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Tag: CBN

Banking

CBN orders banks to implement multi-factor authentication for foreign cards

The Central Bank of Nigeria has instructed all banks and financial institutions to implement multi-factor authentication for foreign card transactions exceeding $200 per day. The move is part of new measures aimed at enhancing the seamless use of foreign-issued payment cards in Nigeria. The directive appears in a circular dated December 18, 2025, issued by […]

Banking

CBN okays Lucidum Finance for full operations

The Central Bank of Nigeria has issued an operational licence to Lucidum Finance Company Limited. Lucidum confirmed that the approval was conveyed in a letter dated December 10, signed by the Director of the Financial Policy and Regulation Department. The company said the licence represents the final stage of the CBN’s rigorous application and approval […]

Business featured

CBN mandates dual connectivity for PoS transactions

The Central Bank of Nigeria has issued a directive compelling all financial institutions, acquirers, and payment service providers to implement mandatory dual connectivity for Point of Sale transactions. This crucial infrastructure upgrade must be completed within one month of the order. The circular, which updates an earlier policy from September 2024, was signed by Rakiya […]

Business

CBN strengthens agricultural financing with inauguration of ACGSF board

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has inaugurated a board for the Agricultural Credit Guarantee Scheme Fund in Abuja. Speaking at the event, Cardoso described the move as a “new dawn” for agricultural financing, highlighting the ACGSF as one of Nigeria’s oldest development finance programs and a vital tool for transforming […]

Finance

CBN licenses 82 BDCs to operate in FX market

The Central Bank of Nigeria on Monday announced that it has granted 82 Bureau De Changes final licenses to operate in the foreign exchange market. The CBN disclosed this in a statement signed by its Acting Director Corporate Communication, Dr. Sidi-Ali Hakama. The apex bank warned the public against dealing with unlicensed foreign exchange operators. […]

Business

External reserves surpass $45bn as Nigeria records major FX boost

Nigeria’s external reserves have surpassed $45 billion, according to new figures from the Central Bank of Nigeria. With reserves now at $45.04 billion, the country is recording its strongest position in six years, marking a sharp rebound from earlier levels. Findings indicate that Nigeria’s reserves last reached this level on July 23, 2019, when they […]

Business featured

CBN announces new ATM withdrawal

The Central Bank of Nigeria has updated its cash withdrawal regulations, ending the special authorisation that allowed individuals to withdraw N5 million and corporates N10 million once per month, starting January 2026. In a circular issued Tuesday, December 2, 2025, and signed by the Director of the Financial Policy & Regulation Department, Dr. Rita I. […]

Policy and Regulations

CBN mandates 48-hour reimbursement for e-fraud victims

The Central Bank of Nigeria has ordered banks and other financial institutions to reimburse victims of Authorised Push Payment fraud within 48 hours, marking one of the strongest regulatory moves yet to protect customers from rising electronic fraud in the country. APP fraud occurs when customers are manipulated, persuaded or misled into voluntarily sending money […]

Private sector laments loan repayment as interest rate hits 26.26%
Business

FATF exit saved Nigeria $30bn potential investment — CBN gov

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that Nigeria’s removal from the Financial Action Task Force grey list has prevented the potential loss of over $30 billion in investments Speaking at the annual Bankers’ Dinner in Lagos hosted by the Chartered Institute of Bankers of Nigeria, Cardoso said that the […]

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