Financial institutions that are stockpiling the new naira notes will face harsher punishments, according to the Central Bank of Nigeria (CBN). The threat was made by the apex bank on Wednesday, January 25; in response to the claim that not enough notes were released. The assertion was refuted at aContinue Reading
The Monetary Policy Committee of the Central Bank of Nigeria, CBN has voted to increase the benchmark interest rate by 100 basis points to 17.5 percent. The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday. This is theContinue Reading
The Central Bank of Nigeria (CBN) has posted a countdown clock on its website for the expiration of the N200, N500, and N1,000 notes now in use on January 31, 2023. The Naira redesign policy, which the apex bank had stated, called for the printing of new notes in theContinue Reading
The Central Bank of Nigeria (CBN) has granted Airtel Mobile Commerce Nigeria Ltd., a subsidiary of Airtel Africa, approval in principle to operate as a super agent. This is contained in a notice signed by the Group Company Secretary, Airtel Africa, Simon O’Hara; and posted on the Nigerian Exchange (NGX) Ltd. websiteContinue Reading
The Central Bank of Nigeria (CBN) has issued a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the Nigerian Banking Industry. This was contained in a communique issued on Wednesday, October 13. According to the CBN, the framework enhances the effectiveness of customer due diligence and “know yourContinue Reading
The Central Bank of Nigeria (CBN) is set to roll out the e-Naira digital currency on Friday, October 1, 2021. This was disclosed by the Director of Information Technology, CBN, Rukiya Mohammed, on Wednesday. She said the apex bank has concluded plans to launch the Central Bank Digital Currency (CBDC)Continue Reading
The Central Bank of Nigeria (CBN) has warned microfinance institutions to desist from activities such as wholesale banking and foreign exchange transactions. This was disclosed in a circular issued on Friday, August 20; titled “Cessation of non-permissible activities by microfinance banks,” signed by Ibrahim Tukur on behalf of CBN’s Financial Policy and Regulation Department.Continue Reading
The Gov. of Central Bank of Nigeria (CBN), Dr Godwin Emefiele on Thursday, August 5, disclosed that at the end of June 2021, commercial banks in Nigeria refunded N89.2 billion to customers over complaints. Emefiele made the disclosure during a CBN Fair held simultaneously in Cross River and Akwa Ibom with the theme “Promoting financialContinue Reading
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court in Abuja to compel President Muhammadu Buhari to disclose details regarding the spending of the overdrafts and loans taken from the Central Bank of Nigeria, CBN, since May 29, 2015. SERAP is also seeking an orderContinue Reading
The Central Bank of Nigeria has set new charges payable by customers using USSD services for their financial transactions. The apex bank said the transaction fees are effective Tuesday, setting a flat rate of N6.98 per transaction. This was contained in a statement released on Tuesday and signed by theContinue Reading
