period, same \nas in the preceding half year. However, matured contracts amounted to US$86.49 million, \ncompared with US$78.70 million at end-December 2024. Consequently, outstanding FX \nfutures contracts decreased significantly to US$1.56 million from US$88.05 million in the \npreceding half-year. \n2.3.2.3. Naira/Yuan Bilateral Currency Swap Agreement \nThe Bilateral Currency Swap Agreement (BCSA) between the Bank and the People’s Bank \nof China (PBoC), valued ₦720.00 billion/CNY15.00 billion, which was renewed in April 2024 \nfor another three-year term, subsisted during the first half of 2025. However, there were no \nnew transactions under the Swap Agreement during the review period; thus, cumulative \nsales remained at CNY9.22 billion. \n2.3.3. \nCapital Market \nThe Nigerian Exchange All-Share Index (NGX ASI) was bullish, ranking second among \nAfrican exchanges and reaching an all-time high of 119,978.57 points, a 16.57 per cent \nincrease at end-December 2024. This growth reflected investor confidence boosted by key \nreforms, such as the recapitalisation of major financial institutions, enactment of the \nInvestment and Securities Act (ISA) 2025, foreign exchange market reforms, improved \nmarket transparency and operational efficiency. These measures expanded market access \nand attracted significant offshore inflows, notably through strategic block trades in large-\ncap equities. \n2.3.3.1. New Issues of Securities \nThe capital market witnessed a notable decline in securities issuance at the equities \nsegment relative to the preceding half-year. There were no public offers during the review \nperiod, compared with three issues valued ₦612.44 billion at end-December 2024. Rights \nissues declined to four valued ₦421.73 billion from 11 valued ₦2,066.78 billion at end-\nDecember 2024. Similarly, the value of two private placements fell by 59.68 per cent to \n₦30.38 billion from ₦75.34 billion, while the volume remained unchanged. Consequently, \ntotal equity issuances decreased by 62.50 and 83.59 per cent in volume and value, to six \nissues from 16 valued ₦452.11 billion and ₦2,754.56 billion, respectively. \nIn contrast, corporate bond issuances increased to five from two in the preceding half-year, \nrepresenting a 150.00 per cent rise in volume. The value of these issuances rose \nsignificantly by 776.43 per cent to ₦162.14 billion from ₦18.50 billion. However, there were \nno issuances of sub-national bonds, FGN bonds and Eurobonds, same as in the preceding \nhalf-year. Overall, the total number of securities issued (equities and debt) declined by \n38.89 per cent to 11 from 18, while the aggregate value fell by 77.85 per cent to ₦614.25 \nbillion from ₦2,773.06 billion. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n23 \n \nTable 2.6: New Issues in the Nigerian Capital Market \nType \nNumber of Issues \nValue of Issues (₦’Bn) \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nChange % \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nChange % \nIPO \n0 \n0 \n0.00 \n0.00 \n0.00 \n0.00 \nPublic Offer/Offer for Sale \n3 \n0 \n-100.00 \n612.44 \n0.00 \n-100.00 \nPrivate Placements \n2 \n2 \n0.00 \n75.34 \n30.38 \n-59.67 \nRights Issues \n11 \n4 \n-63.64 \n2,066.78 \n421.73 \n-79.59 \nTotal Equities \n16 \n6 \n-62.5 \n2,754.56 \n452.11 \n-83.59 \nCorporate Bonds \n2 \n5 \n150.00 \n18.50 \n162.14 \n776.43 \nSub-national Bonds \n0 \n0 \n0.00 \n0.00 \n0.00 \n0.00 \nFGN Bonds \n0 \n0 \n0.00 \n0.00 \n0.00 \n0.00 \nEurobond \n0 \n0 \n0.00 \n0.00 \n0.00 \n0.00 \nTotal Debt \n2 \n5 \n150.00 \n18.50 \n162.14 \n776.43 \nTotal (Equities & Debt) \n18 \n11 \n-38.89 \n2,773.06 \n614.25 \n-77.85 \nSource: SEC, DMO \n \n \n2.3.3.2. Equities Market \nThe Nigerian Exchange All Share Index (NGX ASI) rose by 16.57 per cent to 119,978.57 \nindex points from 102,926.40 index points at end-December 2024. The total value of \nequities traded rose by 49.68 per cent to ₦2,096.62 billion in 1,838,344 deals, compared \nwith ₦1,444.93 billion in 1,192,388 deals in the second half of 2024. Total equity volume \nincreased to 76.31 billion shares from 68.20 billion in the preceding half year, reflecting \ndeepening market participation. \nEquity market capitalisation rose by 21.02 per cent to ₦75,950.00 billion from ₦62,760.00 \nbillion at end-December 2024. Similarly, government debt capitalisation expanded by 10.04 \nper cent, showing continued fiscal borrowing and strong investor demand for government \nsecurities. Corporate debt capitalisation grew modestly by 3.57 per cent, highlighting \ncautious optimism in private-sector debt instruments amid tight monetary conditions. \nOverall, the increase in the NGX ASI and market capitalisation reflected sustained investor \nconfidence in the local bourse. \n \nTable 2.7: Nigerian Exchange Limited Indices, ASI and Equity Market Capitalisation \nDescription \n End-Dec 2024 \n End-Jun \n2025 \n Change (%) \nNGX All-Share Index (Pts) \n102,926.40 \n119,978.57 \n16.57 \nEquity Market Capitalisation (₦Tr) \n62.76 \n90.40 \n44.04 \n NGX Main-Board Index \n 4,988.79 \n119,978.57 \n2,304.96 \n NGX 30 Index \n 3,811.94 \n5,888.97 \n54.49 \n NGX CG Index \n 2,814.39 \n4,423.04 \n57.16 \n NGX Premium Index \n 9,719.75 \n3,436.94 \n-64.64 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n24 \n \nSource: NGX Reports \n2.3.3.3. Foreign and Domestic Participation \nForeign portfolio inflow to the equities market totalled ₦559.25 billion, indicating a 41.08 \nper cent increase from ₦396.41 billion in the preceding half-year. Similarly, foreign portfolio \noutflow rose by 26.44 per cent to ₦576.09 billion from ₦455.62 billion in the second half of \n2024, resulting in a net outflow of ₦16.84 billion, compared with a net outflow of ₦59.21 \nbillion in the preceding period. The moderation in net outflow reflected improved investor \nsentiment following regulatory reforms and global monetary easing. Domestic transactions \nincreased by 14.47 per cent to ₦3,057.88 billion. Consequently, total equity transactions \nincreased by 40.58 per cent to ₦4,193.22 billion from ₦2,982.87 billion in the preceding \nhalf-year. \n \n \nTable 2.8: Foreign and Domestic Portfolio Participation in Equities Trading \nTransaction Type (₦’B) \nJan-Dec \n2023 \nJan-Dec \n2024 \nJan-Jun \n2024 \nJul-Dec \n2024 \nEnd- June \n2025 \n%change \n(a) \n(b) \n(c) \n(d) \n(e) \n(d&e) \nTotal Equity \ntransactions \n3,577.96 \n5,586.97 \n2,604.10 \n2,982.87 \n4,193.22 \n40.58 \nForeign portfolio \ntransaction \n410.62 \n852.03 \n540.8 \n311.55 \n1,135.34 \n264.42 \n Foreign (%) \n11.48 \n16.75 \n20.75 \n10.44 \n27.08 \n159.39 \nDomestic transactions \n3,167.34 \n4,734.94 \n2,063.62 \n2,671.32 \n3,057.88 \n14.47 \n Domestic (%) \n88.52 \n84.75 \n79.25 \n89.56 \n72.92 \n-18.58 \n NGX Banking Index \n 1,084.52 \n11,576.85 \n967.46 \n NGX PENSION INDEX \n 4,521.13 \n1,280.41 \n-71.68 \n NGX Insurance Index \n 718.00 \n5,798.71 \n707.62 \n NGX ASeM Index \n 1,583.71 \n755.52 \n-52.29 \n NGX-AFR Bank Value Index \n2,467.38 \n1,595.12 \n-35.35 \n NGX AFR Div Yield Index \n16,642.63 \n2,957.78 \n-82.23 \n NGX MERI GROWTH INDEX \n6,490.69 \n19,489.91 \n200.27 \n NGX MERI VALUE INDEX \n10,375.32 \n8,149.49 \n-21.45 \n NGX Consumer Goods Index \n1,731.67 \n11,150.56 \n543.92 \n NGX Oil/Gas Index \n2,712.06 \n2,635.86 \n-2.81 \n NGX Lotus Islamic Index \n6,955.89 \n2,437.47 \n-64.96 \n NGX Industrial Index \n3,572.17 \n9,229.65 \n158.38 \n NGX Growth Index \n7,762.86 \n3,638.15 \n-53.13 \n NGX Sovereign Bond Index \n601.54 \n9,420.18 \n1466.01 \n NGX Pension Board \n 1,826.89 \n653.01 \n-64.26 \nNGX Commodity Index \n \n1,047.21 \n100.00 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n25 \n \nForeign inflow \n174.8 \n396.41 \n229.07 \n167.34 \n559.25 \n234.2 \nForeign outflow \n235.82 \n455.62 \n311.41 \n144.21 \n576.09 \n299.48 \nNGX-ASI \n74,773.77 102,926.40 100,057.49 102,926.40 \n119,978.57 \n90.65 \nSource: NGX \n \n2.3.3.4. National Association of Securities Dealers OTC Market \nThe National Association of Securities Dealers (NASD) OTC Market maintained a positive \ntrajectory in the first half of 2025, as the Unlisted Securities Index rose by 9.76 per cent, \nreaching 3,347.43 points from 3,049.90 points at end-December 2024. \nMarket capitalisation rebounded by 87.45 per cent to ₦1,960.09 billion, reversing the \ndecline recorded in December 2024. This recovery suggests renewed investor confidence, \nre-listing and valuation adjustments. However, trading activity showed mixed trends as the \nnumber of deals fell by 44.62 per cent to 3,119 from 5,632, indicating reduced transaction \nfrequency while, volume traded surged by 172.16 per cent to ₦5.46 billion, suggesting \nconcentration in high-volume, low-value securities. \nDespite the increase in volume, the total value of transactions declined by 75.51 per cent \nto ₦20.17 billion from ₦82.39 billion in the preceding half-year. This reflected a shift toward \nlower-priced instruments and reduced liquidity in premium securities. \nTable 2.9: Transactions on the NASD OTC Market \nOTC Market \nEnd-Jun 2024 \nEnd-Dec 2024 \nEnd-Jun 2025 % change \nUnlisted Index (Points) \n1,533.00 \n3,049.90 \n3,347.43 \n9.76 \nMKT cap (₦'bn) \n2,100.74 \n1,045.65 \n1,960.09 \n87.45 \nDeals \n3,176.00 \n5,632.22 \n3119 \n-44.62 \nvolume traded (Million) \n961.27 \n2,007.11 \n5,462.52 \n172.16 \nTotal value (₦'mn) \n21,617.76 \n82,390.53 \n20,174.89 \n-75.51 \nSource: NASD \n \n \n2.3.3.5. Debt Market \nTotal public debt outstanding stood at ₦152,398.61 billion (33.76 per cent of GDP), \nrepresenting a 5.35 per cent increase above the level at end-December 2024. The rise was \ndue to new borrowings from domestic and external sources to part-finance the 2025 budget \ndeficit. A breakdown of the consolidated public debt showed that domestic debt at \n₦80,551.03 billion accounted for 52.86 per cent, while external debt at ₦71,847.59 billion \nconstituted 47.14 per cent. Of the consolidated public debt stock, FGN owed ₦145,040.17 \nbillion (95.17 per cent), while state governments owed the balance (Appendix 6). \nThe stock of FGN domestic debt outstanding rose to ₦76,587.10 billion from ₦70,409.86 \nbillion in the second half of 2024, indicating an increase of 8.77 per cent. The rise was \nmainly attributed to the new issuances of NTBs, FGN Bonds, FGN Green Bonds, Sukuk \nand FGN Savings Bonds. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n26 \n \n Table 2.10: Public Debt Stock by Instrument \nInstrument \nEnd-Jun \n2024 (₦’ \nbn) \nEnd-Dec \n2024 (₦’ \nbn) \nEnd-Jun \n2025 (₦’ \nbn) \n% Change (Dec \n2024-End-Jun \n2025) \nProportion of \nTotal (End-Jun \n2025) \n(a) Federal Government \n 66,957.88 \n70,409.86 \n76,587.10 \n8.77 \n 50.25 \nNig. Treasury Bills \n11,808.18 \n12,351.12 \n12,764.08 \n 3.34 \n 8.38 \n FGN Bonds \n52,315.23 \n55,436.12 \n60,645.22 \n9.40 \n 39.79 \n FGN Savings Bonds \n55.20 \n72.87 \n91.53 \n25.61 \n 0.06 \n FGN Sukuk \n1,092.56 \n992.56 \n1,292.56 \n30.22 \n 0.85 \n FGN Green Bonds \n15.00 \n15.00 \n62.36 \n 315.73 \n 0.04 \nNig. Treasury Bonds \n- \n- \n- \n- \n - \nFGN Promissory Notes \n1,671.71 \n1,542.19 \n1,731.36 \n 12.27 \n 1.14 \n(b) Sub-National \n4,267.11 \n3,968.06 \n3,963.93 \n- 0.10 \n2.60 \nTotal Domestic Debt \n71,224.99 \n74,377.92 \n80,551.03 \n 8.30 \n 52.86 \n(c) External \n63,072.68 \n70,287.53 \n71,847.59 \n 2.22 \n 47.15 \n Multilateral \n31,792.78 \n34,263.33 \n35,464.36 \n 3.51 \n 23.27 \n Bilateral \n8,656.09 \n9,350.79 \n9,488.61 \n1.47 \n 6.23 \n Commercial \n22,226.86 \n26,589.17 \n26,483.40 \n- 0.40 \n17.38 \nSyndicated Loan \n396.95 \n84.24 \n411.20 \n388.13 \n0.27 \n Total Debt \n134,297.67 \n144,665.45 \n152,398.62 \n5.35 \n100.00 \nSource: Debt Management Office (DMO). DMO figures represent sovereign debt outstanding by instrument and are used for stock levels \n(FGN Bonds, NTBs, Savings Bonds, FGN Sukuk). \n \n2.3.3.6. Bonds – Primary Market \nThe outstanding stock of FGN bonds increased by 9.40 per cent to ₦60,645.22 billion from \n₦55,436.12 billion at end-December 2024, reflecting sustained sovereign borrowing during \nthe review period. \n2.3.3.7. New Issues, Maturities and Outstandings \n2.3.3.7.1. FGN Bonds \nFGN bonds amounting to ₦1,850.00 billion were offered, compared with ₦1,100.00 billion \nin the second half of 2024. Public subscriptions totalled ₦4,367.70 billion, compared with \n₦2,192.45 billion, while sales stood at ₦2,856.70 billion, compared with ₦1,711.90 billion \nin the second half of 2024, indicating positive investor sentiment for sovereign securities. \nThe yield curve remained downward-sloping as in the preceding period. The curve \nindicated investors’ expectations of future policy easing as inflationary pressures receded. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n27 \n \nFigure 2.12 Yield Curve \nSource: FMDQ-OTC Plc \n2.3.3.7.2. FGN Savings Bonds \nThe FGN 2-year and FGN 3-year Savings Bonds valued ₦25.60 billion were offered and \nallotted, an increase of 12.57 per cent from ₦22.74 billion in the preceding half-year. \nCoupon rates ranged from 16.0460 to 18.7990 per cent, compared with 11.0330 to 18.4070 \nper cent in the second half of 2024. Bond maturities stood at ₦6.94 billion. Consequently, \nthe outstanding stock rose to ₦91.53 billion at end-June 2025, compared with ₦72.87 billion \nin the preceding period. \n \n2.3.3.7.3. FGN Green Bonds \nThe outstanding stock increased by 315.73 per cent to ₦62.36 billion from ₦15.00 billion at \nend-December 2024, reflecting renewed issuance of green instruments towards funding \nenvironmentally sustainable projects. \n \n2.3.3.7.4. FGN Sukuk \nFGN Sukuk issuances totalled ₦300.00 billion, raising the outstanding stock to ₦1,292.56 \nbillion at end-June 2025, compared with ₦992.56 billion at end-December 2024, reflecting \nincreased use of Sukuk to finance compliant-infrastructure projects. \n \n2.3.3.7.5. Sub-National Debt \nThere were no new issues of sub-national debt in the review period. Outstanding sub-\nnational debt declined by 0.10 per cent to ₦3,963.93 billion from ₦3,968.06 billion at end-\nDecember 2024, reflecting net redemptions during the period. \n \n2.3.3.7.6. Corporate Bonds \nOutstanding corporate bonds decreased marginally to ₦1,627.37 billion from ₦1,662.47 \nbillion at end-December 2024. No new issuances were recorded, while the reduction was \nattributed to redemptions amounting to ₦35.10 billion. \n0\n10\n20\n30\n40\n1M\n3M\n6M\n1Y\n2Y\n3Y\n5Y\n7Y\n10Y\n12Y\n15Y\n18Y\n20Y\n30Y\nYield (%)\nTime to Maturity (Years)\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n28 \n \n2.3.3.7.7. External Debt \nIn addition to domestic borrowings, the external debt stock expanded by 2.22 per cent to \n₦71,847.37 billion relative to ₦70,287.53 billion in the preceding period. This indicated new \nborrowings from multilateral and bilateral sources and exchange rate valuation effects. \nOverall, the expansion in domestic and external debt reflected sustained borrowing to \nfinance fiscal obligations amid a tight monetary policy environment. \n2.3.3.8. Bonds - Secondary Market \nThe secondary bond market recorded a mixed performance during the review period, as \nFGN bond market capitalisation increased to ₦49,294.32 billion in June 2025 from \n₦44,930.39 billion in December 2024, reflecting renewed investor confidence in sovereign \ndebt instruments. However, State and Local Government bonds declined to ₦318.58 billion \nfrom ₦348.99 billion. Corporate bond market capitalisation also contracted marginally to \n₦1,106.46 billion from ₦1,186.96 billion, suggesting weaker sentiment toward corporate \ndebt. Overall, the total bond market capitalisation rose to ₦49,294.32 billion in June 2025 \nfrom ₦46,466.35 billion in December 2024, driven primarily by gains in Federal Government \nbonds. \nInvestor participation in FGN bonds strengthened, as reflected in the increase in the \nnumber of deals, volume, and value of trades. The number of deals, volume and value rose \nto 10, 36,258 units and ₦35.42 billion from seven, 15,738 units and ₦15.78 billion, \nrespectively, in December 2024. This underscored heightened liquidity and investor \nappetite for sovereign instruments. However, there was no trading activity in sub-national \nand corporate bonds during the review period, reinforcing the dominance of Federal \nGovernment securities in the Nigerian fixed-income market. \nTable 2.11: Market Capitalisation (Debt Securities/Bonds) \nInstrument \nEnd-Dec 2024 \nEnd-June 2025 \n% Change \nSupra-National \n0 \n0 \n0 \nFederal (Nb) \n44,930.39 \n49,294.32 \n9.71 \nState and Local (Nb) \n348.99 \n318.58 \n-8.72 \nCorporate (Nb) \n1,186.96 \n1,106.46 \n-6.78 \nTotal Mkt Cap (Bonds) (Nb) \n46,466.35 \n49,294.32 \n6.09 \nFGN Bond \n \nDeal \n7 \n10 \n42.86 \nVolume (M) \n15,738.00 \n36,258.00 \n130.39 \nValue (N, M) \n15,775.28 \n35,424.87 \n124.56 \nSource: SEC \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n29 \n \n2.3.3.9. Financial Market Dealers Quotation Exchange \nActivities in the FMDQ OTC market were bullish, as the total number of deals and value of \ntraded securities rose by 11.69 and 6.61 per cent to 93,533 and ₦70,256.89 billion, \nrespectively. \nThe trend was largely driven by FGN bonds, OMO bills and foreign exchange products \nwhich rose by 78.75, 25.19 and 31.37 per cent to ₦4,716.74 billion, ₦15,729.89 billion and \n₦24,634.12 billion, respectively. In contrast, repurchase agreements and NTBs declined by \n24.16 and 34.15 per cent to ₦17,939.34 billion and ₦4,313.73 billion, respectively. \nTable 2.12: FMDQ Market Size \n \nBonds \nNumber of Deals Traded \nFace Value of Traded Securities (₦’bn) \nEnd-Dec \n2024 \nEnd-June \n2025 \n% change \nEnd-Dec \n2024 \nEnd-June \n2025 \n% change \nFGN Bonds \n4,731 \n3,939 \n-16.74 \n2,638.73 \n4,716.74 \n78.75 \nAgency Bonds \n0 \n0 \n0 \n0 \n0 \n0 \nState/Municipal Bonds \n0 \n0 \n0 \n0 \n0 \n0 \nCorporate Bonds \n0 \n0 \n0 \n0 \n0 \n0 \nSupranational Bonds \n0 \n0 \n0 \n0 \n0 \n0 \nSukuk \n36 \n99 \n175 \n59 \n250.12 \n323.93 \nGreen Bond \n0 \n0 \n0 \n0 \n0 \n0 \nEurobonds \n152 \n86 \n-43.42 \n113.69 \n63.86 \n-43.83 \nShort-term Bonds \n604 \n399 \n-33.94 \n336.8 \n478.37 \n42.03 \nTreasury Bills (NTB) \n7,457 \n5,747 \n-22.93 \n6,550.38 \n4,313.73 \n-34.15 \nOMO Bills \n5,303 \n3,870 \n-27.02 \n12,564.68 \n15,729.89 \n25.19 \nCommercial Papers \n0 \n0 \n0 \n0 \n0 \n0 \nUnsecured Placements/ Taking \n5 \n12 \n140 \n11.4 \n21 \n84.21 \nForeign Exchange Products \n61,875 \n76,431 \n23.52 \n18,751.14 \n24,634.12 \n31.37 \nRepurchase \nAgreement/Buy \nBacks \n3,134 \n2,720 \n-13.21 \n23,654.69 \n17,939.34 \n-24.16 \nForeign Exchange Derivatives \n446 \n230 \n-48.43 \n1,222.60 \n2,109.72 \n72.56 \nPromissory Notes \n0 \n0 \n0 \n0 \n0 \n0 \nMoney Market Derivatives \n0 \n0 \n0 \n0 \n0 \n0 \nTotal \n83,743 \n93,533 \n11.69 \n65,903.11 \n70,256.89 \n6.61 \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n30 \n \nIn the first half of 2025, OTC transactions for FGN bonds recorded 22,701 deals valued \n₦25,800.31 billion, while treasury bills deals and value were 47,276 and ₦40,465.52 billion, \nrespectively. The development reflected sustained demand for short-term instruments amid \nevolving macroeconomic conditions. \nTable 2.13: OTC Transactions for FGN Bonds and Treasury Bills \nSecurity/Product \nEnd-Dec \n2024 \nTotal \nDeals \nEnd-Dec 2024 \nTotal Value \n(₦'bn) \nEnd-Jun \n2025 \nTotal \nDeals \nEnd-Jun 2025 \nTotal Value \n(₦'bn) \n% Change \nin Total \nDeals \n% Change \nin Total \nValue \n(₦'bn) \nFGN Bonds \n32,472 \n18,710.10 \n22,701 \n25,800.31 \n30.09 \n37.88 \nTreasury Bills \n45,526 \n34,558.12 \n47,276 \n40,465.52 \n3.84 \n17.09 \n \n2.3.3.10. Mutual Funds \nDuring the review period, the Net Asset Value (NAV) of registered collective investment \nschemes increased by 47.57 per cent to ₦5,870.69 billion from ₦3,978.26 billion, driven \nlargely by Money Market Funds, which rose significantly by 77.92 per cent to ₦2,990.54 \nbillion from ₦1,680.79 billion in the second half of 2024, reflecting investors’ preference for \nliquid and low-risk assets in an uncertain environment. The Real Estate Funds posted a \nremarkable rise of 259.40 per cent to ₦359.22 billion, signalling greater interest in property-\nrelated investments. Equity Based Funds and Exchange Traded Funds recorded significant \nrise by 35.04 and 100.10 per cent, respectively. Developments in these segments of the \nmarket reflected an expanding and increasingly diversified investment landscape shaped \nby evolving investor preferences and macroeconomic dynamics. \nTable 2.14: Collective Investment Schemes \nFund Type \nJun 2024 (₦ bn) \nDec 2024 (₦ bn) \nMay 2025 (₦ bn)* \n% Change \nEthical Funds \n5.19 \n5.88 \n6.01 \n2.16 \nShariah Compliant Funds \n48.04 \n52.35 \n58.60 \n11.93 \nDollar Funds \n1,444.00 \n1,708.64 \n1,940.42 \n13.57 \nBond/Fixed Income Funds \n232.70 \n196.30 \n208.28 \n6.10 \nEquity-Based Funds \n28.74 \n31.20 \n42.13 \n35.04 \nReal Estate Funds \n98.61 \n99.95 \n359.22 \n259.40 \nMoney Market Funds \n1,064.00 \n1,680.79 \n2,990.54 \n77.92 \nBalanced-Based Funds \n50.39 \n54.72 \n60.95 \n11.39 \nExchange Traded Funds \n12.64 \n12.77 \n25.55 \n100.09 \nInfrastructure Funds \n105.40 \n131.94 \n114.39 \n-13.30 \nSpecialised Funds \n— \n3.72 \n64.60 \n1,636.64 \nTotal \n3,088.00 \n3,978.26 \n5,870.69 \n47.57 \nSource: SEC \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n31 \n \nThe NGX Exchange-Traded Products showed that the Net Asset Value rose to ₦14,255.17 \nmillion from ₦12,540.43 million at end-December 2024, reflecting a 13.67 per cent \nincrease. The number of unit holders also grew by 9.19 per cent to 2,697 from 2,470, while \nthe total number of units declined by 0.91 per cent to 288,724,645.13 from 291,373,238.19. \nTable 2.15: NGX Exchange-Traded Products \nNet Asset Value \nUnit Holders \nNumber of Units \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nChan\nge \n(%) \nEnd-\nDec \n2024 \nEnd-\nJun \n2025 \nChan\nge \n(%) \nEnd-Dec 2024 \nEnd-Jun 2025 \nChange \n(%) \n \nExchange \nTraded \nFunds* \n12,540.43 \n14,255.17 \n13.67 \n2,470 \n2,697 \n9.19 \n291,373,238.19 \n288,724,645.13 \n−0.91 \nSource: NGX \n*ETPs include Exchange Traded funds and Exchange Traded Futures \n \n2.3.4. \n Commodities Market \nThe Nigerian commodities market experienced notable expansion during the review period, \ncontributing to enhanced liquidity, improved price discovery mechanisms, and the \npromotion of financial stability. There was increased market participation and transaction \nvolumes across various exchanges with the resumption of trading by Gezawa exchange \nand trading of new commodities on NCX. This reflected growing investor confidence and a \nstrengthened alignment between the real sector and financial markets. \n \n2.3.4.1. AFEX Commodities Exchange \nActivity at the Africa Exchange (AFEX) slowed, as the total number of deals, volume and \nvalue declined by 54.23, 43.57 and 62.54 per cent to 1,504, 24,598.97 MT and ₦14,514.66 \nmillion from 3,286, 43,588.99 MT and ₦38,743.51 million, respectively, in the second half \nof 2024. This downturn was largely driven by the decline in the prices of paddy rice, \nsoybean, sesame, and fixed-income instruments, reflecting structural and liquidity \nconstraints. \nThe price of maize demonstrated relative resilience, posting a 14.88 per cent increase in \nthe number of deals and 29.60 per cent rise in traded volume, although its transaction value \nfell marginally by 6.28 per cent to ₦9,790.42 million from ₦10,446.04 million, indicative of \nprice reduction amid increased supply. Cocoa prices maintained near-stability with minimal \nfluctuations. \nFinancial instruments on agricultural commodities, such as spot and exchange-traded \ncommodities, also contracted by 96.80 and 98.33 per cent in the number of deals and value, \nrespectively, reflecting reduced investor appetite. \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n32 \n \nTable 2.16: Transactions on AFEX \nSource: AFEX \n \n2.3.4.2. Lagos Commodities and Futures Exchange \nTrading activity on the Lagos Commodities & Futures Exchange declined significantly in \nthe first half of 2025 by 83.00 per cent to 35 deals. Similarly, volume traded fell by 93.00 \nper cent to 69 MT. The total value of trades also declined by 90.54 per cent, to ₦27.61 \nmillion. \nTable 2.17: Lagos Commodities and Futures Exchange Transactions \nCommodity \n No. of \nDeals End-\nDec 2024 \nVolume \n(MT) End-\nDec 2024 \nValue \n(₦M) \nEnd-Dec \n2024 \n No. of \nDeals \nEnd-Jun \n2025 \nVolume \n(MT) End-\nJun 2025 \nValue (₦M) \nEnd-Jun \n2025 \n% Change \n(Value) \nPaddy Rice \n136 \n- \n116.49 \n- \n- \n- \n- \nEko Head Rice \n33 \n- \n55.67 \n22 \n- \n20.13 \n-63.84 \nEko Gold Coin \n32 \n1,492 \n119.59 \n13 \n69 \n7.48 \n-93.75 \nTotal \n201 \n1,492 \n291.76 \n35 \n69 \n27.61 \n-90.54 \nSource: SEC \n \n \n \n2.3.4.3. Nigeria Commodity Exchange \nTrading activity on the Nigeria Commodity Exchange (NCX) surged in the first half of 2025, \nwith 26 deals executed, compared to five at end-December 2024. The traded volume rose \nto 6,031.07 MT from 145.74 MT, while the total value increased significantly to ₦2.84 billion \nCommodity \nTotal \nNo. of \nDeals \n(H2 \n2024) \nTotal \nNo. of \nDeals \n(H1 \n2025) \n% Change \nTotal \nVolume \nMT (H2 \n2024) \nTotal \nVolume \nMT (H1 \n2025) \n% Change \nTotal Value \n₦M (H2 \n2024) \nTotal Value \n₦M (H1 \n2025) \n% Change \nCashew Nut \n88 \n75 \n- 14.77 \n1.588 \n426.509 \n26,758.25 \n2.04 \n843.99 \n41,272.06 \nCocoa \n80 \n78 \n- 2.50 \n4.203 \n4.074 \n- 3.07 \n50.39 \n52.41 \n4.01 \nGinger \n- \n- \n \n- \n- \n- \n- \n- \n \nMaize \n766 \n880 \n14.88 \n15,175.93 \n19,667.60 \n29.60 \n10,446.04 \n9,790.42 \n- 6.28 \nPaddy Rice \n329 \n104 \n- 68.39 \n3,308.87 \n132.918 \n- 95.98 \n2,438.39 \n79.65 \n- 96.73 \nSesame \n21 \n11 \n- 47.62 \n0.33 \n0.032 \n- 90.30 \n0.64 \n0.064 \n- 90.00 \nSorghum \n137 \n137 \n- \n5,050.07 \n2,961.35 \n- 41.36 \n4,608.35 \n2,360.31 \n- 48.78 \nSoybean \n324 \n156 \n- 51.85 \n1,360.13 \n518.583 \n- 61.87 \n1,213.35 \n499.92 \n- 58.80 \nFixed Income \n1,541 \n63 \n- 95.91 \n18,687.87 \n887.9 \n- 95.25 \n19,984.31 \n887.90 \n- 95.56 \nTotal \n3,286 \n1,504 \n- 54.23 \n43,588.99 \n24,598.97 \n- 43.57 \n38,743.51 \n14,514.66 \n- 62.54 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n33 \n \nfrom ₦108.55 million. Commodities such as Soybean, Wheat, Sesame, Millet, and \nSorghum resumed trading in the market, following months of inactivity, reflecting \ndiversification. \nTable 2.18: Nigeria Commodities Exchange Transactions \nCommodity \nTotal No. \nof Deals \n(H2 \n2024) \nTotal No. \nof Deals \n(H1 \n2025) \n% \nChange \nTotal \nVolume \nMT (H2 \n2024) \nTotal \nVolume MT \n(H1 2025) \n% \nChange \nTotal \nValue \n₦M (H2 \n2024) \nTotal Value \n₦M (H1 \n2025) \n% \nChange \nMaize \n3 \n17 \n467.00 \n90 \n5,669.60 \n— \n68.70 \n2,579.69 \n3,655 \nPaddy Rice \n2 \n- \n— \n55.74 \n- \n— \n39.85 \n- \n— \nSoybean \n- \n2 \n— \n- \n40.79 \n— \n- \n35.32 \n— \nWheat \n- \n1 \n— \n- \n200.00 \n— \n- \n133.40 \n— \nSesame \n- \n2 \n— \n- \n20.06 \n— \n- \n29.96 \n— \nMillet \n- \n2 \n— \n- \n98.08 \n— \n- \n55.33 \n— \nSorghum \n- \n2 \n— \n- \n2.49 \n— \n- \n10.35 \n— \nTotal \n5 \n26 \n420.00 \n145.74 \n6,031.07 \n— \n108.55 \n2,844.05 \n2,520 \nSource: SEC \n \n2.3.4.4. Gezawa Commodity Exchange \nDuring the period, Gezawa Commodity Exchange (GCX) recorded strong performance, \nwith 1,174 deals executed across five commodities, amounting to 15,159.75 metric tonnes \nand a total trade value of ₦29.83 billion. Soybean led in value with ₦23.6 billion, followed \nby rice and maize, which contributed over ₦5.25 billion. Sorghum and hibiscus recorded \nmoderate trading activity, indicating growing market interest. \n Table 2.19: Gezawa Commodities Exchange Transactions \n \n \nEnd-Dec 2024 \nEnd-Jun 2025 \nS/N Commodity \nNo. of \nDeals \nVolume \n(MT) \nValue \n(N) \nNo. of Deals \nVolume (MT) \nValue \n(N \nBillion) \n% change \nin value \n1 \nMaize \n- \n- \n- \n332 \n4,827.88 \n 2.51 \n- \n2 \nRice \n- \n- \n- \n317 \n5,225.84 \n 2.74 \n- \n3 \nSorghum \n- \n- \n- \n170 \n1,474.56 \n 0.42 \n- \n4 \nHibiscus \n- \n- \n- \n65 \n336.12 \n 0.55 \n- \n5 \nSoybean \n- \n- \n- \n290 \n3,295.35 \n 23.61 \n- \n \nTOTAL \n- \n- \n- \n1,174 \n15,159.75 \n 29.83 \n- \n \n2.3.5. \nDigital Assets Market \nThe Securities and Exchange Commission (SEC) granted “approval-in-principle” to Busha \nDigital Limited and Quidax Technologies Limited to commence operations under Nigeria’s \nAccelerated Regulatory Incubation Programme (ARIP). This provisional authorisation \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n34 \n \nformally designates Busha and Quidax as Virtual Asset Service Providers (VASPs) and \nDigital Asset Exchanges. \n2.3.5.1. Busha Exchange \nActivities at the Busha Exchange in the first half of 2025 were robust. The number of deals, \nvolume and value were 729,876, 18.37 billion units and ₦119.10 billion, respectively. The \nNGN segment dominated with ₦22.74 billion in value, 5.06 billion units in volume, and \n151,113 deals, largely driven by BTC (₦12.57 billion), USDT (₦5.50 billion), and ETH \n(₦1.19 billion). Market trends indicated strong liquidity concentration in BTC (55.00 per \ncent) and USDT (24.00 per cent). \nTable 2.20: Summary of Busha Transaction \nMonth \nTotal \nDeals \nChange \n% \nTotal \nVolume \nChange \n% \nTotal Value \n(₦’Billion) \nChange \n% \nJanuary 2025 \n151,113 \n– \n5.06 \n– \n22.74 \n– \nFebruary \n2025 \n83,129 \n-44.99 \n2.01 \n-60.19 \n12.24 \n- 46.18 \nMarch 2025 \n117,720 \n41.61 \n2.22 \n10.51 \n18.54 \n51.48 \nApril 2025 \n125,889 \n6.94 \n2.83 \n27.04 \n21.53 \n16.12 \nMay 2025 \n130,260 \n3.47 \n2.91 \n2.80 \n22.82 \n5.98 \nJune 2025 \n121,765 \n- 6.52 \n3.35 \n15.11 \n21.23 \n- 6.96 \nTotal \n729,876 \n \n18.37 \n \n119.10 \n \n \n2.3.5.2. QUIDAX Exchange \nQuidax Exchange recorded substantial trading activity with an aggregate of 703,287 deals, \n89.45 billion in volume and ₦143.10 billion in value of USDT 22.38 billion. Market \nperformance was highly concentrated, with Bitcoin accounting for approximately 50.00 per \ncent of total value, followed by USDT Tether (31.00 per cent), while Solana, XRP, and \nEthereum contributed marginal shares. The indicative market capitalisation for the period, \nproxied by total turnover, stood at USDT 22.38 billion, with Bitcoin and USDT as the primary \nliquidity anchors of the Exchange. \n \n \n \nTable 2.21: Summary of QUIDAX Transactions \nMonth \nTotal Deals Change % Total Volume Change % Total Value (₦’bn) Change % \nJanuary 2025 \n136,792 \n– \n21.42 \n– \n22.38 \n– \nFebruary 2025 \n101,517 \n-25.79 \n13.58 \n-36.58 \n19.48 \n-12.96 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n35 \n \nMarch 2025 \n111,390 \n9.73 \n14.66 \n7.97 \n22.29 \n14.44 \nApril 2025 \n116,917 \n4.96 \n16.96 \n15.67 \n28.34 \n27.14 \nMay 2025 \n114,906 \n-1.72 \n19.48 \n14.87 \n29.39 \n3.74 \nJune 2025 \n121,765 \n5.97 \n3.35 \n- 82.83 \n21.23 \n- 27.78 \nTotal \n703,287 \n \n89.45 \n \n143.10 \n \nSource: SEC \nBox 1: Digital Assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2.4. \nSecurities and Exchange Commission Regulatory and Supervisory Activities \nDuring the review period, the Securities and Exchange Commission (SEC) carried out the \nfollowing activities. \nDigital assets form a rapidly evolving market segment that intersects with \ntraditional finance and regulatory frameworks. Digital assets—often referred to as \ncryptocurrencies or crypto-assets—are digital representations of value recorded \non cryptographically-secured distributed ledgers (blockchains). These include \ntokens used for various purposes, such as payments, governance, decentralized \napplications, decentralized finance (DeFi), and utility functionalities. Their growing \nintegration with traditional financial products creates new policy, legal, and market \nchallenges. \nNigeria ranks 6th globally in crypto adoption (Chainalysis 2025), with over 22 \nmillion Nigerians—approximately 10.30 per cent of the population—owning crypto \nassets, a figure significantly above the global average of 6.80 per cent; and with a \nprojection of 28.7 million users by 2026. Other trend analysis shows that usage \npatterns reflect a strong demand for hedging against inflation, remittances, and \nactive participation in decentralized finance (DeFi) ecosystems through staking \nand yield farming. The predominant crypto-native Nigerians are young, aged 18–\n34, comprising 87.00 per cent of users, with male participation at 92.00 per cent. \nThe ISA, 2025, formally recognises digital and virtual assets as securities under \nthe SEC regulation. The new Law repeals the earlier Investments & Securities Act \nNo. 29 of 2007, giving the SEC explicit jurisdiction over digital and virtual assets. \nSection (3) of the ISA, 2025 confers the SEC with powers as the apex regulatory \nauthority for the Nigerian capital markets, with the objectives of ensuring protection \nof investors, market integrity, systemic stability and development of the Nigerian \nCapital Markets. Subsections (3)(b)(i) and (4)(z) specifically mandate the SEC to \nregister and regulate, amongst others virtual and digital assets, virtual and digital \nassets exchanges, service providers and platform operators, as well as to promote \ninnovations in the capital market. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n36 \n \n2.4.1. \nEnactment of the Investment and Securities Act 2025 \nThe Investment and Securities Act (ISA) 2025 was enacted in March 2025, repealing the \nISA 2007. The Act strengthens the regulatory capacity of the SEC, expands its oversight to \ndigital asset platforms, and criminalises fraudulent investment schemes, such as Ponzi \noperations. \n2.4.2. \nRules for Private Company Debt Issuance \nRules permitting private companies to issue debt securities via public offers were \nintroduced, while equity offerings remain restricted. Issuance is capped at three per year, \nwith a maximum aggregate value of ₦15 million, beyond which re-registration as a public \ncompany is required. The rules enhance oversight of private sector participation in public \ndebt markets. \n2.4.3. \nSensitisation Campaigns \nThe SEC sustained its nationwide sensitisation campaigns, cautioning the public against \nthe dangers of patronising Ponzi, fraudulent, and unregistered investment schemes. \nThe ISA 2025 and sensitisation efforts underscore the Commission’s proactive approach \nto strengthening supervision, promote financial literacy and reduce investor vulnerability in \nthe capital market. \n \n2.5. \nReal Sector Initiatives \nThe Bank sustained its advisory role while intensifying efforts towards the recovery of \noutstanding intervention funds. Total recoveries in the first half of 2025 amounted to \n₦313.19 billion, a 20.56 per cent decrease, compared with ₦394.24 billion in the second \nhalf of 2024 (Appendix 7). \n2.6. \nFinancial Inclusion and Institutional Support \n2.6.1. \nFinancial Inclusion \nThe National Financial Inclusion Strategy (NFIS) serves as Nigeria's principal policy \nframework aimed at achieving targets in credit, savings, payments, insurance, and \npensions. It also sets strategic goals to reach a 95.00 per cent financial inclusion rate. \nAt end-June 2025, the percentage of financially included Nigerians stood at 74.00 per cent. \nNew BVN enrolments was 1,145,722 at end-June 2025, of which 719,842 (45.89 per cent) \nwere female customers, highlighting gender inclusion. Additionally, 69,094 new agents \nwere onboarded under the SANEF expansion scheme, bringing the total to 2,021,338 and \nincreasing access points to 1,903 per 100,000 adults, further deepening financial access \nnationwide. \nThese achievements underscore the impact of strategic partnerships and targeted \ninitiatives in expanding access to financial services nationwide. \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n37 \n \n Table 0.1: Key Financial Inclusion Indicators \nIndicator \nEnd-Dec 2024 \nEnd-Jun 2025 \nNew BVN Registration \n2,420,595 \n1,145,735 \nNew BVN Registration (Female) \n2,015,551 \n719,842 \nTotal No. of Onboarded (New) Agents \n 125,154 \n69,094 \n \nIndicator \nEnd-Dec 2024 \nEnd-Jun 2025 \nTotal BVN \n64,804,993 \n65,950,728 \nTotal Agents \n1,952,242 \n2,021, 338 \nSource: NIBSS \n \n2.6.2. \nNational Financial Inclusion Governance Committee Meetings \nDuring the review period, the National Financial Inclusion Secretariat (NFIS) established a \ngovernance structure comprising a Steering Committee chaired by the Governor, a \nTechnical Committee chaired by the Deputy Governor, Financial System Stability (FSS), \nand four Working Groups: Products, Channels, Literacy, and Interventions. \nThe Technical Committee and Working Groups focused on the following: \n \na) Expansion of fixed and mobile broadband infrastructure to deepen broadband \npenetration in Nigeria. \nb) Creation of a framework for a centralised complaints management platform \nfor policyholders to submit complaints and track resolution status by the \ninsurance sector. \nc) Establishment of and planned rollout of the Open Banking Registry. \nd) Improved access to credit through the Secured Transactions in Movable \nAssets (STMA), and \ne) Combating e-fraud through telecommunication platforms. \n2.6.3. \nDigital Finance Services and Agent Networks \nThe Bank advanced Digital Finance Services (DFS) adoption by linking Payment Service \nProviders with aggregators, enforcing monthly transaction reporting, and mandating \ncorporate name display on digital platforms to enhance trust. Furthermore, the activities of \nthe Payment Service Banks and USSD deployment further expanded access, especially in \nrural areas. \nConsequently, in the first half of 2025, there were 69,094 new agents, bringing the total to \n2,021,338, reflecting greater access to financial services. At end-June 2025, 83.00 per cent \nof adults with transactional accounts use DFS (up from 60 per cent in 2020). \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n38 \n \n2.6.4. \nFinancial Literacy and Consumer Education \nThe Bank continued to promote financial inclusion and responsible financial behaviour \nthrough targeted financial literacy and consumer education initiatives. These efforts \nfocused on improving public awareness and understanding of financial products, services, \nand consumer rights. Key activities included: \n2.6.4.1. SabiMONI Platform \nTotal enrolment on the financial literacy e-learning platform rose by 2.81 per cent to 12,660 \nfrom 12,314 at end-December 2024, reflecting continued engagement with the platform \ntowards deepening financial inclusion. \n \n2.6.4.2. Global Money Week \nAs part of the 2025 Global Money Week (GMW) celebrations, the Bank, in collaboration \nwith the Bankers’ Committee Sub-Committee on Financial Literacy and Public \nEnlightenment, and other stakeholders, organised a series of activities aimed at promoting \nfinancial education among youths. The programme had a total of 10,607 participants, with \n52.00 per cent being female. \n \n2.6.4.3. Financial Literacy Training for Faith-Based Organisations \nThe Bank conducted a Training-of-Trainers programme for 47 members of a faith-based \nassociation, with participants aged 18 years and above. This initiative reflected the Bank’s \ncommitment to deepening financial literacy and inclusion across diverse socio-religious \ncommunities. \n2.6.5. \n National Collateral Registry \nThe number of financing statements and borrowers declined by 6.40 and 5.60 per cent to \n37,054 and 39,901, respectively. Individuals remained the largest category of borrowers \nutilising the Secured Transactions in Movable Assets, followed by medium-sized \nbusinesses. \nHowever, the value of Naira-denominated financing statements increased by 29.70 per cent \nto ₦1,181.52 billion from ₦911.05 billion at end-December 2024, reflecting increasing \nnumber of large-ticket transactions secured with movable assets. In contrast, USD-\ndenominated financing statements fell by 23.40 per cent to $160.64 million from $209.64 \nmillion. \n \n \n \n \nTable 0.2: Transactions on the National Collateral Registry Portal \nCurrency \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n39 \n \nDebtor \nType \nNumber of Financing \nStatements \nNumber of \nBorrowers \nValue of Financing \nStatements \n \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nIndividual \n34,214 \n32,365 \n35,940 \n33,943 \n(₦ billion) \n217.874 \n469.23 \n(US$ million) \n0.10 \n0.266 \nLarge \nBusiness \n \n \n(₦ billion) \n443.44 \n533.09 \n368 \n583 \n520 \n854 \n(US$ million) \n(€ million) \n56.26 \n- \n160.09 \n6.02 \nMedium \nBusiness \n2,841 \n2,620 \n3,318 \n3,332 \n(₦ billion) \n215.99 \n126.12 \n(US$ million) \n14.20 \n0.281 \nMicro \nBusiness \n186 \n166 \n318 \n249 \n(₦ billion) \n2.99 \n3.00 \nSmall \nBusiness \n1,969 \n1320 \n2,165 \n1523 \n(₦ billion) \n30.75 \n50.07 \n(US$ million) \n139.06 \n- \nTotal \n \n \n(₦ billion) \n911.05 \n1,181.52 \n39,578 \n37,054 \n42,261 \n39,901 \n(US$ million) \n(€ million) \n209.64 \n160.64 \n6.02 \n \nThe number of financing statements for Women and Women Business Enterprises \n(WWBEs) decreased by 6.64 per cent to 14,904 from 15,964 at end-December 2024, and \nthe number of WWBE borrowers decreased by 10.47 per cent to 15,684 from 17,519 in the \nsecond half of 2024. \nTable 0.3: Women and Women-owned Enterprises Transactions on the National Collateral Registry \nDebtor Type \nNumber of Financing \nStatements \nNumber of Women and \nWomen-owned \nEnterprises \nValue of Financing Statement \n(₦’Billion) \n \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nEnd-Dec \n2024 \nEnd-Jun 2025 \nEnd-Dec \n2024 \nEnd-Jun 2025 \nIndividual \n15,797 \n14167 \n16,341 \n14,714 \n108.48 \n80.63 \nLarge \nBusiness \n51 \n76 \n73 \n117 \n1.93 \n1.56 \nMedium \nBusiness \n530 \n407 \n620 \n538 \n8.20 \n8.22 \nSmall \nBusiness \n361 \n27 \n420 \n39 \n0.34 \n0.36 \nMicro \nBusiness \n35 \n231 \n65 \n276 \n3.13 \n3.23 \nTotal \n15,964 \n14,904 \n17,519 \n15,684 \n122.08 \n94.00 \n \nCumulatively, a total of 862 financial institutions had registered 485,917 financing \nstatements, valued ₦23.40 trillion, US$ 4.41 billion, €18.95 million, and £27.35 million. The \nvalue of financing statements registered by type of secured creditor showed that DMBs had \nthe largest value in naira and USD denominations. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n40 \n \n \nTable 0.4: Value of Financing Statements by Type of Secured Creditor \n S/N \nType of Secured Creditor \nValue \nof \nFinancing \nStatements \n \n \n(₦) \n1 \nDeposit Money Banks (DMBs) \n585.09 \n2 \nFinance Houses (FHs) \n10.96 \n3 \nMicro Finance Bank (MFB) \n435.40 \n4 \nNon-Bank Financial Institutions (NBFIs) \n149.03 \n \nTotal \n1,180.48 \n \n \n(US$) \n1 \nDeposit Money Banks (DMBs) \n0.14 \n2 \nFinance Houses (FHs) \n \n3 \nNon-Bank Financial Institutions (NBFIs) \n0.03 \n \nTotal \n0.16 \n \n \n(₤) \n1 \nNon-Bank Financial Institutions (NBFIs) \n0.01 \n \nTotal \n0.01 \n \n \n \n \n \n \n \n \n \n3. CENTRAL BANK REGULATORY AND SUPERVISORY ACTIVITIES \n3.1. \n Financial Soundness Indicators \n \nGenerally, the banking industry2 remained stable and sound as reflected by key financial \nsoundness indicators during the review period. Although asset quality marginally declined, \nthe solvency ratio remained robust, capable of absorbing potential losses. Liquidity was \nsustained at a level above the regulatory threshold, while the industry remained profitable, \n \n2 Commercial, Merchant and Non-Interest Banks \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n41 \n \nwith significant profits generated from core operations, highlighting banks’ operational \nefficiency and financial strength (Appendix 8). \n3.1.1. \nAsset-Based Indicators \n3.1.1.1. Non-Performing Loans Ratio \nThe non-performing loans (NPLs) ratio increased to 5.76 per cent, above the regulatory \nbenchmark of 5.00 per cent and 4.87 per cent recorded at end-December 2024. In addition, \nthe ratio of NPLs net of provisions to capital increased to 13.90 per cent from 4.91 per cent \nat end-December 2024. The ongoing recapitalisation exercise of banks and sustained GSI \nimplementation were expected to bolster loss-absorption buffers and preserve banking \nsystem stability. \nFigure 3.1 Banking Industry NPLs Ratio \n \n \n3.1.1.2. Core Liquid Assets to Total Assets and Short-term Liabilities \nThe ratio of core liquid assets to total assets increased by 2.61 percentage points to 20.87 \nper cent from 18.26 per cent at end-December 2024, driven mainly by a significant rise in \ncore liquid assets, which outweighed the increase in total assets. Similarly, the ratio of core \nliquid assets to short-term liabilities rose by 3.56 percentage points to 50.64 per cent, \nlargely due to the growth in liquid assets. These ratios were robust, reflecting the adequacy \nof the banking industry liquidity buffer. \nFigure 3.2 Banking Industry Liquidity Indicators \nend-Jun-\n2023\nend-Dec-\n2023\nend-Jun-\n2024\nend-Dec-\n2024\nend-Jun-\n2025\nNPLs-LHS\n1,565.71\n1,814.25\n2,192.63\n2,693.34\n3,321.17\nSpecific Provisions-LHS\n1,172.25\n1,650.81\n1,797.13\n2,200.79\n1,916.83\nNPLs net provisions to capital\n2.57\n2.76\n5.39\n4.91\n13.90\nNPL to Gross Loans\n4.14\n4.34\n4.12\n4.87\n5.76\n -\n 2.00\n 4.00\n 6.00\n 8.00\n 10.00\n 12.00\n 14.00\n 16.00\n -\n 500.00\n 1,000.00\n 1,500.00\n 2,000.00\n 2,500.00\n 3,000.00\n 3,500.00\nPercentage (%)\nAmount ('N Billion)\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n42 \n \n \n \n3.1.1.3. Credit to Real Estate Sector \nThe ratio of residential real estate loans to total gross loans remained at 0.29 per cent, \nwhile the ratio of commercial real estate loans to total gross loans declined by 0.14 \npercentage point to 1.43 per cent from 1.57 per cent at end-December 2024. This indicates \nbanks’ cautious stance toward real estate exposures. \nFigure 3.3 Exposure to Real Estate Sector \n \n \n3.1.1.4. Exposure to Oil & Gas, Manufacturing and Services Sectors \nThe banking industry’s exposure to the services, oil & gas, and manufacturing sectors as a \nshare of gross loans declined by 1.62, 3.14, and 1.24 percentage points to 44.13, 29.79, \nand 12.29 per cent, respectively. The reduction was largely driven by FX market stability, \nwhich moderated prior revaluation gains. \n16.85 \n17.89 \n19.31 \n18.26 \n20.87 \n49.87 \n40.71 \n48.01 \n47.08 \n50.64 \n end-Jun-2023\n end-Dec-2023\n end-Jun-2024\n end-Dec-2024\n end-Jun-2025\nPecentage(%)\nLiquid assets (core) to total assets\nLiquid assets (core) to short-term liabilities\n0.12 \n0.14 \n0.23 \n0.29 \n0.29 \n2.09 \n1.99 \n1.76 \n1.57 \n1.43 \n end-Jun-2023\n end-Dec-2023\n end-Jun-2024\n end-Dec-2024\n end-Jun-2025\nPercentage(%)\nResidential real estate loans to total gross loans\nCommercial real estate loans to total gross loans\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n43 \n \nFigure 3.4 Exposure of Banking System to Oil & Gas, Manufacturing and Services3 \n \n \n3.1.2. \nCapital-Based Indicators \nThe capital adequacy ratio of the banking sector remained above the regulatory threshold, \nalthough it declined to 13.43 per cent from 15.25 per cent at end-December 2024. Tier-1 \ncapital to risk-weighted assets declined to 11.50 per cent from 12.91 per cent in the second \nhalf of 2024, driven by the rise in risk-weighted assets that outpaced the increase in \nregulatory capital. Overall, the banking industry capital buffer was robust to absorb shocks. \nFigure 3.5 Banking Industry Capital Adequacy Indicators \n \nNote: *The ratios are computed based on IMF-FSI Manual \n3.1.3. \nIncome and Expense Ratios \nThe industry’s profitability remained robust, underpinned by a substantial rise in net interest \nmargins to 71.25 per cent from 54.73 per cent at end-December 2024, reflecting stronger \ninterest income relative to gross income. On the cost side, non-interest expenses as a share \n \n3 Services include: Real Estate, Finance, Insurance & Capital Market, Education, Upstream and Oil & Gas Services, Power \nTransmission and Distribution, Information & Communication, Transportation & Storage, General and Others \n \n25.66 \n28.24 \n31.33 \n31.03 \n29.79 \n18.46 \n18.50 \n17.42 \n15.44 \n12.29 \n37.04 \n41.29 \n41.73 \n45.75 \n44.13 \n end-Jun-2023\n end-Dec-2023\n end-Jun-2024\n end-Dec-2024\n end-Jun-2025\nPercentage (%)\nOil & Gas to Gross Loans\nManufacturing to Gross Loans\nServices to Gross Loans\n11.23 \n12.99 \n12.52 \n15.25 \n13.43 \n9.60 \n10.70 \n10.62 \n12.91 \n11.50 \n end-Jun-2023\n end-Dec-2023\n end-Jun-2024\n end-Dec-2024\n end-Jun-2025\nPercentage(%)\nRegulatory capital to risk-weighted assets\nRegulatory Tier 1 capital to risk-weighted assets\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n44 \n \nof gross income inched up to 46.37 per cent from 46.10 per cent in the second half of 2024, \nsuggesting a marginal rise in operating costs despite efficiency gains. \n \nFigure 3.6 Income and Expense Ratios \n \n \n \n \n3.2. \nOther Financial Institutions4 \nGenerally, the other financial institutions recorded increases in total assets and capital \npositions. However, the asset quality of the OFI subsector declined. \n \n3.2.1. \nDevelopment Finance Institutions \nThe total assets of Development Finance Institutions (DFIs) increased by 9.28 per cent to \n₦9,391.44 billion from ₦8,593.85 billion at end-December 2024, driven largely by growth \nin placements, investments, and net loans and advances. \nThe rise in assets was mainly funded by increases in deposits, borrowings, and \nshareholders’ funds, which grew by 11.59, 13.02 and 30.87 per cent to ₦879.94 billion, \n₦6,071.31 billion and ₦993.66 billion, respectively, in the first half of 2025. In contrast, \n‘other liabilities’ declined by 18.62 per cent to ₦1,236.19 billion. \nThe CAR and LR remained above the minimum regulatory benchmarks of 10 and 20 per \ncent at 17.75 and 320.75 per cent, respectively. Furthermore, the NPL ratio improved to \n17.92 per cent from 18.24 per cent at end-December 2024. The improvement in the NPL \nratio was attributed to enhanced operational efficiency, increased loan recoveries and \nstrengthened credit risk management practices. \nFigure 3.7 Consolidated Balance Sheet of DFIs \n \n4 Other Financial Institutions (OFIs) refer to Microfinance Banks, Development Finance Institutions, Primary Mortgage \nBanks and Finance Companies. \n 15.00\n 25.00\n 35.00\n 45.00\n 55.00\n 65.00\n 75.00\n end-Jun-2023\n end-Dec-2023\n end-Jun-2024\n end-Dec-2024\n end-Jun-2025\nPercentage(%)\nInterest margin to gross income\nNoninterest expenses to gross income\nPersonnel expenses to noninterest expenses\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n45 \n \n \nFigure 3.8 Total Assets of DFIs \n \n \n \nFigure 3.9 Total Liabilities of DFIs \n0\n1000\n2000\n3000\n4000\n5000\n6000\n₦'Billion\nAssets\nDec-24\nJun-25\n0\n1000\n2000\n3000\n4000\n5000\n6000\n7000\n₦'Billion\nLiability\nEnd-Dec 2024\nEnd-Jun 2025\nCash & Bank \nBalances\n2.20%\nPlacements\n10.31%\nInvestment\n59.07%\nNet Loans & \nAdvances\n26.09%\nOther Assets\n1.20%\nFixed Assets\n1.12%\nEnd-Dec 2024\nCash & Bank \nBalances\n1.71%\nPlacements\n13.14%\nInvestment\n55.53%\nNet Loans & \nAdvances\n25.69%\nOther Assets\n2.87%\nFixed Assets\n1.06%\nEnd- Jun 2025\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n46 \n \n \n \n3.2.2. \nPrimary Mortgage Banks \nThe total assets of the sub-sector increased by 11.57 per cent to ₦696.25 billion from \n₦624.06 billion at end-December 2024. The increase was largely due to growth in \nplacements, loans & advances and cash & cash equivalents, which rose by 20.43, 9.70 \nand 34.57 per cent to ₦144.06 billion, ₦337.98 billion and ₦1.86 billion at end-June 2025, \nfrom ₦119.62 billion, ₦308.11 billion and ₦1.39 billion respectively, at end-December 2024. \nSimilarly, deposits, long-term loans, and shareholders’ funds increased by 25.96, 2.45 and \n36.21 per cent to ₦317.50 billion, ₦76.27 billion, and ₦78.47 billion, respectively, from \n₦252.07 billion, ₦74.44 billion, and ₦57.61 billion at end-December 2024. The increase in \nshareholders’ funds was largely due to accretion to reserves from retained profits in the \npreceding period. \n \nTotal sources of funds increased to ₦696.24 billion from ₦624.67 billion at end-December \n2024. Furthermore, total utilisation rose from ₦593.77 billion to ₦664.31 billion, indicating \nan overall expansion in balance sheet activities. The growth in funding was driven mainly \nby higher customer deposits and improved reserves, while funds were largely deployed to \nloans and advances, placements, and investments. The above outcomes reflected \nenhanced funding capacity, asset growth, and improved operational efficiency over the \nreview period (Table 3.1). \nKey prudential ratios remained robust as CAR stood at 18.39 per cent, an increase from \n15.12 per cent, while the NPL ratio fell to 14.29 per cent from 21.80 per cent at end-\nDecember 2024. Both ratios were within the regulatory minimum and maximum limits of \n10.00 and 30.00 per cent, respectively. The improvement in the NPL ratio was attributed to \nenhanced credit discipline and sound risk management practices (Appendix 9). \n \n \nFigure 3.10 Consolidated Balance Sheet of PMBs \nPaid-up \nCapital\n4.75%\nReserves\n4.08%\nDeposits\n9.18%\nBorrowings\n62.51%\nDue to \nBanks\n1.04%\nOther \nLiabilities\n17.68%\nLong-\nterm \nLiabilities\n0.77%\nEnd- Dec. 2024\nPaid-up \nCapital\n4.40%\nReserves\n6.18%\nDeposits\n9.37%\nBorrowings\n64.65%\nDue to \nBanks\n1.54%\nOther \nLiabilities\n13.16%\nLong-term \nLiabilities\n0.70%\nEnd- Jun. 2025.\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n47 \n \n \n \n \n \n \nFigure 3.11 Composition of Assets of PMBs \n \n \n \n \n \n \n \n \n \nFigure 3.12 Composition of Liabilities of PMBS \n10.00\n60.00\n110.00\n160.00\n210.00\n260.00\n310.00\n360.00\nBillion\nAssets \nDec-24\nJun-25\n-60.00\n-10.00\n40.00\n90.00\n140.00\n190.00\n240.00\n290.00\n340.00\nBillion\nLiabilities\nDec-24\nJun-25\n8.53%\n19.15%\n6.36%\n49.32%\n12.28%\n4.36%\nEnd-Dec 2024\nCash and balances with banks\nPlacement with bank\nInvestments\nLoans and Advances\nOther Assets\nFixed Assets\n7.79%\n20.69%\n6.14%\n48.54%\n12.38%\n4.45%\nEnd-Jun 2025\nCash and balances with banks\nPlacement with bank\nInvestments\nLoans and Advances\nOther Assets\nFixed Assets\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n48 \n \n \n \nTable 3.1: Sources and Utilisation of Investible Funds of PMBs as of June 2025 \n \nDec-24 \nJun-25 \nItems \nSource \n(₦’Billion) \nUtilisation \n(₦’Billion) \nSource \n(₦’Billion) \nUtilisation \n(₦’Billion) \nPlacements \n119.62 \n144.06 \nInvestments \n \n62.08 \n \n65.08 \nLoans and Advances \n \n308.11 \n \n337.98 \nOther Assets \n \n76.7 \n \n86.21 \nFixed Assets \n \n27.26 \n \n30.98 \nPaid-Up Capital \n97.97 \n \n98.90 \n \nReserves \n-40.36 \n \n-20.43 \n \nDeposits \n252.07 \n317.50 \nDue To Other Banks \n28.01 \n \n23.01 \n \nLong Term Loans/NHF \n74.44 \n76.27 \nOther Liabilities \n212.54 \n200.99 \nTotal \n624.67 \n593.77 \n696.24 \n664.31 \nUnutilised \nCash \n0.00 \n1.39 \n0.00 \n1.86 \nBank Balances \n0.00 \n29.51 \n0.00 \n30.07 \nTotal Unutilised \n0.00 \n30.90 \n0.00 \n31.93 \nTotal \n624.67 \n624.67 \n696.24 \n696.24 \n [[ \n3.2.3. \nFinance Companies \nThe total assets of FCs increased by 28.57 per cent to ₦978.16 billion from ₦760.83 billion \nat end-December 2024. This growth was driven largely by increases in net loans and \nadvances, placements, investments, and balances with banks, which rose by 26.35, 23.14, \n51.91 and 22.28 per cent to ₦518.24 billion, ₦127.87 billion, ₦76.18 billion and ₦59.91 \nbillion, respectively. \n15.70%\n-6.47%\n40.39%\n4.49%\n11.93%\n33.96%\nEnd-Dec 2024 \nPaid-up Capital\nReserves\nDeposits\nDue to Banks & Others\nLong-term Loans/NHF\nOther Liabilities\n14%\n-3%\n0%\n46%\n3%\n11%\n29%\nEnd-Jun 2025\nPaid-up Capital\nReserves\nDeposits\nDue to Banks & Others\nLong-term Loans/NHF\nOther Liabilities\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n49 \n \n \nSimilarly, borrowings and other liabilities increased by 23.42 and 25.76 per cent to ₦545.60 \nbillion and ₦304.70 billion, respectively. Shareholders’ funds also grew significantly by \n70.87 per cent to ₦123.88 billion, mainly driven by increases in paid-up capital and \nreserves, which rose by 18.36 and 147.20 per cent, respectively. \n \nInvestible funds during the review period amounted to ₦217.33 billion, sourced from \nborrowings, reserves, other liabilities, and paid-up capital. These funded the assets of the \nFCs. \n \nThe average NPL ratio improved to 8.42 per cent from 9.17 per cent in December 2024 \nand remained within the regulatory limit of 10.00 per cent, reflecting improved asset quality. \nThe CAR rose to 13.65 per cent, above the regulatory minimum of 12.50 per cent, indicating \nthe enhanced capacity of the subsector to absorb losses. \n \nTable 3.2: Highlights of the Financial Position of Finance Companies \nItem \nEnd-Dec 2024 \nEnd-Jun 2025 \nChange \n(₦‘billion) \n% Change \nTotal Assets \n760.83 \n978.16 \n217.33 \n28.56 \nBalances with Banks \n49.0 \n59.91 \n10.91 \n22.28 \nNet Loans and Advances \n410.18 \n518.24 \n108.06 \n26.35 \nInvestments \n50.15 \n76.18 \n26.03 \n51.91 \nPlacements \n103.84 \n127.87 \n24.03 \n23.14 \nFixed Assets \n51.97 \n53.49 \n1.52 \n2.92 \nBorrowings \n442.06 \n545.6 \n103.54 \n23.42 \nOther Liabilities \n242.28 \n304.7 \n62.42 \n25.76 \nShareholder’s Funds \n72.5 \n123.88 \n51.38 \n70.87 \nPaid-up capital \n42.96 \n50.84 \n7.88 \n18.34 \nReserves \n29.55 \n73.04 \n43.49 \n147.17 \nCapital Adequacy Ratio (%) \n9.86 \n13.65 \n3.79 \n38.44 \nNon-performing Loans (%) \n9.17 \n8.42 \n-0.75 \n-8.18 \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n50 \n \nFigure 3.13 Consolidated Balance Sheet of Finance Companies \n \n \nFigure 3.14 Composition of Assets of Finance Companies \n \n \n \n \n \n6%\n14%\n7%\n54%\n12%\n7%\nEnd-Dec 2024\nCash & Bank Balances\nPlacements\nInvestments\nNet Loans & Advances\nOther Assets\nFixed Assets\n6%\n13%\n8%\n53%\n14%\n5%\nEnd- Jun. 2025\nCash & Bank Balances\nPlacements\nInvestments\nNet Loans & Advances\nOther Assets\nFixed Assets\n0\n100\n200\n300\n400\n500\n600\nAssets \nDec-24\nJun-25\n0\n100\n200\n300\n400\n500\n600\nLiabilities \nDec-24\nJun-25\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n51 \n \nFigure 3.15 Composition of Liabilities of Finance Companies \n \n \n \n \nTable 3.3: Sources and Utilisation of Investible Funds of Finance Companies as of June 2025 \nDESCRIPTION \nSOURCE \nAPPLICATION \n \nN '000 \nN '000 \n \n \n \nBalances with Banks \n \n 10,929,085 \nPlacements \n \n 24,024,793 \nInvestments \n \n 26,029,294 \nNet Loans and Advances \n \n 108,062,154 \nOther Assets \n \n 46,763,139 \nFixed Assets \n \n 1,525,782 \nPaid-up Capital \n 7,888,721 \n \nReserves \n 43,490,891 \n \nLong Term Loans Liabilities \n \n 178 \nTotal Borrowings \n103,533,134 \n \nOther Liabilities \n 62,421,679 \n \nTOTAL \n217,334,426 \n217,334,426 \n \n \n3.2.4. \nBureaux De Change \nThe number of licensed BDCs remained at 1,629, following the CBN’s extension of the \ndeadline for compliance with the new capital requirements to June 2025. Under the new \nstructure, Tier 1 and 2 BDCs are required to maintain ₦2 billion and ₦500 million in paid-\nup capital, respectively. \nThe Bank issued a circular titled “Sales of Foreign Exchange to BDCs to Meet Retail Market \nDemand for Eligible Invisible Transactions”. The circular authorised BDCs to purchase up \n5.65%3.88%\n58.10%\n0.52%\n31.84%\nEnd-Dec 2024\nPaid-up Capital\nReserves\nBorrowings\nLong-term Liabilities\nOther Liabilities\n5%\n7%\n56%\n0%\n31%\nEnd-Jun 2025\nPaid-up Capital\nReserves\nBorrowings\nLong-term Liabilities\nOther Liabilities\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n52 \n \nto US$25,000 weekly from designated Authorised Dealer Banks (ADBs) for approved \ninvisible transactions, including overseas medical expenses, school fees, and travel \nallowances (PTA/BTA). This initiative aimed to address liquidity challenges in the retail \nsegment of the foreign exchange market. \n \n3.2.5. \nMicrofinance Banks \nTotal assets of MFBs grew by 25.87 per cent to ₦3,941.47 billion from ₦3,156.42 billion at \nend-December 2024, owing to increases in placements, due from banks, long-term \ninvestments, and loans & advances, which rose by 46.34, 29.09, 81.56, and 34.25 per cent \nabove levels recorded in the last half of 2024, to ₦839.08 billion, ₦602.55 billion, ₦192.44 \nbillion, and ₦1,432.23 billion, respectively. However, ‘other assets’ declined marginally by \n7.59 per cent. \nFurthermore, the increase in total liabilities was majorly driven by growth in deposits and \nother liabilities, reflecting increased confidence in the sub-sector. Deposits rose by 21.59 \nper cent to ₦2,689.88 billion, while other liabilities increased by 18.59 per cent to ₦654.48 \nbillion in the review period. \nShareholders’ funds reflected the same positive trajectory, increasing by 57.43 per cent to \n₦394.89 billion. Both paid-up capital and reserves grew, owing to capital injection and \nincrease in reserves. \nTotal sources of funds increased by 24.87 per cent to ₦3,941.46 billion from ₦3,156.42 \nbillion at end-December 2024, due largely to expansion in deposits. Similarly, utilisation \nincreased by 81.60 per cent to ₦3,331.26 billion from ₦2,675.25 billion, driven largely by \nthe rise in loans & advances and placements. \nThe CAR and LR at 15.03 and 59.54 per cent were above the minimum regulatory \nrequirements of 10.00 and 20.00 per cent, respectively (Appendix 10). \nFigure 3.16 Balance Sheet of Microfinance Banks \n \n0.00\n200.00\n400.00\n600.00\n800.00\n1,000.00\n1,200.00\n1,400.00\n1,600.00\n₦'Billion\nAssets\n Dec. 2024\nJun-25\n0.00\n500.00\n1,000.00\n1,500.00\n2,000.00\n2,500.00\n3,000.00\n₦'Billion\nLiabilities\nDec. 2024\nJune. 2025\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n53 \n \nFigure 3.17 Composition of Assets \n \nFigure 3.18 Composition of Liabilities of Microfinance Banks \n \n \n \n \n \n15.24%\n18.17%\n7.10%\n33.80%\n16.61%\n9.08%\nEnd-Dec 2024\nCash and bank balance\nPlacements\nInvestments\nLoans and Advances (Net)\nOther Assets\nFixed Assets\n15.48%\n21.29%\n8.75%\n36.34%\n12.29%\n5.85% End-Jun 2025\nCash and bank balance\nPlacements\nInvestments\nLoans and Advances (Net)\nOther Assets\nFixed Assets\n5.60%\n2.35%\n70.09%\n2.03%\n2.45%\n17.49%\nEnd-Dec 2024\nPaid-up Capital\nReserves\nDeposits\nTakings from Other Banks\nLong-term Liabilities\nOther Liabilities\n68.25%\n2.44%\n16.99%\n2.30%\n6.52%\n3.50%\nEnd-Jun 2025\nDeposits\nTakings from Bank\nOther Liabilities\nBorrowings\nCapital\nReserves\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n54 \n \nTable 3.4: Sources and Utilisation of Investible Funds of Microfinance Banks as at June 2025 \n \nEnd-Dec 2024 \nEnd-Jun 2025 \nItems \nSource \n(₦’Billion) \nUtilization \n(₦’Billion) \nSource \n(₦’Billion) \nUtilization \n(₦’Billion) \nPlacements \n \n691.51 \n \n991.45 \nInvestments \n \n105.99 \n \n192.45 \nLoans and Advances \n \n1066.87 \n \n1432.23 \nOther Assets \n \n524.34 \n \n484.55 \nFixed Assets \n \n286.54 \n \n230.58 \nPaid-Up Capital \n176.77 \n \n257.00 \n \nReserves \n74.07 \n \n137.89 \n \nDeposits \n2,212.43 \n \n2,689.88 \n \nDue To Other Banks \n63.96 \n \n111.48 \n \nLong Term Loans \n77.28 \n \n90.73 \n \nOther Liabilities \n551.91 \n \n654.48 \n \nTotal \n3,156.42 \n2,675.25 \n3,941.46 \n3,331.26 \nUn-utilised \n \n \n \n \nCash \n \n14.42 \n \n7.76 \nBank Balances \n \n466.75 \n \n602.55 \nTotal Un-utilised \n0.00 \n481.17 \n0.00 \n610.31 \nTotal \n3,156.42 \n3,156.42 \n3,941.46 \n3,941.57 \n \n3.2.6. \nMaturity Structure of MFB Loans & Advances and Deposit Liabilities \nThe maturity profile of the MFB sub-sector showed that loans and advances were mainly \nshort-term, accounting for 57.36 per cent of the total loan portfolio. Similarly, the deposit \nstructure remained largely short-term, with deposits of less than one year constituting 92.74 \nper cent. The deposits with maturities of over one year decreased by 29.29 percentage \npoints to 7.26 per cent from 36.55 per cent in the preceding period. \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n55 \n \nTable 3.5: Maturity Structure of MFBs Loans and Advances and Deposit Liabilities \n \nEnd-Dec 2024 \nEnd-June 2025 \nTenor/Period \nLoans and \nAdvances (%) \nDeposits (%) \nLoans and \nAdvances (%) \nDeposits (%) \n0-30 Days \n29.97 \n32.55 \n17.47 \n43.07 \n31-60 Days \n5.07 \n3.6 \n6.58 \n5.76 \n61-90 Days \n4.19 \n4.11 \n8.46 \n6.61 \n91-180 Days \n11.12 \n15.85 \n13.27 \n14.92 \n181-360 Days \n10.25 \n7.34 \n11.58 \n22.38 \nShort-Term \n60.6 \n63.45 \n57.36 \n92.74 \nAbove 360 Days \n39.4 \n36.55 \n42.64 \n7.26 \nTotal \n100 \n100 \n100 \n100 \n \n3.2.7. \nOther Developments in the OFI Sub-sector \nThe Bank issued further guidance on cybersecurity for OFIs, to strengthen resilience \nagainst emerging cyber threats. Institutions were encouraged to invest in stronger IT \ninfrastructure, enhance cyber governance frameworks, and improve their capacity to detect \nand respond to threats. \nNotwithstanding these positive developments, cybersecurity deficiencies remained a key \nvulnerability, with gaps in security architecture and incident response in some institutions, \neven as AI-enabled phishing, ransomware, and synthetic-identity fraud increased the \nsophistication of attacks. Capacity constraints also persisted, with a shortage of skilled \nprofessionals in cybersecurity and compliance roles. \n \n3.2.8. \nAsset Management Corporation of Nigeria \nTotal cash recoveries during the review period increased by 27.87 per cent to ₦66.12 \nbillion from ₦51.71 billion at end-December 2024. Furthermore, investment income \nfrom treasury operations rose by 2.08 per cent to ₦15.22 billion from ₦14.91 billion over \nthe preceding half. \nCumulatively, the total recoveries rose by 4.42 per cent to ₦2,426.35 billion from \n₦2,323.68 billion during the preceding period, made up of cash ₦984.52 billion, other \ncollections (property sale, share sales, rental income, dividend income, sale of bridge \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n56 \n \nbanks and re-investment income) ₦1,291.95 billion and asset forfeiture of ₦149.90 \nbillion. \nThe carrying value of AMCON’s liabilities decreased by 7.84 per cent to ₦5,241.54 \nbillion from ₦5,687.36 billion at end-December 2024. The Corporation’s total assets net \nof impairment decreased by 30.97 per cent to ₦1,267.66 billion from ₦1,836.33 billion \nin the second half of 2024. \nCollections into the Banking Sector Resolution Cost Fund (BSRCF) in the review period \namounted to ₦577.84 billion, contributed by the Bank and 15 banks. AMCON utilised \nthe funds to settle its obligations on issued securities. \n \n3.3. \nBanking Industry Stress Tests \nThe Bank conducted comprehensive top-down solvency and liquidity stress tests. \nThese forward-looking assessments help identify potential vulnerabilities and emerging \nrisks in the banking sector, enabling timely regulatory interventions to safeguard long-\nterm financial stability in the review period (Appendix 11). \n \n3.3.1. \n Solvency Stress Test Baseline Position \nThe banking sector remained resilient and efficient as the baseline CAR, LR, NPL, ROA \nand ROE stood at 13.43, 53.05, 5.76, 3.20 and 43.36 per cent, respectively, in the first half \nof the year. \n \nTable 3.6: Banking Industry Baseline of Selected Key Indicators \n \nCAR (%) \nLR (%) \nNPL Ratio \n(%) \nROA (%) \nROE (%) \nPrudential Requirements \n \n \n \n \n \na. Dec 2023 \n13.13 \n39.89 \n4.04 \n3.16 \n49.04 \nb. Jun 2024 \n12.52 \n50.02 \n3.90 \n3.47 \n59.81 \nc. Dec 2024 \n15.19 \n48.62 \n4.87 \n3.49 \n56.74 \nd. Jun 2025 \n13.43 \n53.05 \n5.76 \n3.20 \n43.36 \nPercentage Points Change (c – b) \n (11.59) \n 9.11 \n 0.89 \n(8.31) \n(23.58) \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n57 \n \nFigure 3.19 Banking Industry Selected Key Indicators \n \n \n3.3.1.1. General Credit and Obligor Credit Concentration Risk \nStress testing outcomes affirmed the resilience of the banking sector in managing both \ngeneral credit risk and credit concentration exposures, even under severe scenarios. \nNotably, the industry maintained a CAR above the regulatory minimum of 10.00 per cent, \ndespite a simulated 50.00 per cent surge in NPLs. This underscored the sector’s capacity \nto absorb significant credit shocks while preserving capital buffer and systemic stability. \n \nTable 3.7 Credit Default Stress Test \n \nUnder a scenario analysis of five largest corporate credit exposures in each bank \ndeteriorating from performing to sub-standard classification, the CAR would remain above \nthe regulatory minimum of 10.00 per cent, indicating the industry’s capacity to absorb credit \nconcentration shocks without breaching capital requirements. In a worst-case scenario, \n0\n10\n20\n30\n40\n50\n60\n70\nCAR (%)\nLR (%)\nNPL Ratio (%)\nROA (%)\nROE (%)\nPercentage\nEnd-Dec 2023\nEnd-Jun 2024\nEnd-Dec 2024\nEnd-Jun 2025\nShocks \nEnd-Jun 2024 \n CAR (%) \nEnd-Dec 2024 \n CAR (%) \nEnd-Jun 2025 \n CAR (%) \nBaseline \n12.52 \n15.25 \n13.43 \n10% increase in NPLs \n12.25 \n14.97 \n13.22 \n15% increase in NPLs \n12.12 \n14.82 \n13.11 \n20% increase in NPLs \n11.98 \n14.68 \n13.00 \n30% increase in NPLs \n11.71 \n14.39 \n12.79 \n50% increase in NPLs \n11.17 \n13.80 \n12.36 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n58 \n \nwhere credits shift from doubtful to lost (Scenario 3), the CAR would drop to 11.99 per cent, \nremaining above the regulatory minimum. \nTable 3.8 Obligor Credit Concentration Stress Tests \n \n3.3.1.2. Sectoral Credit Concentration Stress Test \nThe banking sector’s credit distribution revealed that the Oil & Gas sector accounted for the \nlargest share of total credit exposure at 29.34 per cent, followed by Finance & Insurance \nsector with 13.54 per cent. This concentration profile reflected the prevailing lending \ndynamics and sectoral credit demand patterns within the industry. \n \nTable 3.9 Credit Exposure by Sectors \nS/No \nSECTOR \nEnd-Dec \n2024 \n(N’Bn) \n% to Total \nCredit \nEnd-Jun 2025 \n(N’Bn) \n% to Total \nCredit \n1 \nOil & Gas \n17,235.69 \n28.78 \n 17,297.98 \n 29.34 \n2 \nManufacturing \n8,437.60 \n14.09 \n 7,105.23 \n 12.05 \n3 \nGeneral \n5,854.98 \n9.78 \n 4,549.98 \n 7.72 \n4 \nGeneral Commerce \n5,848.69 \n9.77 \n 4,096.94 \n 6.95 \n5 \nFinance & Insurance \n4,849.54 \n8.10 \n7,984.87 \n \n13.54 \n6 \nAgriculture, Forestry and Fishing \n2,940.51 \n4.91 \n3,280.01 \n \n 5.56 \n7 \nOthers \n14,710.47 \n24.57 \n14,650.41 \n \n24.8 \n \nTotal \n59,877.49 \n100 \n58,965.42 \n \n100 \nScenarios \nEnd-Jun \n2024 \nCAR (%) \nEnd-Dec \n2024 \nCAR (%) \nEnd-Jun \n2025 \nCAR (%) \nBaseline \n12.52 \n15.25 \n13.43 \nScenario 1 \nFive largest corporate credit facilities shifted from performing to sub-\nstandard (10% provision) \n12.15 \n14.94 \n13.15 \nScenario 2 \nFive largest corporate credit facilities shifted from sub-standard to \ndoubtful (50% provision) \n11.59 \n14.46 \n12.72 \nScenario 3 \nFive largest corporate credit facilities shifted from doubtful to lost \n(100% provision) \n10.65 \n13.64 \n11.99 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n59 \n \nFigure 3.20 Credit Exposure by Sectors \n \n \nThe stress test results highlighted the banking sector's capacity to absorb credit \nconcentration shocks, both sectoral and obligor-related, even under severe scenarios. \n3.3.1.3. Climate Risk Stress Test \nResults from the climate risk stress test indicated that banking sector solvency ratios would \nfall below the regulatory threshold under a severe scenario, reaching a low of 7.43 per cent. \nThis indicates heightened systemic vulnerability to climate-induced financial shocks, \nprimarily driven by credit losses associated with physical risks e.g., flood-related disruptions \nto business operations and transition risks, e.g., asset repricing following the shift toward \nlow-carbon technologies (Appendix 12). \nFigure 3.21 Climate Risk Stress Test: Impact on CAR \n \n \n29.34%\n12.05%\n7.72%\n6.95%\n13.54%\n5.56%\n24.85%\nOil & Gas\nManufacturing\nGeneral\nGeneral Commerce\nFinance & Insurance\nAgriculture\nOthers\n13.43\n13.43\n13.43\n12.05\n10.2\n7.43\n0.00\n2.00\n4.00\n6.00\n8.00\n10.00\n12.00\n14.00\n16.00\nMild\nModerate\nSevere\nPer Cent\nBaseline CAR\nPost-Shock CAR\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n60 \n \n3.3.2. \nLiquidity Stress Test \nThe test results showed that under a one-day run scenario, LR would decline to 44.59 per \ncent, from the baseline of 52.69 per cent. In extended 5-day and 30-day stress scenarios, \nthe LR would further decrease to 20.53 and 11.55 per cent, respectively. These declines \nwould lead to liquidity shortfalls of ₦1,218.41 billion and ₦3,821.70 billion, respectively, \ncompared to ₦7,918.72 billion and ₦9,055.58 billion recorded at end-December 2024. \nNevertheless, available CRR balances would be sufficient to offset any shortfall in liquidity \n(Appendix 13). \n \n Figure 3.22 Liquidity Stress Test \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \npTable 3.10: Implied Cash Flow Liquidity Stress Test Results \n \nNo. of Banks with \nLR < 30% \n \n \n \nJun \n2024 \nDec \n2024 \nJun 2025 Dec \n2024 \nLR (%) \nShortfall \nto \n30% \nLR \nthreshold \n (N’ billion) \nJun 2025 \nLR (%) \nShortfall to 30% LR \nthreshold \n (N’ billion) \nDay 1 \n14 \n7 \n5 \n31.48 \n*(693.31) \n44.59 \n(8,470.11) \nDay 2 \n21 \n13 \n9 \n26.49 \n 1,547.41 \n39.46 \n(5,049.16) \nDay 3 \n24 \n19 \n13 \n21.20 \n 3,621.48 \n33.78 \n(1,847.93) \nDay 4 \n26 \n19 \n15 \n15.42 \n 5,614.85 \n27.27 \n 1,218.41 \nDay 5 \n26 \n22 \n17 \n9.42 \n 7,345.10 \n20.53 \n 3,821.70 \nDay 30 \n27 \n24 \n18 \n2.32 \n 9,055.58 \n11.55 \n 6,599.29 \n \n* denotes liquidity below threshold \n52.69 \n44.59 \n39.46 \n33.78 \n27.27 \n20.53 \n11.55 \n-10\n0\n10\n20\n30\n40\n50\n60\nPre- shock\nAfter Day 1\nAfter Day 2\nAfter Day 3\nAfter Day 4\nAfter Day 5\nAfter Cum\nDay 30\nPer cent\nJun-23\nDec-23\nJun-24\nDec-24\nJun-25\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n61 \n \n3.3.2.1. Maturity Mismatch \nThe asset-liability analysis revealed structural imbalances, particularly within the short-term \nfunding buckets. A baseline assessment showed a mismatch of ₦12,176.45 billion, with \ncurrent assets surpassing current liabilities. The ≤30-day tenor bucket exhibited a \npronounced shortfall of ₦39,542.25 billion, if there is no rollover. This might have presented \nelevated liquidity risk in meeting near-term obligations. \nUnder the Static Rollover Risk (Test 2) and Dynamic Rollover Risk (Test 3) assessments, \nsubstantial mismatches of ₦18,887.28 billion and ₦26,729.02 billion, respectively, were \nrecorded. \nThe maturity mismatch and rollover risk profiles provided clear indications of potential short-\nterm liquidity stress, highlighting the need for proactive liquidity risk management. \npTable 3.11:rity Profile of Assets and Liabilities \nBucket \nLiabilities \nAssets \nMismatch \nCumulative Mismatch \n₦’ billion \n≤30 days \n 94,677.43 \n 55,135.18 \n39,542.25 \n39,542.25 \n 31-90 days \n 4,379.97 \n 8,747.44 \n(4,367.47) \n35,174.78 \n91-180 days \n 4,718.67 \n 10,248.20 \n(5,529.53) \n29,645.25 \n181-365 days \n 2,282.69 \n 7,607.63 \n(5,324.95) \n24,320.31 \n1-3 years \n(536.30) \n 12,235.81 \n(12,772.10) \n11,548.20 \n>3 years \n 8,845.74 \n 32,570.39 \n(23,724.65) \n(12,176.45) \nTotal \n 114,368.20 \n 126,544.64 \n \n \n \n \nTable 3.12: Stress Test Results for Maturity Mismatch \n \nTest 1 \nDescriptive \nMaturity \nMismatch. \n(No \nconsideration \nof \nrollover) \nTest 2 \nStatic \nRollover \nRisk \nAnalysis. \n(No possibility to close \nliquidity gaps in other \nbuckets) \nTest 3 \nDynamic Rollover Risk test. \n(Free assets used to close \nliquidity gaps in other buckets) \n₦’ billion \nNo. \nof \nbanks with \nmismatch \nN’ billion \nNo. \nof \nbanks \nwith \nmismatch \nN’ billion \nNo. of banks \nwith mismatch \n≤30 days \n54,460.94 \n5 \n35,525.45 \n5 \n7,186.62 \n5 \n31-90 days \n10,526.50 \n7 \n(5,593.86) \n19 \n(62.74) \n6 \n91-180days \n9,364.44 \n10 \n(6,473.26) \n27 \n(2,203.77) \n9 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n62 \n \n181-\n365days \n9,593.75 \n16 \n(6,009.75) \n29 \n(4,135.76) \n13 \n1-3 Years \n2,146.59 \n18 \n(12,611.22) \n30 \n(6,770.23) \n15 \nAbove \n3 \nyears \n(8,996.30) \n31 \n(23,724.65) \n31 \n(20,743.14) \n20 \nTotal \n77,095.92 \n(18,887.28) \n(26,729.02) \n3.3.2.2. Contagion Risk Analysis \nThe risk of contagion from inter-bank placements and takings declined significantly, \nfollowing a 52.77 per cent reduction in total exposure, from ₦2,053.36 billion at end-\nDecember 2024 to ₦969.75 billion. A breakdown showed that 10 out of the 27 banks \naccounted for 83.22 per cent of total placements, while eight banks accounted for 84.72 \nper cent of total takings. The contagion risk remained low, as placements were \ncollateralised. \nFigure 3.23 Network Analysis based on Interbank Exposures \n \n \n \nOverall, the stress tests results showed that Nigerian banks have demonstrated resilience, \nsupported by robust capital buffer and liquidity positions. However, the rising level of non-\nperforming loans underscored the need for sustained risk management and the continued \ndeployment of appropriate macroprudential measures to safeguard financial stability. \n \n3.4. \nSupervision of Banks and Other Financial Institutions \nThe Bank sustained its supervisory and regulatory activities in the banking sector using the \nrisk-based approach, with the aim of promoting a safe, stable, and sound financial system. \nNode colour representation \nBlue = Placement only \nPurple = Net Placement \nPink = Takings only \nMagenta = Net Takings\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n63 \n \nIn the first half of 2025, regulatory forbearance on facilities affected by the COVID-19 \npandemic and waivers on Single Obligor limits were terminated, while the banking sector \nrecapitalisation continued as banks raised funds to meet the increased minimum capital \nrequirements. \n \n3.4.1. \nRoutine Examination \nRoutine examination of nine mobile money operators was conducted in the review period, \naimed at assessing operational resilience and compliance with regulations. The outcome \nindicated that the examined institutions complied with regulations, including regular \nreconciliation of pool and settlement accounts, applicable transaction limits on agent \nterminals and user wallets, and appropriate pass-through insurance arrangements with the \nNDIC. \nSimilarly, the Bank conducted routine examinations of 46 Payment Service Providers \n(PSPs) to assess their compliance with corporate governance standards, AML/CFT/CPF \nregulations and determine their operational resilience and the effectiveness of their risk \nmanagement practices. Appropriate sanctions were applied to erring institutions. \n \nThe Bank also examined a total of 253 MFBs in the review period. The outcome revealed \nsome deficiencies and appropriate regulatory measures were taken. \n \n3.4.2. \nTarget Examination \nRisk Assets Examination of all banks were conducted in the first half of 2025. The \nexamination evaluated the quality of the banks’ assets and determined the adequacy of \nloan loss provisioning requirements for the approval of the banks’ 2024 annual financial \nstatements. The outcome confirmed that the banks remained safe, stable and sound. \nHowever, appropriate regulatory remediation measures were taken to address observed \nlapses. \nSimilarly, assessments were conducted on mobile money operators and super agents to \nascertain compliance level with cash withdrawal limits at agent locations. The exercise \nrevealed that the institutions were largely compliant. However, a few instances of breaches \nwere observed and appropriate sanctions imposed, while remediation measures were \nrecommended. \n \n3.4.3. \nSpot Checks \nA spot check investigation was conducted on a PSP which was found to have launched a \nproduct without prior CBN approval. Subsequently, financial sanctions were imposed on \nthe institution, while remediation measures were enforced. \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n64 \n \n3.4.4. \nForeign Exchange Examination \nThe Bank conducted Foreign Exchange Examination of the 34 Authorized Dealers (ADs), \nconsisting of 29 commercial banks and five merchant banks. The objective was to ascertain \nthe ADs’ compliance with extant foreign exchange rules and regulations, sources of FX \nflows and utilisation of foreign exchange acquired for eligible transactions. \n3.4.5. \nAnti Money Laundering \nThe Bank conducted AML/CFT/CPF risk-based examinations covering 24 Commercial \nMerchant and Non-Interest Banks, 93 Bureau De Change operators and 10 payment \nservice providers. Examination findings were communicated to the respective institutions \nthrough supervisory letters. \nActivities during the period included engagements with Inter-Governmental Action Group \nagainst Money Laundering in West Africa (GIABA) and the Financial Action Task Force \n(FATF). The discussions focused on aligning industry practices with global standards and \naddressing emerging risks within the financial system. \n \n \n3.4.6. \nDomestic Systemically Important Banks \nDuring the review period, five5 banks maintained their designation as D-SIBs. These banks \ncontinued to be subjected to enhanced supervision in view of the significant impact the \nfailure of any of the institutions could have on the overall financial system. \n \n \nThe five D-SIBs accounted for 59.23 per cent (₦98,331.65 billion) of the industry’s total \nassets of ₦166,023.82 billion. The D-SIBs also accounted for 60.43 per cent (₦62,471.86 \nbillion) of total industry deposits of ₦103,377.40 billion and 57.66 per cent (₦34,010.33 \nbillion) of the aggregate industry credit of ₦58,980.87 billion, respectively. \n \n3.4.7. \nEnvironmental Sustainability Examination \nEnvironmental Social Governance (ESG) reports of all Commercial Banks were reviewed \nin the first half of 2025. The outcomes from the review were communicated to the banks for \nappropriate action. \n \n3.5. \nSupervisory Collaboration \nThe Bank sustained collaborative engagements on supervisory and regulatory issues. \nThese engagements included participation in the following meetings: \n• 20th Basel Committee on Banking Supervision (BCBS) Financial Stability Institute \nHigh Level Meetings for Africa in Cape Town, South Africa. The meeting discussed \nstrategies for strengthening Financial Sector Supervision in the continent. \n \n5 The five banks designated as D-SIBs were unchanged from the preceding half-year. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n65 \n \n \n• 52nd and 53rd meetings of the College of Supervisors of the West African Monetary \nZone (CSWAMZ) held in Freetown, Sierra Leone. The meetings reviewed cross-\nborder supervision issues, including examination processes, Basel standards \nimplementation, ECL impairment models, capacity building and other developments \nin the banking system across the Zone. \n \n• 22nd Annual Assembly of the Committee of Bank Supervisors of West and Central \nAfrica (CBSWCA) held in Libreville, Gabon. The meeting reviewed macroeconomic, \nfinancial and banking sector developments in member countries. \n \n• The Community of African Banking Supervisors (CABS) conference and meeting \nheld in Balaclava, Mauritius, reviewed the activities, programmes and the work plan \nof the CABS Working Groups for 2026 - 2028. \n \n• The two statutory meetings of the Financial Regulation Advisory Council of Experts \n(FRACE), and one interactive session for FRACE and Advisory Committee of \nExperts (ACE) members. The meetings provided opportunity for exchange of ideas \non mitigating Shariah non-compliance, strengthening internal Shariah controls and \naudits as well as fostering the institutionalisation and operation of resilient Shariah \ngovernance systems in Non-Interest Financial Institutions (NIFIs). \n \n \n3.6. \nCredit Reporting \n3.6.1. \nCredit Risk Management System \nThe Credit Risk Management System (CRMS) of the CBN continued to function as a pivotal \nand authoritative repository of credit information within the banking sector. The total number \nof credit facilities on the CRMS database increased by 8.31 per cent to 65,880,944 from \n60,826,788 at end-December 2024. The total facilities comprised 64,717,170 individual and \n1,163,774 non-individual borrowers. \nThe total number of facilities with outstanding balances increased by 22.53 per cent to \n5,064,234 (comprising 4,964,131 individuals and 100,103 non-individuals) from 4,132,917 \nat end-December 2024. The strict enforcement of the CBN Regulatory Guidelines on \nCRMS led to enhanced compliance by banks, as signified by improved credit records. \n \nTable 3.13: Credit Risk Management System Statistics \nDescription \nEnd-Dec 2024 \nEnd-Jun 2025 Change \nChange \n% \n* Total No. of Credit/facilities \nreported on the CRMS: \n60,826,788 \n65,880,944 \n5,054,156 \n8.31 \nIndividuals \n59,731,877 \n64,717,170 \n4,985,293 \n8.35 \nNon-Individuals \n1,094,911 \n1,163,774 \n68,863 \n6.29 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n66 \n \n* Total No. of Outstanding Credit \nfacilities on the CRMS: \n4,132,917 \n5,064,234 \n931,317 \n22.53 \nIndividuals \n4,038,477 \n4,964,131 \n925,654 \n22.92 \nNon-Individuals \n94,440 \n100,103 \n5,663 \n6.00 \n* The figures include borrowers with multiple loans and/or credit lines \n3.6.2. \nCredit Bureaux \nThe licensed credit bureaux remained three in the review period. The number of uniquely \nidentified credit records of the credit bureaux increased by 4.77 per cent to 352.57 million \nfrom 336.51 million at end-December 2024. The increase was due largely to expansion in \nmicroloans. The number of subscribers in the database of the credit bureaux increased by \n2.58 per cent to 4,768 from 4,648 at end-December 2024. \n \nTable 3.14: Credit Bureaux Statistics \n \n[S/N \n \nEnd-June 2024 \nEnd-December \n2024 \nEnd-June \n2025 \nChange (N) \n% Change \n1 Number \nof \ncredit \nrecords \n317,025,068 \n336,508,865 \n352,571,708 \n16,062,843 \n4.77 \n2 Value \nof \nCredit \nFacilities (N’Trn) \n214.81 \n250.18 \n317.93 \n67.75 \n27.08 \n3 Number of borrowers \n94,387,537 \n99,120,080 \n109,295,962 \n10,175,882 \n10.27 \n4 Number \nof \nsubscribers \n4,789 \n4,648 \n4768 \n120 \n2.58 \n \n3.7. \nOther Developments \n3.7.1. \nGuidelines on Management of Dormant Accounts, Unclaimed Balances \nand Other Financial Assets in Banks and Other Financial Institutions in \nNigeria \nThe Bank issued further guidance to banks and OFIs on the management of dormant \naccounts, unclaimed balances and other financial assets. The circular required banks and \nother financial institutions to publish names of individuals authorised to operate the \naccounts, the types of accounts and the addresses of the branches where the accounts \nwere domiciled on the institution's or association's websites. \n3.7.2. \n Review of Automated Teller Machine Transaction Fees \nThe Bank issued a circular on February 10, 2025, reviewing upwards, the ATM transaction \nfees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other \nFinancial and Non-Bank Financial Institutions, 2020. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n67 \n \n3.7.3. \nWaiver of Non-Refundable Annual Licence Renewal Fee for Existing \nBureaux de Change \nA circular was issued on January 24, 2025, informing BDCs of the waiver of 2025 annual \nrenewal licence fee. The decision was in furtherance of the transition to the new Bureau De \nChange regulatory structure. \n \n3.7.4. \nBanking Sector Recapitalisation \nIn furtherance to the directive to raise the capital requirement for commercial, merchant \nand non-interest banks, eight banks met the requirement during the review period. \nBox 2: Review of Minimum Capital Requirements for Commercial, Merchant, and \nNon-Interest Banks in Nigeria \nThe Bank on March 28, 2024, issued a circular announcing an upward review of the \nMinimum Capital Requirements for Commercial, Merchant and Non-Interest Banks in \nNigeria in line with Section 9 of the Banks and Other Financial Institutions Act (BOFIA) \n2020. This was aimed at engendering a more resilient, safe and sound financial system \nthat would support the emergence of the FGN’s targeted one trillion-dollar economy by \n2030. The review also became necessary to strengthen and reposition the banking \nsystem since the last banking consolidation exercise in 2005. The circular stipulated \nMarch 31, 2026 as the deadline for compliance. \n \nCategory \nMinimum Capital Requirements \n₦’ Billion \nCurrent \n New \nInternational commercial banks \n50 \n 500 \nNational commercial banks \n15 \n 200 \nRegional commercial banks \n10 \n 50 \nNational merchant banks \n15 \n 50 \nNational non-interest banks \n10 \n 20 \nRegional non-interest banks \n5 \n 10 \n \nOther details of the circular included: \nOptions for Meeting Requirements: Banks may raise capital through private placement, \nrights issue, public subscription, mergers and acquisitions, or adjusting their licence \nauthorisation (upgrade/downgrade). \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n68 \n \nTimeline: Existing banks must meet the new capital requirements within 24 months, \nstarting from April 1, 2024, and ending on March 31, 2026. New banks must meet the \nrequirements upon application. \nCompliance: Banks have submitted implementation plans to the CBN. The CBN will \ncontinue to monitor compliance and enforce the requirements within the stipulated \ntimeline. \nFor Existing and New Banks: For existing banks, the minimum capital shall include \npaid-up capital and share premium only and must adhere to the minimum capital \nadequacy ratio (CAR). New banks must meet the paid-up capital requirement directly. \n \n \n3.8. \nMarket Conduct Assessment \nThe Bank conducted a comprehensive gap analysis of industry employee-related \nregulatory approval processes, benchmarking existing practices against international \nstandards. This assessment identified areas requiring improvement to ensure consistency \nand strengthen governance across approval regimes, as well as providing greater \ntransparency and uniformity in approval procedures, thereby supporting a more robust and \ncredible financial system. \n3.8.1. \nComplaint Management and Resolution \nThe total number of complaints received by the Bank rose by 143.38 per cent to 10,704 \nfrom 4,398 in the second half of 2024. The increase was attributed to several factors which \nincluded greater public awareness of consumer rights, regulatory emphasis on complaint \nreporting and enhanced customer confidence in the Bank’s complaint resolution and \nredress framework. \nA breakdown of the complaints revealed that 53.45 and 46.55 per cent were lodged against \nCMNBs and OFIs 6 , respectively. In terms of categorisation, Electronic/Cards-related \ncomplaints accounted for 51.50 per cent; Fraud, 39.27 per cent and Account Management, \nExcess charges and Others accounted for the balance. A total of 9,771 complaints were \nresolved/closed, indicating an increase of 4.57 per cent from 9,344 complaints \nresolved/closed in the preceding half-year. \nTotal claims amounted to ₦21.42 billion and US$5.09 million as against ₦4.53 billion and \nUS$1.05 million, in the second half of 2024, while the sums of ₦7.17 billion and \nUS$3,432.20 were refunded to complaints. \n \n \n \n \n \n6 MFBs, MMOs, PSBs, FCs and PMBs. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n69 \n \nTable 0.1: Complaints Received \nCategory \nEnd-Jun \n2024 \n% \nEnd-Dec \n2024 \n% \nEnd-Jun \n2025 \n% \nElectronic/Cards \n5,383 \n32.57 \n3,221 \n73.24 \n5,513 \n51.50 \nFraud \n6,857 \n41.49 \n601 \n13.67 \n4,203 \n39.27 \nAccount Mgt. \n3,699 \n22.38 \n455 \n10.35 \n749 \n7.00 \nExcess Charges \n81 \n0.49 \n78 \n1.77 \n156 \n1.46 \nOthers \n507 \n3.07 \n43 \n0.98 \n83 \n0.77 \nTotal \n16,527 \n \n4,398 \n \n10,704 \n \n \nFigure 0.1 Number of Complaints Received \n \n \nFigure 0.2 Complaints Resolved/Closed \n0\n1000\n2000\n3000\n4000\n5000\n6000\n7000\nELECTRONIC/CARDS\nFRAUD\nACCOUNT MGT\nEXCESS CHARGES\nOTHERS\n3221\n601\n455\n78\n43\n5513\n4203\n749\n156\n83\n Jul - Dec 2024\nJan - Jun 2025\n -\n 1,000\n 2,000\n 3,000\n 4,000\n 5,000\n 6,000\n 7,000\nElectronic/Cards\nFraud\nAccount Mgt\nExcess Charges\nOthers\n4,458 \n2,134 \n2,626 \n60 \n67 \n4,432\n2,878\n2,229\n186\n46\nEnd-Dec 2024\nEnd-Jun 2025\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n70 \n \nTable 0.2: Complaints Resolved/Closed \nCategory \nEnd-Jun \n2024 \nPercentage \nEnd-Dec \n2024 \nPercentage \nEnd-Jun \n2025 \nPercentage \nElectronic/Cards \n 5,986 \n40.60 \n4,458 \n47.71 \n4,432 \n45.36 \nFraud \n 6,856 \n46.50 \n2,134 \n22.83 \n2,878 \n29.45 \nAccount Mgt. \n 1,619 \n10.98 \n2,626 \n28.10 \n2,229 \n22.81 \nExcess Charges \n 273 \n1.85 \n60 \n0.64 \n186 \n1.90 \nOthers \n 9 \n0.06 \n67 \n0.72 \n46 \n0.47 \nTotal \n 14,743 \n \n9,344 \n \n9,771 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n71 \n \n4. DEVELOPMENTS IN THE PAYMENTS SYSTEM \nThe Bank sustained its supervisory effort and engagement with stakeholders in promoting \nan efficient and effective payment ecosystem, while fostering innovation and ensuring \nadaptability in the rapidly evolving payment landscape. \n4.1. \nBank Verification Number \nThe number of individuals enrolled on the BVN platform rose by 2.44 per cent to 65.95 \nmillion from 64.38 million at end-December 2024. A total of 335.78 million bank accounts \nwere linked with BVN, compared with 297.28 million at the end of the preceding period. \nThe total number of active accounts in the banking industry rose to 317.72 million, above \nthe 311.65 million recorded in the second half of 2024. The number of BVN watch-listed for \nfraudulent activities at end-June 2025 stood at 13,766. \n \nTable 4.1 BVN Statistics \n Description \nEnd-December \n2024 \nEnd-June 2025 \n \n% Change \nBVNs enrolled \n64,804,993 \n65,950,728 \n1.77 \nAccounts linked with BVN \n297,286,819 \n335,781,854 \n12.95 \nActive Accounts \n311,649,156 \n317,720,755 \n1.95 \nWatch-listed BVNs (Fraudulent) \n9,476 \n13,766 \n45.27 \nWatch-listed BVNs (Deceased) \n21,118 \n24,281 \n14.98 \nSource: NIBSS \n \n4.2. \nCheque Standards and Cheque Printers’ Accreditation Scheme \nThe Bank renewed the operating licences of two cheque printers during the review period. \n4.3. \nCheque Payments \nThe volume and value of cheque payments decreased by 4.68 and 5.08 per cent to 7.13 \nand ₦9.72 trillion from 7.48 and ₦10.24 trillion, respectively, at end-December 2024. This \ndevelopment indicated a preference for the use of other payment channels. \n \n4.4. \nLarge Value Payments \nThe volume and value of inter-bank fund transfers through the CBN RTGS System rose to \n215,797 and ₦226,055 billion from 205,307 and ₦124,114 billion in the preceding half-year, \nindicating increases of 5.11 and 82.14 per cent, respectively. \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n72 \n \nFigure 4.1. Volume of Inter-bank RTGS Transactions \n \n \nFigure 4.2. Value of Inter-bank RTGS Transactions \n \n \n4.5. \nRetail Payments \nThe volume of retail payments decreased marginally, while the value increased in the first \nhalf of 2025, largely attributed to growth in e-commerce. A breakdown indicated that the \nvolume of electronic payments dropped slightly by 0.01 per cent to 24,235.03 million from \n24,236.34 million, while the value rose by 6.20 per cent to ₦1,899.85 trillion in the first half \nof 2025, compared with ₦1,775.74 trillion in the second half of 2024. \nIn terms of volume, ATM, point of sales (PoS) and USSD transactions increased by 72.99, \n20.76, and 27.99 per cent, respectively, while Internet (web), NEFT, Mobile App and Direct \nDebits transactions decreased by 10.99, 12.17, 2.32 and 38.95 per cent, respectively \ncompared with levels in the second half of 2024. Similarly, the value of ATM, PoS, Internet \n(web), NEFT and USSD transactions increased by 114.90, 7.16, 3.01, 22.27 and 7.62 per \ncent, respectively in the first half of 2025. Conversely, the value of transactions through \nmobile apps and Direct Debit declined by 8.45 and 23.54 per cent respectively, compared \nwith the preceding half of 2024. \nA review of the components of e-payments showed that the internet/web channel sustained \nits dominance, accounting for 44.44 and 57.63 per cent of the total volume and value, \nrespectively. \nThe Bank continued to promote the adoption of electronic payments through innovative \npayment systems and financial literacy schemes. \n182,583\n205,307\n215,797\n160,000\n170,000\n180,000\n190,000\n200,000\n210,000\n220,000\n₦'Billion\nJun-24\nDec-24\nJun-25\n95.09 \n124.11 \n226.06 \n -\n 50.00\n 100.00\n 150.00\n 200.00\n 250.00\n₦'Billion\nJun-24\nDec-24\nJun-25\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n73 \n \nFigure 4.3 Composition of e-Payments Transactions by Volume \n \n \n \n \nFigure 4.4 Share of e-Payments Transactions by Value in the First Half \n \n \n \n \n \n \n \n \n \n \n \n \nATM \n4%\nPOS \n32%\nInternet (Web) \n44%\nNEFT \n0%\nUSSD \n2%\nMobile App \n18%\nDirect Debits \n0%\nATM \n2%\nPOS \n8%\nInternet (Web) \n58%\nNEFT \n21%\nUSSD \n0%\nMobile App \n11%\nDirect Debits \n0%\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n74 \n \nTable 4.2: Electronic Transactions \nPayment \nChannels \nNumber of Terminals \nVolume of Transactions (Million) \nValue \nof \nTransactions \n(N’Trillion) \n \n \n \nEnd-Jun \n2024 \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nEnd-Jun \n2024 \nEnd-Dec \n2024 \nEnd-Jun \n2025 \nEnd-Jun \n2024 \nEnd-Dec \n2024 \nEnd-Jun \n2025 \n ATM \n17,804 \n17,614 \n17,596 \n496.44 \n525.84 \n858.80 \n12.21 \n16.91 \n36.34 \n POS \n2,935,765 \n5,560,422 \n6,252,113 \n6,395.67 \n6,679.66 \n7,723.26 \n85.91 \n137.36 \n147.20 \n Internet (Web) \n- \n- \n- \n11,638.14 \n12,099.44 \n10,769.91 \n825.50 \n1,055.18 \n1,086.89 \n NEFT \n- \n- \n- \n44.83 \n42.32 \n37.17 \n366.07 \n319.98 \n391.24 \nUSSD \n- \n- \n- \n252.06 \n301.78 \n386.25 \n2.19 \n2.23 \n2.40 \n Mobile App \n- \n- \n- \n3,493.12 \n4,529.20 \n4,424.17 \n159.42 \n233.29 \n213.58 \n Direct Debits \n- \n- \n- \n99.27 \n58.10 \n35.47 \n12.52 \n10.79 \n8.25 \n Total \nRetail \nPayments \n- \n- \n- \n22,419.53 \n24,236.34 \n24,235.03 \n1,463.82 \n1,775.74 \n1,885.90 \n RTGS \n- \n- \n- \n0.18 \n0.20 \n0.22 \n95.09 \n124.11 \n226.06 \n Total \nEpayments \n- \n- \n- \n22,419.71 \n24,236.54 \n24,235.25 \n1,558.91 \n1,899.85 \n2,111.96 \n Cheques \n- \n- \n- \n6.88 \n7.48 \n7.13 \n8.76 \n10.24 \n9.72 \n MMOs \n- \n- \n- \n7,181.49 \n10,156.56 \n12,731.25 \n78.19 \n127.11 \n161.77 \n \n \n \n4.6. \nOther Developments \n4.6.1. \nUnclaimed Balances Trust Fund \nThe total amount received into the Unclaimed Balances Trust Fund (UBTF) pool accounts \nwere ₦16.7 billion, US$10.7 million, £996,000 and €574,000 at end-June 2025, compared \nwith ₦10.16 billion, US$0.14 billion, £0.12 million and €0.06 million in the second half of \n2024. \n4.6.2. \nPan-African Payment and Settlement System \nThe volume and value of transactions settled on Pan-African Payment and Settlement \nSystem (PAPSS) for Nigerian participants decreased to 3,246 and ₦5.6 billion, respectively \nin the first half of 2025, compared with 4,600 and ₦11.97 billion in the preceding half year. \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n75 \n \nBox 3: Pan-African Payment and Settlement System \n \n \n \n \n \nThe Pan-African Payment and Settlement System (PAPSS) is a centralised payments \nand settlement system developed by the African Export-Import Bank (Afreximbank) in \ncollaboration with the African Union. The system is a secure multi-currency platform, \nthat enables real-time gross settlement with low transaction costs. It supports three core \nprocesses: instant payment, pre-funding and net settlement. \nPAPSS enables efficient cross-border flow of money within Africa, minimising risk and \ncontributing to financial integration and boosting intra-African trade. \nThe system is regulated in accordance with the PAPSS bye-law, the overarching \nframework for the operation and governance of the payments and settlement system. \nThe bye-law outlines the Scheme Rules and technical standards essential for \nfacilitating a stable and effective international payments system. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n76 \n \n5. DEPOSIT INSURANCE \n5.1. \nDeposit Guarantee \nThe Nigeria Deposit Insurance Corporation (NDIC) continued to guarantee payments to \ndepositors, in the event of failure of an insured financial institution, to a maximum of \n₦5,000,000.00 per depositor of CMNBs & MMOs and ₦2,000,000.00 per depositor of \nPMBs, PSBs and MFBs. \n5.2. \nDeposit Insurance Coverage \nThe number of fully insured depositors of CMNBs, including MMOs, with deposit balances \nwithin the maximum coverage level of ₦5,000,000.00 and below stood at 99.24 per cent of \n299,693,572 depositors. \nThe value of fully insured deposits was ₦12,685.60 billion (12.24 per cent) of total deposits \nof ₦103,665.14 billion, compared with ₦14,250.51 billion (14.27 per cent) of total deposits \nof ₦99,891.19 billion at end-December 2024. \nA total of 229,657 insiders’ (directors and staff) deposits of ₦201.66 billion were not covered \nunder the deposit insurance scheme to mitigate moral hazard. \n \nTable 5.1: Deposit Insurance Coverage for CMNBs and MMOs \nEnd-Dec 2024 \nEnd-Jun 2025 \nCategory of Depositors \nNumber of \nDepositors by \nBVN \nValue of \nDeposits \n₦ Million \nNumber of \nDepositors by \nBVN \nValue of \nDeposits \n₦ Million \n<=N5,000,000 \n219,731,094 14,250,504.93 \n297,420,917 \n12,685,601.17 \n>N5,000,000 \n1,346,714 85,439,179.21 \n2,042,998 \n90,777,879.27 \nInsiders (Directors & Staff) \n221,339 \n201,506.85 \n229,657 \n201,663.78 \nTOTAL \n221,299,147 99,891,190.99 \n299,693,572 103,665,144.22 \nFully insured to Total \nAccounts (%) \n99.29 \n14.27 \n99.24 \n12.24 \nSource: NDIC \n \nThe number of fully insured depositors of PSBs with balances within the maximum \ncoverage limit of ₦2,000,000.00, stood at 53,633,134, accounting for 99.99 per cent of the \ndepositors. The amount fully insured was ₦15,092.67 million (23.32 per cent), compared \nwith ₦11,361.33 million (38.01 per cent) in the preceding period. \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n77 \n \nTable 5.2: Deposit Insurance Coverage for PSBs \nEnd-Dec 2024 \nEnd-Jun 2025 \nCategory of Depositors \nNumber of \nDepositors by \nBVN \nValue of \nDeposits \n₦ Million \nNumber of \nDepositors by \nBVN \nValue of \nDeposits \n₦ Million \n<=N2,000,000 \n2,370,631 \n11,361.33 \n2,997,032 \n15,092.67 \n>N2,000,000 \n229 \n18,142.29 \n353 \n49,180.41 \nInsiders (Directors & \nStaff) \n426 \n384.91 \n542 \n445.15 \nTOTAL \n2,371,286 \n29,888.53 \n2,997,927 \n64,718.23 \nFully insured to Total \nAccounts (%) \n99.97 \n38.01 \n99.970 \n23.32 \nSource: NDIC \n \nIn general, the percentage of fully insured depositors exceeded the range of 90 to 95 per \ncent recommended by the International Association of Deposit Insurers (IADI). \n \n5.3. \nDeposit Insurance Funds \nThe balance in the Deposit Insurance Fund (DIF) increased by 20.51 per cent to ₦2,746.86 \nbillion. Similarly, the balances in the Non-Interest Deposit Insurance Fund (NIDIF), Special \nInsured Institutions Fund (SIIF) and Payment Service Deposit Insurance Fund (PSDIF) rose \nby 31.21, 4.35, and 4.76 per cent to ₦40.53 billion, ₦256.62 billion and ₦0.88 billion, \nrespectively. The increases were largely attributed to premium collections from insured \ninstitutions. \n \n \nTable 5.3: Balances of Insurance Funds \nFund \nType \nInstitution Covered \nEnd-Dec \n2024 \nEnd-Jun \n2025 \n% \nChange \n₦ Billion \nDIF \nCommercial and Merchant Banks \n2,279.36 \n2,746.86 \n20.51 \nNIDIF \nNon-interest Banks \n30.89 \n40.53 \n31.21 \nSIIF \nMicrofinance/Primary Mortgage Banks \n245.93 \n256.62 \n4.35 \nPSDIF \nPayment Service Banks \n0.84 \n0.88 \n4.76 \nSource: NDIC \n \n5.4. \nPayment of Insured Deposit and Liquidation Dividends \nThe total number of insured financial institutions in liquidation remained 651, comprising 50 \nCMBs, 546 MFBs, and 55 PMBs7. The liquidation process aims to ensure the payment of \na guaranteed sum, recovery of debts owed to closed banks, sales of physical assets, and \n \n7 CMBs refer to commercial and merchant banks \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n78 \n \npayment of liquidation dividends to claimants, with priority to the uninsured sums whose \ndeposit balances are more than the maximum guaranteed balance of ₦5,000,000.00 or \n₦2,000,000.00, as applicable, under the Corporation’s deposit insurance. \n \n5.4.1. \nPayments to Insured Depositors \nThe sums of ₦2.94 billion and ₦0.03 billion were paid to 6,127 and 285 depositors of closed \nCMBs and MFBs, compared with ₦39.54 billion and ₦0.01 billion paid to 565,490 and 158 \ndepositors at end-December 2024. Cumulatively, the sums of ₦60.97 billion and ₦5.17 \nbillion had been paid to 1,152,146 and 135,943 insured depositors of 50 CMBs and 546 \nMFBs in-liquidation. \nAdditionally,10 insured depositors of PMBs in-liquidation were paid ₦3.44 million compared \nwith ₦1.97 million paid to six insured depositors in the second half of 2024. Cumulatively, \nthe sum of ₦368.08 million had been paid to 2,703 depositors of 55 closed PMBs. \nTable 5.4 Payments to Insured Depositors of Banks In-Liquidation \n \nFor the \nCumulative as at \n \nSecond Half 2024 \nFirst Half 2025 \nEnd-June 2025 \n \n₦’ Million \n₦’ Million \nCMBs \n*39,542.96 \n2,941.03 \n60,976.55 \nMFBs \n*8.26 \n26.33 \n5,174.16 \nPMBs \n*1.97 \n3.44 \n368.08 \nGRAND TOTAL \n39,553.20 \n2,970.79 \n66,518.79 \nSource: NDIC *Revised \n5.4.2. \nPayments to Uninsured Depositors8 \nThe sums of ₦31.16 billion and ₦1.64 million were paid to uninsured depositors of 50 CMBs \nand 546 MFBs in-liquidation, respectively. Cumulative payment to uninsured depositors of \nCMBs and MFBs stood at ₦137.12 billion and ₦248.90 million, respectively, at end-June \n2025. \nThere was no payment to uninsured depositors of PMBs in-liquidation in the first half of \n2025 and second half of 2024, thus, cumulative payments remained ₦261.99 million. \nTable 5.5: Payments to Uninsured Depositors of Banks In-Liquidation \n \nSix-Month Period \nCumulative as at \n \nSecond Half 2024 First Half 2025 \nEnd-Jun 2025 \n \n₦’Million \n₦’ Million \nCMBs \n*193.11 \n31,162.58 \n137,118.82 \nMFBs \n0.25 \n1.64 \n248.90 \nPMBs \n- \n- \n261.99 \nGRAND TOTAL \n193.36 \n31,164.22 \n137,629.89 \n \n8 Uninsured deposits refer to deposits in excess of maximum deposit insurance coverage \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n79 \n \nSource: NDIC *Revised \n5.4.3. \nPayments to Creditors and Shareholders of Banks In-Liquidation \nThere was no payment to creditors of closed CMBs in the first half of 2025, hence, \ncumulative payments remained ₦1.28 billion. The sum of ₦2.59 million was paid to four \ncreditors of MFBs in-liquidation in the first half of 2025 and the cumulative payment of ₦3.20 \nmillion was paid to five creditors of closed MFBs at end-June 2025. \nThe sum of ₦0.42 million was paid to a shareholder of closed CMB, compared with nil \npayment during the second half of 2024. The payments to shareholders of 50 CMBs in \nliquidation cumulated to ₦4,899.55 million at end-June 2025, compared with ₦4,899.13 \nmillion at end-December 2024. \nTable 5.6: Payments to Creditors of Banks In-Liquidation \n \nSix-Month Period \nCumulative as at \n \nSecond Half 2024 First Half 2025 End-Jun 2025 \n \n₦’ Million \n₦’ M₦’ Million \nCMBs \n0.00 \n0.00 \n1,282.50 \nMFBs \n0.00 \n2.59 \n3.20 \nPMBs \n0.00 \n0.00 \n0.00 \nGRAND TOTAL \n0.00 \n2.59 \n1,285.70 \nSource: NDIC \n \n5.5. \nRecovery of Failed Banks’ Assets \n5.5.1. \nRisk Assets Recovery \nThe sum of ₦3.23 billion was recovered from banks in-liquidation (comprising ₦3.16 billion, \n₦47.19 million, and ₦19.43 million from CMBs, MFBs and PMBs, respectively), compared \nwith the sum of ₦2.17 billion (₦2.08 billion, ₦29.68 million and ₦65.41 million from CMBs, \nMFBs and PMBs, respectively) in the preceding period. \nTable 5.7: Risk Assets Recovery for Banks In-Liquidation \n \nSix-Month Period \nCumulative as at \n \nSecond Half 2024 First Half 2025 End-Jun 2025 \n \n₦’ Million \n₦’ Million \nCMBs \n2,078.37 \n3,160.54 \n36,701.52 \nMFBs \n29.68 \n47.19 \n485.49 \nPMBs \n65.41 \n19.43 \n1,016.29 \nGRAND TOTAL \n2,173.46 \n3,227.16 \n38,203.30 \nSource: NDIC \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n80 \n \n5.5.2. \nDisposal of Physical Assets \nThe sum of ₦27,960.82 million was realised from physical assets and rent on properties of \nbanks in-liquidation, comprising ₦27,910.86 million, ₦21.68 million and ₦28.28 million from \nCMBs, MFBs and PMBs, respectively. \nTable 5.8: Disposal of Physical Assets \n \nSix-Month Period \nCumulative as at \n \nSecond Half 2024 First Half 2025 \nEnd-Jun 2025 \n \n₦’ Million \n₦’ Million \nCMBs \n4,649.82 \n27,910.86 \n55,088.95 \nMFBs \n174.97 \n21.68 \n1,320.37 \nPMBs \n3.39 \n28.28 \n265.27 \nGRAND TOTAL \n4,828.18 \n27,960.82 \n56,674.59 \nSource: NDIC \n5.5.3. \nRealisation of Investments and Fixed Assets \nThe sum of ₦2.60 billion was realised from investments of banks in-liquidation during the \nfirst half of 2025, comprising ₦2.59 billion and ₦4.71 million, for CMBs and MFBs, \nrespectively. The sum of ₦9.43 billion has been realised from investments of banks in-\nliquidation from inception. \n \nTable 5.9: Realisation of Investments of Banks In-Liquidation \n \nSix-Month Period \nCumulative as at \n \nSecond Half 2024 First Half 2025 \nEnd-Jun 2025 \n \n₦’ Million \n₦’ Million \nCMBs \n788.04 \n2,590.30 \n9,183.68 \nMFBs \n38.52 \n4.71 \n169 \nPMBs \n0.16 \n0.00 \n75.05 \nGRAND TOTAL \n826.72 \n2,595.00 \n9,427.73 \nSource: NDIC \n \n5.6. \nOther Developments \n5.6.1. \nFit and Proper Persons Enquiries \nA total of 482 requests for Fit & Proper Persons enquiries were received and due diligence \nconducted. A total of 159 incomplete requests were returned, while 15 required further \ninvestigations. \n \n5.6.2. \nFidelity Insurance Coverage \nIn the first half of 2025, 32 out of 38 CMBs and four out of five PSBs submitted evidence of \ntheir Fidelity Insurance Coverage. In addition, 55.00 per cent of the CMBs and 80.00 per \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n81 \n \ncent of the PSBs maintained adequate Fidelity Insurance Coverage of 15.00 per cent of \npaid-up capital. \n5.6.3. \nWhistle Blowing \nA total of 170 out of 296 whistle-blowing cases, bordering on service delivery inadequacies, \ntheft and cash suppression among others, were resolved. \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n82 \n \n6. PENSIONS \nThe pension industry recorded steady growth reflecting improvement in the macroeconomic \nenvironment, marked by decline in inflation, stable exchange rate and fiscal consolidation. \nPension Assets under Management (AuM) grew by 9.41 per cent to ₦24,629.97 billion from \n₦22,512.35 billion in the second half of 2024, driven largely by higher investment returns \nand additional contributions received. However, the pension asset-to-GDP ratio declined to \n6.55 per cent from 8.36 per cent, largely owing to the rebasing of GDP (Appendix 14). \nFigure 6.1: Total Pension Assets to GDP Ratio \n \n \n \n6.1. \nOther Developments in the Nigerian Pension Industry \n6.1.1. \nRSA Membership \nRSA membership under the Contributory Pension Scheme (CPS) increased to 10.80 million \nfrom 10.58 million in the second half of 2024. The growth reflects rising compliance among \nprivate sector employers and gradual adoption by subnational entities. In addition, the \nPersonal Pension Plan (formerly Micro Pension Plan) recorded over 15,000 new \nregistrations during the period, signalling growing participation by the informal sector and \nimproved financial inclusion. \n6.1.2. \nRetirement Savings Account Transfer \nThe volume and value of RSA transfers rose by 38.6 and 17.4 per cent to 60,669 and \n₦435.48 billion, respectively. The growth demonstrated rising contributors’ confidence, \nenhanced operational efficiency and increased market dynamics. \n6.1.3. \nAccrued Pension Rights Payments \nThe Federal Government released ₦67.35 billion for the final settlement of accrued pension \nrights arrears owed to 17,822 retirees, bringing cumulative payments to ₦1,211.07 billion. \nThis demonstrated Government commitment to ensure timely benefit payments. \n \n \n8.10\n7.98\n8.55\n8.36 \n6.55 \n0.00\n1.00\n2.00\n3.00\n4.00\n5.00\n6.00\n7.00\n8.00\n9.00\n end-Jun-2023\n end-Dec-2023\n end-Jun-2024\n end-Dec-2024\n end-Jun-2025\nPercentages\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n83 \n \nTable 6.1: Accrued Rights Payments \n \n \n \n \n6.1.4. \nPolicy and Operational Reforms \nThe Pension Contribution Remittance System (PCRS) was operationalised through \nlicensed Payment Solution Service Providers (PSSPs), improving remittance integrity and \nreconciliation efficiency across public and private sector employers. To reduce turnaround \ntime and enhance service delivery to retirees, ‘benefit approval authority’ was delegated to \nPFAs to enable direct processing of retirement and death benefits. \nThe combination of policy reforms, sustained asset growth and operational improvements \nhave reinforced public confidence in the CPS. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nPayment Period \nEnd-Dec 2024 \nEnd-Jun 2025 \nNumber of Retirees \n15,686 \n17,822 \nAccrued Rights Paid (₦ \nbillion) \n62,692,846,600 \n67,350,722,000 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n84 \n \n7. INSURANCE \n7.1. \nAssets and Premium Income \nThe total assets of the insurance industry rose by 13.98 per cent to ₦4,397.20 billion from \n₦3,857.60 billion at end-December 2024. Gross written premium and total net premium \nwere ₦1,213.70 billion and ₦598.60 billion, respectively, while total gross claims amounted \nto ₦420.20 billion in the first half of 2025. \nTable 7.1: Assets and Premium Income \nPeriod \nEnd-Dec 2024 \n₦ billion \nEnd-Jun 2025 \n₦ billion \nTotal Assets \n3,857.60 \n4,397.20 \nGross Premium Income \n1,583.60 \n1,213.70 \nNet Premium Income \n928.40 \n598.60 \nTotal (Gross) Claims \n731.10 \n420.20 \nSource: NAICOM \n \n7.2. \nKey Insurance Industry Financial Soundness Indicators \n7.2.1. \nCapital Adequacy and Leverage \nThe industry remained solvent, with a CAR of 42.00 per cent, compared with 42.70 per cent \nat end-December 2024. Nonetheless, this level remained above the regulatory threshold of \n40.00 per cent. Similarly, total capital to total invested assets declined by 539.29 \npercentage points, to 604.46 per cent from 1,143.75 per cent at end-December 2024. The \ncontraction was primarily driven by a 138.52 per cent (₦314.79 billion) increase in total \ninvested assets, which outweighed the 26.06 per cent (₦146.32 billion) rise in total capital. \nThe sustained strength of the capital-to-invested-assets ratio reinforces confidence in the \nsolvency and risk-bearing capacity of insurance firms. The indicators also signalled a stable \noperating environment, which are essential for policyholder protection, investor confidence \nand the sector’s contribution to broader financial system stability. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n85 \n \nFigure 7.1: Equity to Total Invested Assets \n \n \n \n7.2.2. \nLiquidity \nThe industry’s liquidity level remained above the regulatory threshold of 100.00 per cent \nand sufficient to cover significant claims, as liquid assets to current liabilities ratio increased \nby 2.71 percentage points to 124.36 per cent from 121.65 per cent at end-December 2024. \n \n7.2.3. \nOther Prudential Ratios \nThe retention ratio, measured as insurance premium retained to total premium generated, \nincreased by 1.30 percentage points to 74.97 per cent from 73.67 per cent at end-\nDecember 2024, signifying the industry’s ability to retain a significant share of its risk \nportfolio. \nThe combined ratio, which measures the underwriting performance of insurers, increased \nby 15.43 percentage points to 76.89 per cent from 61.46 per cent in the preceding half-\nyear. The outcome, however, was below the 100.00 per cent threshold. \nTable 7.2 Insurance Industry Dashboard \nKEY INDICATORS \nThreshold \n% \nEnd-Dec \n2024 \nEnd-Jun \n2025 \n% \nChange \nCAR (Capital/Total Asset) \nNot less than \n30.00 \n42.70 \n42.00 \n0.70 \nLiquidity Ratio (liquid assets/current \nliabilities) \nNot less than \n100.00 \n121.65 \n124.36 \n2.71 \nClaims Ratio \nNot less than \n40.00 \n58.30 \n42.74 \n15.56 \nExpense Ratio \nNot \nmore \nthan 35.00 \n23.16 \n34.15 \n10.99 \nCombined Ratio \nNot \nmore \nthan 80.00 \n61.46 \n76.89 \n17.43 \n753.14 \n778.49 \n1,113.63 \n1,143.75 \n604.46 \n end-Jun-2023\n end-Dec-2023\n end-Jun-2024\n end-Dec-2024\n end-Jun-2025\nPercentage\n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n86 \n \nUnderwriting Profit Margin \n \n44.63 \n18.44 \n26.19 \nInvestment to Total Assets Ratio \nNot less than \n65.00 \n76.80 \n69.65 \n7.15 \nChange in Gross Written Premium \n± 33.00 \n35.02 \n39.82 \n4.80 \nChange in Net Written Premium \n \n35.19 \n37.51 \n2.32 \nChange in Capital & Surplus \n-10.00 - \n+35.00 \n11.43 \n13.66 \n2.23 \nRetention Ratio \nNot less than \n60.00 \n73.67 \n74.97 \n1.30 \nReturn on Assets \nNot less than \n2.00 \n2.06 \n3.33 \n1.27 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n87 \n \n \n8. RISKS TO THE FINANCIAL SYSTEM \n8.1. \nCredit Risk \nRisk Rating (Medium Risk, Trending upward) \n \n \nThe NPL ratio of CMNBs was 5.76 per cent, indicating an increase in credit risk, compared with \n4.87 per cent in the preceding half-year. However, the NPL ratios of DFI, PMB, MFB and FC sub-\nsectors improved in the review period. The ongoing recapitalisation efforts of CMNBs and expanded \nimplementation of the GSI are expected to bolster loss-absorption buffers. \nOn the back of fiscal and FX reforms, Nigeria’s sovereign credit ratings improved to 'B' with a stable \noutlook in the first half of 2025. In the latter half of the year, credit risk might be impacted by oil price \nvolatility, high inflation and fiscal consolidation challenges. Additionally, the impact of forbearance \nexit, high interest rates, together with tighter financial conditions and reduced disposable income \nare expected to elevate the trend. However, enhanced supervision of banks and implementation of \nrobust loan recovery frameworks will moderate the trend. \n \n8.2. \nLiquidity Risk \nRisk Rating (Low Risk, Stable) \n \n \nThe banking industry demonstrated resilience to funding shocks as the liquidity ratio improved \nsignificantly to 53.05 from 48.62 per cent at end-December 2024. This improvement was driven by \nincreased holdings of treasury securities, placements at the deposit facility, coupled with buoyant \ndiaspora remittances and oil revenues. \nThe liquidity of the industry is expected to remain strong in the second half of 2025. Furthermore, \nthe strengthening of the FX market and relative naira stability are expected to sustain improved FX \nliquidity. However, risk remain due to oil revenue shortfalls and external debt servicing obligations \nin the second half of the year. \n \n8.3. \nMarket Risk \nRisk Rating (Medium Risk, Stable) \n \n \nThe domestic financial markets remained liquid and resilient despite the global geopolitical tensions \nand uncertainties. The Naira remained stable, averaging ₦1,529.74/US$, demonstrating the \ncontinued impact of the foreign exchange reforms supported by improved transparency, strong \nequity market performance, steady FX inflows and improved market conduct. Crude oil and gas \nrevenues rose to ₦5.21 trillion, while non-crude exports surged to ₦18.43 trillion, contributing to \nimproved FX liquidity. \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n88 \n \nInterbank, overnight and prime lending rates were high in the review period, driven by the tight \nmonetary policy stance of the Bank in its bid to control inflation. \nThe strong performance of the NGX is projected to continue in H2 2025, driven by bank \nrecapitalisation, robust earnings, foreign inflows, and currency stability. While optimism persists, \nlingering trade wars, geopolitical tensions and global trade disruptions could dampen foreign \nportfolio flows, thereby increasing vulnerability to sudden reversals. \n \n8.4. \nOperational and Cybersecurity Risk \nRisk Rating (Medium, Trending up) \n \nIn response to the significant fraud losses of ₦52.26 billion at end-December 2024, banks intensified \ninvestments in resilient operating platforms, digital infrastructure, and business continuity \nframeworks. Consequently, fraud losses declined to ₦15.47 billion at end-June 2025. \nNotwithstanding, fraud risk remains a challenge in the banking industry, as 70.00 per cent of the \nlosses were linked to digital channels, including mobile platforms and virtual assets. \nAdditionally, cybersecurity challenges remained elevated during the review period as incidents of \nsocial engineering, unauthorised access to confidential information, insider threats and third-party \nrisks continued to rise. \nThe Bank assessed cybersecurity maturity for banks across key domains. The results indicated \ngaps which were communicated to the institutions for remediation. The Bank also issued \ncybersecurity advisories to institutions, emphasising preventive measures, monitoring of vendor \naccess, and escalation protocols for cyber incidents. These regulatory actions, combined with \nenhanced cybersecurity investments, enforcement of the cybersecurity framework by financial \ninstitutions and adoption of stronger authentication protocols, as well as fraud detection tools are \nexpected to safeguard financial integrity and maintain public trust. \n \n8.5. \nMacroeconomic Risk \nRisk Rating (Medium, Stable) \n \nDuring the review period, the domestic economy was impacted by elevated geopolitical risks driven \nby conflicts in the Middle East, U.S. trade policies, and increasing global uncertainties. In the first \nhalf of 2025, fiscal vulnerabilities persisted due to high debt, which portends concern over long-term \ndebt sustainability. In response to these macroeconomic headwinds, the Bank implemented FX \nreforms and sustained contractionary policy stance to ensure price stability. In addition, the Bank \nstrengthened collaboration with the fiscal authority to address structural risks. \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n89 \n \n9. Outlook \n \nOn the global front, geopolitical tensions and fragmentation, sweeping tariff changes, trade \nprotectionism and inflationary pressures, will continue to pose risks to financial stability and \neconomic growth. \nNotwithstanding the threats, the domestic economy recorded improvements in the first half of the \nyear as evidenced by an output growth of 3.68 per cent, alongside easing inflationary pressures. \nThe outlook for the second half of 2025 remains positive, predicated on the sustained \nimplementation of monetary, fiscal and economic reforms. \nIn the foreign exchange market, continued implementation of foreign exchange reforms, in \nparticular, the use of EFEMs platform and sustained adherence to the FX Code, is expected to \npromote ethical market conduct, enhance market transparency, improve FX liquidity and boost \ninvestor confidence. \nThe financial soundness indicators in the first half of 2025 revealed financial system resilience. \nAlthough there was an uptick in non-performing loans, ongoing recapitalisation measures for \nfinancial institutions, sustained supervisory and regulatory measures, micro and macro prudential \npolicies and enhanced corporate governance are expected to promote financial system stability. \nThe outlook for the second half of 2025 is cautiously optimistic as high debt profile portends long-\nterm debt sustainability concerns. Nevertheless, the projected increase in oil production and higher \nnon-oil revenue from tax reforms are expected to improve debt sustainability. Above all, the \nsustained reform momentum, regulatory vigilance and enhanced synergy between the monetary \nand fiscal authorities would ensure continued resilience. \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n90 \n \n10. APPENDIX 1: SECTORAL CONTRIBUTIONS TO REAL GDP GROWTH \nSource: National Bureau of Statistics \n \nSector \nH1 \n2020 \nH2 \n2020 \nH1 \n2021 \nH2 \n2021 \nH1 2022 \nH2 \n2022 \nH1 2023 \nH2 \n2023 \nH1 \n2024 \nH2 \n2024 \nH1 \n2025 \nAgriculture \n0.42 \n0.66 \n0.41 \n0.68 \n0.50 \n0.48 \n0.07 \n0.47 \n0.18 \n0.40 \n0.39 \n Of which: Crop Production \n0.37 \n0.63 \n0.38 \n0.68 \n0.45 \n0.48 \n0.38 \n0.48 \n0.34 \n0.39 \n0.62 \nIndustry \n-1.17 \n-1.42 \n-0.02 \n-0.17 \n-1.05 \n-0.87 \n-0.15 \n0.37 \n0.56 \n0.35 \n0.94 \n Of which: Oil \n-0.07 \n-1.40 \n-0.66 \n-0.69 \n-1.64 \n-1.17 \n-0.56 \n0.24 \n0.44 \n0.17 \n0.40 \n Manufacturing \n-0.38 \n-0.13 \n0.32 \n0.29 \n0.42 \n0.04 \n0.18 \n0.08 \n0.13 \n0.11 \n0.15 \nServices \n-1.43 \n-0.94 \n2.31 \n3.50 \n3.87 \n3.30 \n2.49 \n2.16 \n2.34 \n2.90 \n2.35 \n Of which: Finance & Insurance \n0.63 \n-0.02 \n-0.06 \n0.68 \n0.78 \n0.41 \n1.05 \n1.08 \n1.59 \n1.36 \n0.48 \n ICT \n1.62 \n1.81 \n0.95 \n1.02 \n1.49 \n1.54 \n1.63 \n1.03 \n0.91 \n0.97 \n0.74 \nReal GDP Growth \n-2.18 \n-1.70 \n2.70 \n4.01 \n3.32 \n2.91 \n2.41 \n3.00 \n3.08 \n3.65 \n3.68 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n91 \n \n11. APPENDIX 2: INDICES OF SELECTED STOCK MARKETS \nCountry \nStock Index \nEnd-June \n2023 \nEnd-Dec \n2023 \nEnd-June \n2024 \nEnd-Dec 2024 \nEnd-June \n2025 \n% \nChange \n1 \n2 \n3 \n4 \n5 \n(5) & (4) \nAFRICA \nNigeria \nNGX All-Share \nIndex \n60,968.27 \n74,773.77 \n100,057.49 \n102,926.00 \n119,978.57 \n16.57 \nSouth \nAfrica \nJSE All-Share \nIndex \n76,027.83 \n76,893.15 \n79,707.11 \n84,095.14 \n96,429.74 \n14.67 \nKenya \nNairobi NSE 20 \nIndex \n1,574.92 \n1,501.16 \n1,656.50 \n2,010.65 \n2,440.26 \n21.37 \nEgypt \nEGX CASE 30 \n17,665.29 \n24,691.43 \n27,766.27 \n29,740.58 \n33,206.76 \n11.65 \nGhana \nGSE All-Share \nIndex \n2,808.36 \n3,130.57 \n3,829.94 \n4,888.82 \n6,248.57 \n27.81 \nNORTH AMERICA \nUS \nS&P 500 \n3,407.60 \n4,769.83 \n5,480.37 \n5,881.63 \n6,204.95 \n5.49 \nCanada \nS&P/TSX \nComposite \n20,155.29 \n20,958.44 \n21,875.79 \n24,727.94 \n26,857.12 \n8.61 \nMexico \nBolsa \n53,526.10 \n57,386.25 \n52,453.72 \n49,513.27 \n57,450.88 \n16.03 \nSOUTH AMERICA \nBrazil \nBovespa Stock \n118,087.00 \n134,185.24 \n123,906.55 \n120,283.00 \n138,855.00 \n15.44 \nArgentina \nMerval \n426,281.00 \n929,704.20 \n1,611,295.13 \n2,534,000.00 \n1,995,000.00 \n-21.27 \nColumbia \nCOLCAP \n1,133.60 \n1,195.20 \n1,380.90 \n1,379.58 \n1,668.33 \n20.93 \nEUROPE \nUK \nFTSE 100 \n7,531.53 \n7,733.24 \n8,164.12 \n8,173.02 \n8,760.96 \n7.19 \nFrance \nCAC 40 \n7,400.06 \n7,543.18 \n7,479.40 \n7,380.74 \n7,665.91 \n3.86 \nGermany \nDAX \n16,147.90 \n16,751.64 \n18,235.45 \n19,909.14 \n23,909.61 \n20.09 \nASIA \nJapan \nNIKKEI 225 \n33,189.04 \n33,464.17 \n39,583.08 \n39,894.54 \n40,487.39 \n1.49 \nChina \nShanghai SE A \n3,356.65 \n3,119.10 \n3,110.91 \n3,513.38 \n3,610.31 \n2.76 \nIndia \nBSE Sensex \n64,718.56 \n72,271.94 \n79,032.73 \n78,139.01 \n83,606.46 \n6.99 \nSource: Bloomberg \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n92 \n \n12. APPENDIX 3: PERFORMANCE OF SELECTED CURRENCIES AGAINST THE US \nDOLLAR \n Country \n Currency \n \nEnd-June \n2024 \nEnd-December \n2024 \nEnd-June 2025 \n Change \n(%) \nApp + /Dep - \n \n \n \na \nb \nc \nb/c \nAFRICA \n Nigeria \nNaira \n \n1514.2800 \n1544.0800 \n1532.7500 \n0.73 \n South Africa \n Rand \n \n18.1933 \n18.8432 \n17.7118 \n6.00 \n Kenya \n Shilling \n \n129.2300 \n129.3000 \n129.2300 \n0.05 \n Egypt \n Pound \n \n48.0786 \n50.8379 \n49.6000 \n2.43 \n Ghana \n Cedi \n \n15.3150 \n14.7000 \n10.3500 \n29.59 \nNORTH AMERICA \n Canada \n Dollar \n \n1.3679 \n1.4384 \n1.3608 \n5.4 \n Mexico \n Peso \n \n18.3183 \n20.8272 \n18.7475 \n10.0 \nSOUTH AMERICA \n Brazil \n Real \n \n5.5940 \n6.1774 \n5.4317 \n12.07 \n Argentina \n Peso \n \n911.5066 \n1030.9850 \n1203.6274 \n-16.75 \n Colombia \n Peso \n \n4153.0800 \n4405.7700 \n4099.5100 \n6.95 \nEUROPE \n UK \n Pound \n \n0.7908 \n0.7990 \n0.7282 \n8.86 \n Euro Area \n Euro \n \n0.9334 \n0.9659 \n0.8484 \n12.16 \nASIA \n Japan \n Yen \n \n160.8800 \n157.2000 \n144.0300 \n8.38 \n China \n Renminbi \n \n7.2673 \n7.2993 \n7.1638 \n1.86 \n India \n Rupee \n \n83.3913 \n85.6087 \n85.7525 \n-0.17 \nBloomberg: https://www.bloomberg.com \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n93 \n \n13. APPENDIX 4: MONETARY POLICY RATES OF SELECTED COUNTRIES \nCountries \nEnd-June 2023 \nEnd-Dec 2023 \nEnd-June 2024 \nEnd-Dec 2024 \nEnd-Jun 2025 \nDeveloped Economies \nJapan \n-0.10 \n-0.10 \n0.10 \n0.25 \n0.50 \nEurope \n4.00 \n4.50 \n4.25 \n3.15 \n2.15 \nUK \n5.00 \n5.25 \n5.25 \n4.75 \n4.25 \nUS \n0.00-5.25 \n0.00-5.50 \n0.00-5.50 \n0.00-4.50 \n0.00-4.50 \nCanada \n4.75 \n5.00 \n4.75 \n3.25 \n2.75 \nSouth Korea \n3.50 \n3.50 \n3.50 \n3.00 \n2.50 \nNew Zealand \n5.50 \n5.50 \n5.50 \n4.25 \n3.25 \nAustralia \n4.10 \n4.35 \n4.35 \n4.35 \n3.85 \nIndonesia \n5.75 \n6.00 \n6.25 \n6.00 \n5.50 \nMalaysia \n3.00 \n3.00 \n3.00 \n3.00 \n3.00 \nEmerging Markets and Developing Economies \nBrazil \n13.75 \n11.75 \n10.50 \n12.25 \n15.00 \nRussia \n7.50 \n16.00 \n16.00 \n21.00 \n20.00 \nIndia \n6.50 \n6.50 \n6.50 \n6.50 \n5.50 \nChina \n3.65 \n3.45 \n3.45 \n3.10 \n3.00 \nSouth Africa \n8.25 \n8.25 \n8.25 \n7.75 \n7.25 \nOther Emerging Economies \nMexico \n11.25 \n11.25 \n11.00 \n10.00 \n8.00 \nChile \n11.25 \n8.25 \n5.75 \n5.00 \n5.00 \nColombia \n13.25 \n13.00 \n11.25 \n9.50 \n9.25 \nAfrica \nEgypt \n18.25 \n19.25 \n27.25 \n27.25 \n24.00 \nGhana \n29.50 \n30.00 \n29.00 \n27.00 \n28.00 \nNigeria \n18.50 \n18.75 \n26.25 \n27.50 \n27.50 \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n94 \n \n14. APPENDIX 5: EXTERNAL RESERVE \nYear \nH2 Inflow \nin US$ \nH2 Outflow in \nUS$ \nH1 Inflow \nin US$ \nH1 Outflow \nin US$ \nTotal \nInflow in \nUS$ \nTotal \nOutflow \nin US$ \nNet Flow in \nUS$ \n2020 \n15.15 \n14.92 \n24.84 \n27.33 \n39.99 \n42.24 \n-2.53 \n2021 \n26.42 \n17.96 \n14.06 \n17.64 \n40.48 \n35.61 \n4.87 \n2022 \n13.49 \n16.05 \n16.40 \n16.89 \n29.89 \n32.94 \n-3.05 \n2023 \n11.39 \n12.15 \n12.58 \n15.22 \n23.96 \n27.37 \n-3.40 \n2024 \n23.60 \n17.53 \n16.58 \n14.72 \n40.18 \n32.25 \n7.94 \n2025 \n \n \n18.34 \n20.47 \n28.40 \n25.68 \n2.72 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n95 \n \n \n15. APPENDIX 6: OUTSTANDING DEBT INSTRUMENTS \nInstrument \nEnd-Dec \n2020 \nEnd-Jun \n2021 \nEnd-Dec \n2021 \nEnd-Jun \n2022 \nEnd-Dec \n2022 \nEnd-Jun \n2023 \nEnd-Dec \n2023 \nEnd-June \n2024 \nEnd-Dec \n2024 \nEnd-Jun \n2025 \n% \nChange \n(Dec - \nJun \n2025) \nProportion \nof Total \n(Jun-2025) \n(a) Federal Government \n16,023.88 \n17,631.80 \n19,242.56 \n20,948.94 \n22,210.37 \n48,314.74 \n53,258.01 \n66,957.88 \n70,409.86 \n76,587.09 \n8.77 \n50.25 \nNig. Treasury Bills \n2,720.43 \n2,991.87 \n3,786.14 \n4,504.80 \n4,422.72 \n4,722.72 \n6,522.00 \n11,808.18 \n12,351.12 \n12,764.08 \n3.34 \n8.38 \nFGN Bonds \n11,830.26 \n13,245.27 \n13,963.22 \n15,194.10 \n16,421.56 \n41,972.74 \n44,260.22 \n52,315.23 \n55,436.12 \n60,645.22 \n9.40 \n39.79 \nFGN Savings Bonds \n12.29 \n15.54 \n16.42 \n20.86 \n27.51 \n30.70 \n39.17 \n55.20 \n72.87 \n91.53 \n25.61 \n0.06 \nFGN Sukuk \n362.56 \n362.56 \n612.56 \n612.56 \n742.56 \n742.55 \n1,092.56 \n1,092.56 \n992.56 \n1,292.56 \n30.22 \n0.85 \nFGN Green Bonds \n25.69 \n25.69 \n25.69 \n25.69 \n15.00 \n15.00 \n15.00 \n15.00 \n15.00 \n62.35 \n315.67 \n0.04 \nNig. Treasury Bonds \n100.99 \n100.99 \n75.99 \n75.99 \n50.99 \n50.99 \n0.00 \n0.00 \n0.00 \n0.00 \n0.00 \n0.00 \nFGN Promissory Notes \n971.66 \n889.88 \n762.54 \n514.94 \n530.03 \n780.04 \n1,329.06 \n1,671.71 \n1,542.19 \n1,731.36 \n12.27 \n1.14 \n(b) Sub-National \n4,186.01 \n4,122.32 \n4,458.24 \n5,281.28 \n5,337.75 \n5,815.68 \n5,862.85 \n4,267.11 \n3,968.06 \n3,963.93 \n-0.10 \n2.60 \nTotal Domestic Debt \n20,209.89 \n21,754.12 \n23,700.80 \n26,230.22 \n27,548.12 \n54,130.42 \n59,120.86 \n71,224.99 \n74,377.92 \n80,551.03 \n8.30 \n52.86 \n(c) External \n12,705.62 \n13,710.88 \n15,855.23 \n16,615.66 \n18,702.25 \n33,248.98 \n38,219.85 \n63,072.68 \n70,287.53 \n71,847.59 \n2.22 \n47.14 \nMultilateral \n6,832.72 \n7,524.80 \n7,704.86 \n7,944.96 \n9,061.36 \n16,016.77 \n19,021.60 \n31,792.78 \n34,263.33 \n35,464.36 \n3.51 \n23.27 \nBilateral \n1,546.63 \n1,741.24 \n1,844.43 \n1,949.53 \n2,272.89 \n4,251.27 \n5,358.08 \n8,656.09 \n9,350.79 \n9,488.61 \n1.47 \n6.23 \nCommercial \n4,255.14 \n4,370.40 \n6,057.88 \n6,477.24 \n7,251.38 \n12,749.83 \n13,597.33 \n22,226.86 \n26,589.17 \n26,483.41 \n-0.40 \n17.38 \nSyndicated Loan \n71.13 \n74.44 \n248.06 \n243.93 \n116.62 \n231.11 \n242.84 \n396.95 \n84.24 \n411.21 \n388.14 \n0.26 \n Total Debt \n32,915.51 \n35,465.00 \n39,556.03 \n42,845.88 \n46,250.37 \n87,379.40 \n97,340.71 \n134,297.67 \n144,665.45 \n152,398.61 \n5.35 \n100.00 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n96 \n \n \n16. APPENDIX 7: REAL SECTOR INITIATIVES: SUMMARY OF DISBURSEMENTS AND \nREPAYMENTS \n \nITEM \nJul-Dec 2024 \nJan-Jun 2025 \nS/N \nIntervention \nDisbursement \nRepayment \n(₦' Billion) \nDisbursement \nRepayment \n(₦' Billion) \n(₦' Billion) \n(₦' Billion) \n1 \nPower and Airline Intervention Fund (PAIF) \n- \n- \n- \n- \n2 \nNigerian \nElectricity \nMarket \nStabilization \nFund \n(NEMSF) \n- \n17.42 \n- \n3.39 \n3 \nNigerian Electricity Market Stabilization Fund- 2 \n(NEMSF 2) \n9.29 \n17.02 \n1.33 \n13.02 \n4 \nNigerian Electricity Market Stabilization Fund-3 \n(NEMSF-3) \n34.25 \n3.36 \n- \n4.55 \n5 \nNigerian Bulk Electricity Trading- Payment Assurance \nFund (NBET-PAF) \n- \n- \n- \n- \n6 \nFamily Homes Intervention Facility (FHIF) \n- \n \n- \n- \n7 \nSolar Connection Facility (SCF) \n- \n0.87 \n- \n0.89 \n8 \nNational Mass Metering Programme (NMMP) \n- \n3.27 \n- \n2.94 \n9 \nIntervention Facility for National Gas Expansion \n(IFNGEP) \n- \n11.84 \n- \n3.49 \n10 \nCBN-Bank Of Industry Intervention Fund (CBIF) \n- \n- \n- \n- \n11 \nReal Sector Support Facility (RSSF) \n- \n12.03 \n- \n10.38 \n12 \nTextile Sector Intervention Facility (TSIF) \n- \n3.62 \n- \n- \n13 \nRevived-Textile Sector Intervention Facility (Reviv-\nTSIF) \n- \n3.54 \n- \n- \n14 \nDifferentiated Cash Reserve Requirement (RSSF-\nDCRR) \n- \n203.76 \n- \n155.13 \n15 \nSmall \n& \nMedium \nEnterprise \nRestructuring \n& \nRefinancing Facility (SMERRF) \n- \n- \n- \n- \n16 \nHealth Sector Intervention Facility (HSIF) \n- \n9.72 \n- \n8.71 \n17 \nCovid-19 Intervention for the Manufacturing Sector \n(CIMS) \n- \n- \n- \n- \n18 \nHealth Sector Research & Development Intervention \nScheme (HSRDIS) \n- \n- \n- \n- \n19 \n100 FOR 100 Policy on Production and Productivity \n- \n17.29 \n- \n13.42 \n20 \nYouth Entrepreneurship Intervention Programme \n(YEDP) \n- \n- \n- \n- \n21 \nTargeted Credit Facility (TCF) \n- \n4.05 \n- \n4.72 \n22 \nCreative Industry Financing Initiative (CIFI) \n- \n0.60 \n- \n0.18 \n23 \nNational Youth Intervention Fund (NYIF) \n- \n- \n- \n- \n24 \nAgri-business \nSmall \n& \nMedium \nEnterprises \nIntervention Scheme (AgSMEIS) \n- \n1.66 \n- \n3.00 \n25 \nTertiary Institution Entrepreneurship Scheme (TIES) \n- \n0.13 \n- \n- \n26 \nAnchors Borrowers Programme (ABP) \n- \n10.39 \n- \n6.92 \n27 \nAccelerated \nAgricultural \nDevelopment \nScheme \n(AADS) \n- \n1.62 \n- \n0.42 \n28 \nAccelerated Agricultural Development Scheme - \nDifferentiated Cash Reserve Requirement (AADS-\nDCRR) \n- \n0.56 \n- \n1.01 \n29 \nCommercial Agriculture Credit Scheme (CACS) \n- \n22.14 \n- \n8.61 \n30 \nPaddy Aggregated Scheme (PAS) \n- \n- \n- \n- \n31 \nMaize Aggregated Scheme (MAS) \n- \n- \n- \n- \n32 \nRice Distribution Facility (RDF) \n- \n- \n- \n- \n33 \nNational Food Security Programme (NFSP) \n- \n5.66 \n- \n2.45 \n34 \nNon-Oil Export Stimulation Facility (NESF) \n- \n3.80 \n- \n1.53 \n35 \nExport Financing Initiative (EFI) \n- \n1.68 \n- \n1.55 \n36 \nPresidential Fertilizer Initiative (PFI) \n- \n0.36 \n- \n- \n37 \nExport Development Fund (EDF) \n- \n- \n- \n- \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n97 \n \n38 \nExport Development Fund – Nigeria Export Import \nBank (EDF-NEXIM) \n- \n- \n- \n- \n39 \nMicro, Small and Medium Enterprise Development \nFund (MSMEDF) \n- \n1.02 \n- \n0.34 \n40 \nShared Agency Network Expansion Facility (SANEF) \n- \n0.51 \n- \n0.27 \n41 \nExcess Crude Account (ECA) \n- \n2.71 \n- \n4.35 \n42 \nSalary Bailout Facility (SBF) \n- \n2.59 \n- \n6.51 \n43 \nTRADERMONI \n- \n- \n- \n- \n44 \nFGN Bond \n- \n3.81 \n- \n- \n45 \nCBN – BoI Long-term Funding Facility (CBLF) \n- \n- \n200.00 \n- \n46 \nSundry Transactions (SUNDRY TRXN) \n28.72** \n27.21 \n- \n55.40 \nTOTAL \n43.54 \n394.24 \n201.33 \n313.19 \nSource: Central Bank of Nigeria \n*Figures are provisional and are as of June 30, 2025 \n**Recoverable expense for agricultural inputs, thus not captured as disbursement \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n98 \n \n17. APPENDIX 8: SELECTED FINANCIAL SOUNDNESS INDICATORS OF THE \nNIGERIAN BANKING INDUSTRY \nIndicators \n2023 \n2024 \n2025 \nEnd \nJune \nEnd Dec \nEnd \nJune \nEnd Dec \nEnd \nJune \n1. Assets-Based Indicators \nNon-performing loans to total gross loans \n4.14 \n4.34 \n4.12 \n4.87 \n5.76 \nLiquid assets (core) to total assets \n16.85 \n17.89 \n19.31 \n18.26 \n20.87 \nLiquid assets (core) to short-term liabilities \n49.87 \n40.71 \n48.01 \n47.08 \n50.64 \nResidential real estate loans to total gross \nloans \n0.12 \n0.14 \n0.23 \n0.29 \n0.29 \nCommercial real estate loans to total gross \nloans \n2.09 \n1.99 \n1.76 \n1.57 \n1.43 \nReturn on assets \n2.54 \n5.57 \n3.89 \n3.50 \n3.25 \n2. Capital-Based Indicators \nRegulatory capital to risk-weighted assets \n11.23 \n12.99 \n12.52 \n15.25 \n13.43 \nRegulatory Tier 1 capital to risk-weighted \nassets \n9.60 \n10.70 \n10.62 \n12.91 \n11.50 \nNonperforming loans net of provisions to \ncapital \n2.57 \n2.76 \n5.39 \n4.91 \n13.90 \n3. Income and Expense-Based Indicators \nInterest margin to gross income \n56.54 \n43.61 \n50.07 \n54.73 \n71.25 \nNoninterest expenses to gross income \n67.81 \n46.33 \n47.65 \n46.10 \n46.37 \nPersonnel expenses to noninterest expenses \n24.63 \n26.44 \n23.09 \n24.12 \n21.06 \n4. Exposure to Selected Sectors \nOil & Gas to Gross Loans \n25.66 \n28.24 \n31.33 \n31.03 \n29.79 \nManufacturing to Gross Loans \n18.46 \n18.50 \n17.42 \n15.44 \n12.29 \nServices to Gross Loans \n37.04 \n41.29 \n41.73 \n45.75 \n44.13 \n5. OFCs Assets Indicators \nPension Assets to GDP \n8.11 \n7.98 \n8.55 \n8.36 \n6.55 \nInsurance Assets to GDP \n1.31 \n1.16 \n1.54 \n1.44 \n1.23 \n-*FSIs are computed based on IMF-FSI Manual \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n99 \n \n \n18. APPENDIX 9: FINANCIAL HIGHLIGHTS OF PMBs \nASSETS \n End-Dec. 2024 \n(₦’ billion) \nEnd-June 2025 \n(₦’ billion) \nChange \n(₦’ billion) \n% Change \nCash \n1.39 \n1.86 \n0.48 \n0.35 \nCash \nReserve \nRequirement \n3.00 \n3.49 \n0.49 \n0.16 \nBalances with Banks \n26.51 \n26.58 \n0.08 \n0.00 \nPlacement with bank \n119.62 \n144.06 \n24.44 \n0.20 \nInvestments/Non-\ncurrent Held for Sale \n34.71 \n37.22 \n2.52 \n0.07 \nShort \nTerm \nInvestments (Treasury \nBills) \n22.38 \n22.33 \n-0.05 \n-0.00 \nInvestment in Quoted \nShares \n5.00 \n5.53 \n0.53 \n0.11 \nLoans and Advances \n308.11 \n337.98 \n29.88 \n0.10 \nOther Assets \n76.70 \n86.21 \n9.51 \n0.12 \nFixed Assets \n27.26 \n30.98 \n \n \nTOTAL \n624.06 \n696.25 \n72.19 \n0.12 \nFinanced By: \n \n \n \n \nPaid-up Capital \n97.97 \n98.90 \n0.93 \n0.01 \nReserves \n-40.36 \n-20.43 \n19.93 \n-0.49 \nShareholders' Funds \n57.61 \n78.47 \n \n \nDeposits \n252.07 \n317.50 \n65.44 \n0.26 \nDue to Banks & Others \n28.01 \n23.01 \n-5.00 \n-0.18 \nLong-term Loans/NHF \n74.44 \n76.27 \n1.83 \n0.02 \nOther Liabilities \n211.92 \n200.99 \n-10.93 \n-0.05 \nTOTAL \n624.06 \n696.25 \n72.19 \n0.12 \nFinancial Indicators \n \n \n \n \nCapital \nAdequacy \nRatio (CAR) % \n15.12 \n18.39 \n- \n3.00 \nNon-Performing \nLoans (NPL) Ratio % \n21.80 \n14.29 \n- \n-8.00 \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n100 \n \n19. APPENDIX 10: FINANCIAL HIGHLIGHTS OF MFBs \nASSETS \n End-Dec. 2024 \n(₦’ billion) \nEnd-June 2025 \n(₦’ billion) \nChange \n(₦’billion) \n% Change \nCash \n14.42 \n7.67 \n-6.75 \n-46.84 \nDue from Banks \nin Nigeria \n466.75 \n602.55 \n135.79 \n29.09 \nPlacements \n573.38 \n839.08 \n265.70 \n46.34 \nInvestments in TB \n118.12 \n152.37 \n34.24 \n28.99 \nLong \nterm \nInvestments \n105.99 \n192.45 \n86.45 \n81.56 \nLoans \nand \nAdvances (Net) \n1,066.87 \n1,432.23 \n365.36 \n34.25 \nOther Assets \n524.34 \n484.55 \n-39.79 \n-7.59 \nFixed Assets \n286.54 \n230.58 \n-55.96 \n-19.53 \n TOTAL ASSETS \n3,156.42 \n3,941.47 \n785.04 \n24.87 \nLIABILITIES \n \n \n \n \nDeposits \n2,212.43 \n2,689.88 \n477.45 \n21.58% \nTakings \nfrom \nNigeria Banks \n50.03 \n96.33 \n46.30 \n92.54% \nRefinancing \nFacilities \n13.93 \n15.15 \n1.22 \n8.76% \nOther Liabilities \n551.91 \n654.48 \n102.58 \n18.59% \nBorrowings: \n \n \n \n \nNigeria \nInstitutions \n45.14 \n53.00 \n7.86 \n17.41% \nForeign Agencies \n21.38 \n36.20 \n14.82 \n69.34% \nDebenture/Loan \nStock \n10.76 \n1.53 \n-9.23 \n-85.77% \nCapital \n176.77 \n257.00 \n80.23 \n45.39% \nReserves \n74.07 \n137.89 \n63.82 \n86.16% \nTOTAL \nLIABILITIES \n3,156.42 \n3,941.47 \n785.04 \n24.87% \nSHAREHOLDERS' \nFUND \n250.84 \n394.89 \n144.05 \n57.43% \nIndicators \n \n \n \n \nCapital Adequacy \nRatio (CAR) \n0.11 \n0.15 \n- \n3.59% \nPortfolio-At-Risk \n(PAR) \n0.17 \n0.19 \n- \n2.23% \nLiquidity \nRatio \n(LR) \n0.53 \n0.60 \n- \n6.54% \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n101 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n102 \n \n20. APPENDIX 11: STRESS TEST METHODOLOGY, ASSUMPTIONS AND SCENARIOS \nMethodology \nA multifactor shock stress testing methodology was used to assess the adequacy of banks’ \nsolvency and liquidity positions in relation to economic activities. Different scenarios were \nused, encompassing the principles of plausibility, duration, and severity to capture tail risks. \nMacroeconomic Assumptions \n• \nPersistence in global inflationary pressures leading to prolonged contractionary policy \nactions and sharp contraction of global output. \n• \nModerate to sharp fall in global demand for crude oil, leading to a commensurate \ndecline in oil prices. \n• \nLocal crude oil production remained significantly below the approved OPEC quota for \nNigeria. \n• \nHigh inflation, rising unemployment, heightened security challenges and low \nagricultural production. \nSatellite Assumptions \n• \nMacroeconomic conditions and developments apply to the banking industry \nsymmetrically. \n• \nSeverity and determination of tail risks are generally recursive with significant \nlikelihood. \n• \nThere are no regulatory interventions nor banks’ management actions during the \nshocks. \n• \nCapitalization under stress is first mitigated by net income as follows: \n [〖Capitalization〗_((t))+〖Net Income〗_((t+1)) ]/〖RWAs〗_((t+1)) \n• \nFuel subsidy policy change, persistent inflationary pressures, and prolonged \ncontractionary policy stance. \nImpact on banks: \n• \nIncreased NPLs as households and corporates experience more difficulty in servicing \ntheir loans. \n• \nMark-to-market losses on fixed income securities as a result of rise in interest rates, \nespecially those classified under FVTPL & FVTOCI. \n• \nMaturity mismatch at the shorter end of interest sensitive assets/liabilities. Through \nassets and maturity transformation, banks borrow short and lend long to gain from \ninterest differential. In periods of stress, this has both liquidity and capital implications. \nProlonged high interest rates regime will result in losses to banks with long positions. \nOther Credit-related Risks \nIn periods of heightened stress, the following are significant risks to assess: \n• \nCredit concentration risk is often pronounced in period of stress, resulting in significant \nsolvency/capital implications for banks. \nContagion Risk Analysis \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n103 \n \nInterconnectedness, especially through interbank transactions, generates and amplifies \nsignificant risks to the banking system, leading to possible system collapse. \nUnification of the Foreign Exchange Windows & Floating of the Naira \n• \nResulted in the depreciation of the naira against other currencies, particularly the US \ndollar. \n• \nImpact on banks: \no Translation gain/loss on their net foreign assets \no Increased NPLs in FCY-denominated loan portfolio. \no Increased cost of servicing FCY-denominated liabilities - Eurobonds and other \nsecurities issued in FCY. \nClimate Risk Factors \nPhysical \no Extreme weather conditions resulting in severe and frequent floods, affecting \nbusinesses and impacting: \n• \nExposure to agriculture in varying degrees of severity; and \n• \nGeneral credit exposure in varying degrees of severity. \nTransition \nIncreased cost of fossil energy owing to regional conflicts, international sanctions, and \ndomestic reforms (fuel subsidy removal and increased electricity tariff) leading to shift towards \neco-friendly sources of energy such as solar power system, electric car, gas powered \ngenerators and vehicles. These are expected to impact exposures to: \no Downstream oil and gas; and \no Power and energy sub-sector \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n104 \n \n21. APPENDIX 12: CLIMATE RISK STRESS TEST SCENARIO ASSUMPTIONS \nScenarios \nMild \nModerate \nSevere \nPhysical risk factors – \nLosses in credit \nexposures due to \nfloods affecting \nbusinesses. \ni) 1% loss in total credit \nexposure (excluding \nAgriculture) \nii) 10% loss in Agric- \ncredit exposure \n \ni) \n2.5% loss in total \ncredit exposure \n(excluding \nAgriculture) \nii) 25% loss in Agric- \ncredit exposures \ni) \n5% loss in total \ncredit exposures \n(excluding \nAgriculture) \nii) 50% loss in Agric- \ncredit exposures \nTransition risk factors - \nLosses in credit \nexposures due to shift \nto eco-friendly \ntechnologies. \ni) \n5% loss in exposure \nto Downstream Sub-\nsector \nii) 5% loss in exposure \nto Power & Energy \nSub-sector \ni) \n10% loss in exposure \nto the Downstream \nSub-sector \nii) 10% loss in exposure \nto the Power & \nEnergy Sub-sector \ni) 15% loss in exposure \nto the Downstream \nSub-sector \nii) 15% loss in exposure \nto the Power & Energy \nSub-sector \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n105 \n \n22. APPENDIX 13: LIQUIDITY STRESS TEST ASSUMPTIONS \nImplied Cash Flow Analysis \nThe Implied Cash Flow Analysis (ICFA) assessed the ability of the banking system to \nwithstand unanticipated substantial withdrawals of deposits, short-term wholesale and \nlong-term funding over 5 days and cumulative 30 days, with specific assumptions on \nfire sale of assets. \nThe test assumed gradual average outflows of 3.8, 5.0 and 1.5 per cent of current & \nsavings deposits, short-term funding and long-term funding respectively, over a 5-day \nperiod and a cumulative average outflow of 22.0, 11.0 and 1.5 per cent of current & \nsavings deposits, short-term funding and long-term funding respectively, on a 30-day \nbalance. It also assumed that the assets in Table 3.10 would remain unencumbered \nafter a fire sale. \n \n \n \n \n \nThe Maturity Mismatch/Rollover Risk \nThis assessed funding maturity mismatch and rollover risk for assets and liabilities in \nthe 1-30 and 31-90 day buckets, with assumptions of availability of funding from the \nCBN and intra-group as described below: \n \ni. Test 2a: Descriptive Maturity Mismatch assumed that the baseline mismatch \nremained, but 5 per cent of total deposits would be made available by the CBN and the \nintra-group; \n \nii. Test 2b: Static Rollover Risk assumed that 80.0 and 72.0 per cent of the funding \nin the 1-30 and 31-90 day buckets would be rolled over, with no possibility to close \nthe funding gap from other buckets. However, 5 per cent of the total deposits would \nstill be available from the CBN and the intra-group; and \n \niii. Test 2c: Dynamic Rollover Risk made the same assumption as in 2b above, but \nwith the option of closing the liquidity gap from other buckets. \n \nTABLE 22.1 PERCENTAGE OF ASSETS UNENCUMBERED AFTER FIRE SALES \nItem \nNo \nAssets \n% \nUnencumbered \n1. \nCash and cash equivalents \n100 \n2. \nCurrent account with CBN \n100 \n3. \nGovernment bonds, treasury bills and other \nassets with 0% risk-weighting \n66.5 \n4. \nCertificates of deposit held \n66.5 \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n106 \n \n5. \nOther short-term investments \n49 \n6. \nCollateralized placements and money at call \n49 \n7. \nCRR \n100 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n107 \n \n23. APPENDIX 14: PENSION INDUSTRY PORTFOLIO \nASSET CLASSES \nEnd-December 2024 \nEnd – June 2025 \n \n ₦ 'Million \n₦ 'Million \nDOMESTIC ORDINARY SHARES \n 2,241,924.37 \n3,080,945.23 \nFOREIGN ORDINARY SHARES \n 267,986.94 \n292,775.10 \nTOTAL FGN SECURITIES \n 14,114,343.22 \n15,185,536.59 \n * FED. GOVT BONDS (HTM) \n 12,015,063.50 \n12,786,881.23 \n * FED. GOVT BONDS (AFS) \n 1,248,569.37 \n1,660,403.06 \n * TREASURY BILLS \n 704,529.28 \n624,150.10 \n * AGENCY BONDS (NMRC) \n 45,378.34 \n6,503.96 \n * SUKUK BONDS (HTM) \n 79,739.70 \n89,638.24 \n * SUKUK BONDS (AFS) \n 13,917.04 \n7,245.94 \n * GREEN BONDS \n 7,145.99 \n10,714.07 \nSTATE GOVT SECURITIES \n 250,855.02 \n241,910.88 \nCORP. DEBT SECURITIES \n 2,246,508.38 \n2,264,438.03 \n * CORPORATE BONDS (HTM) \n 1,452,693.58 \n1,436,676.32 \n * CORPORATE BONDS (AFS) \n 765,896.34 \n787,372.14 \n * CORPORATE INFRASTRUCTURE BONDS \n 27,918.46 \n 38,924.14 \n * CORPORATE GREEN BONDS \n - \n1,465.44 \nMONEY MKT INSTR. \n 2,215,529.02 \n2,237,430.94 \n * FIXED DEPOSIT/ BANK ACCEPTANCE \n 1,925,972.96 \n1,842,834.60 \n * COMMERCIAL PAPERS \n 161,161.51 \n 342,652.26 \n * FOREIGN MONEY MKT INSTR. \n 128,394.55 \n 51,944.08 \nMUTUAL FUNDS \n 80,782.52 \n183,815.45 \n * OPEN/CLOSE FUNDS \n 58,785.39 \n106,003.06 \n * REITs \n 21,997.13 \n77,812.39 \nSUPRA-NATIONAL BONDS \n 20,771.23 \n 20,817.61 \nINFRASTRUCTURE FUNDS \n 214,325.13 \n242,799.44 \nREAL ESTATE \n 283,619.13 \n255,944.87 \nPRIVATE EQUITIES \n 147,861.87 \n229,380.08 \nCASH & OTHER ASSETS \n 427,839.34 \n394,176.18 \n \nCURRENT NET ASSET VALUE \n \n22,512,346.17 \n \n24,629,970.42 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n108 \n \n24. ACKNOWLEDGMENTS - LIST OF MAJOR CONTRIBUTORS \nS/N Name \nOrganisation \n1. R. I. Sike \nFinancial Policy and Regulation Department, CBN \n2. M. A. Alabi \nFinancial Policy and Regulation Department, CBN \n3. J. A. Mohammed \nFinancial Policy and Regulation Department, CBN \n4. A. Sylvanus-Dannana \nFinancial Policy and Regulation Department, CBN \n5. L. Mohammed \nFinancial Policy and Regulation Department, CBN \n6. M. K. Ibrahim \nDevelopment Finance Department, CBN \n7. M. E. Obiechina (PhD.) Development Finance Department, CBN \n8. S. O. Odeniran (PhD.) \nMonetary Policy Department, CBN \n9. Y.D. Bulus (PhD.) \nMonetary Policy Department, CBN \n10. A. A. Akintola (PhD.) \nResearch Department, CBN \n11. B.A. Gaiya (PhD.) \nResearch Department, CBN \n12. A. A. Umaru \nBanking Supervision Department, CBN \n13. I. Hamman \nStatistics Department, CBN \n14. A. Salihu \nStatistics Department, CBN \n15. E. O. Shonibare \nRisk Management Department, CBN \n16. J. A. Angaye \nRisk Management Department, CBN \n17. U. Ojowu \nRisk Management Department, CBN \n18. P. N. Bewaji (PhD.) \nFinancial Markets Department, CBN \n19. V. A. Martins \nDevelopment \nFinance \nInstitutions \nSupervision \nDepartment, CBN \n20. O. Ogbe \nDevelopment \nFinance \nInstitutions \nSupervision \nDepartment, CBN \n21. O. O. Jayeola \nOther Financial Institutions Supervision Department, CBN \n22. A. M. Wanka \nReserve Management Department, CBN \n23. M. K. Muazu \nConsumer Protection Department, CBN \n24. C. D. Chjioke \nConsumer Protection Department, CBN \n25. C. O. Ugwueze \nPayments System Supervision Department, CBN \n26. O. A. Ojerinde \nBanking Services Department, CBN \n27. I. A. Adeleke \nBanking Services Department, CBN \n \n \n \n \n \n FINANCIAL STABILITY REPORT – JUNE 2025 \n \n \n109 \n \n28. S. H. Hassan (PhD.) \nSecurities and Exchange Commission \n29. M. Mammada \nNigeria Insurance Commission \n30. H. Gumel \nNational Pension Commission \n31. C. C. Chukwu \nNigeria Deposit Insurance Corporation \n \nThis Report was produced and supervised by the Financial Policy and Regulation \nDepartment in collaboration with other Regulators. \n \n \nRITA I. SIKE \nDIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT", "source": "CBN", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///CBN/Quarterly_Economic_Reports/FSR JUNE 2025 EDITION aft.pdf"}
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