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Osun resubmits state's nomination for bank role, challenges CBN’s rejection
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Diaspora remittances surge to $4.22bn – CBN

The Central Bank of Nigeria has reported a substantial rise in diaspora remittances through International Money Transfer Operators, reaching $4.22 billion between January and October 2024. This marks a significant increase from the $2.62 billion recorded during the same period in 2023, reflecting the growing importance of remittances to Nigeria’s economy and foreign exchange reserves. […]

CBN restricts daily limit of POS transactions to N100,000
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CBN restricts daily limit of POS transactions to N100,000

The Central Bank of Nigeria has introduced a policy to advance its cashless economy initiative, capping daily cash-out transactions conducted by Point of Sale agents at N100,000 per customer. This directive, issued on December 17, 2024, was signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department. The new […]

CBN fines banks ₦150m for selling mint Naira notes
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CBN fines banks ₦150m for selling mint Naira notes

The Central Bank of Nigeria has imposed a hefty ₦150 million fine on deposit money banks and financial institutions found selling newly minted naira notes to currency hawkers. This development comes amid a prolonged cash shortage that has frustrated citizens and disrupted cash access across the country. A circular issued by the CBN on Friday […]

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Nigeria’s money supply rises by 48% in October

Nigeria’s broad money supply grew by 48.3% year-on-year, reaching N107.7 trillion in October 2024, up from N72.6 trillion in the same period of 2023. According to the Central Bank of Nigeria’s Money and Credit Statistics data released on Wednesday, the broad money supply (M²) had seen six consecutive months of growth since April 2024. However, […]

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
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CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown

The Central Bank of Nigeria has imposed ₦1 billion fines on two of the country’s largest fintech unicorns, Moniepoint and OPay, in the second quarter of 2024, TechCabal. These penalties are part of a broader crackdown on the fintech sector, with several other fintech companies also facing sanctions, though the exact details of their fines […]

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CBN loan to govt hits N42trn

The Central Bank of Nigeria’s data reveals a significant increase in credit to the government, which grew by nearly 90%, from N22.14 trillion in September 2023 to N42.02 trillion in September 2024. This growth has outpaced credit expansion to the private sector This is according to the Money and Credit Statistics data obtained from the […]

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CBN to retire 1,000, offers N50bn for severance pay

The Central Bank of Nigeria is set to retire around 1,000 of its employees by the end of the year, according to sources within the bank. The retirement process is expected to cost the CBN over N50 billion in severance pay to the affected workers, according to Daily Trust. The CBN, under the leadership of […]

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CBN to launch new website today

The Central Bank of Nigeria has officially launched its redesigned website today, December 2, 2024. In a statement signed on Sunday, by the acting Director of Corporate Communications, Sidi Ali, the bank said the new website will become operational today. “The bank has developed a contemporary Web API that operates on Microsoft .NET Core 8 […]

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FX matching system will correct Naira’s true value – Cardoso

The Central Bank of Nigeria, Olayemi Cardoso announced that the upcoming electronic FX matching system will help align the naira-to-dollar exchange rate with the naira’s true market value. Speaking at the Bankers’ Committee Annual Dinner on November 29, 2024, at Eko Hotel, Lagos, governor Cardoso highlighted that the electronic FX matching system would enhance price […]

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ICYMI: CBN sets Banks’ minimum trade on FX platform at $100,000

The Central Bank of Nigeria has introduced new guidelines for interbank foreign exchange trading, effective from November 25, 2024. These guidelines stipulate that trades on the Electronic Foreign Exchange Matching System must have a minimum value of $100,000. The CBN’s Director of the Financial Markets Department, Dr. Omolara Duke, highlighted on Tuesday that this measure […]

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CBN raises Interest rate to 27.50%

The Central Bank of Nigeria has raised its Monetary Policy Rate by 25 basis points, bringing it to 27.50% from 27.25%. This decision was disclosed by CBN Governor, Yemi Cardoso after the Monetary Policy Committee meeting in Abuja on Tuesday. The committee’s decision was unanimous, marking another adjustment since September. The MPC also decided to […]

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CBN grants six-month extension for BDCs recapitalisation

The Central Bank of Nigeria has extended the deadline for Bureaux De Change operators to meet recapitalisation requirements by six months, according to the Association of Bureaux De Change Operators of Nigeria. ABCON President, Aminu Gwadabe made this disclosure during a virtual general meeting with members on Monday, stating that the new deadline for compliance […]

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