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Tag: CBN

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

CBN uncovers N2.3m illicit naira dealings

The Central Bank of Nigeria has raised concerns about the rising incidence of illicit transactions involving banknotes, warning that this trend threatens financial system stability. CBN Governor, Olayemi Cardoso, made this known on Thursday at the Bank’s Security Workshop in Abuja, where security and law enforcement agencies convened to tackle the issue. Cardoso revealed that […]

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Reps order CBN to halt new ATM charges policy

The House of Representatives directed the Central Bank of Nigeria to immediately suspend the implementation of increased ATM transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs, as outlined in a recent circular by the apex bank. Thee House of Representatives, in a motion of urgent public importance, sponsored […]

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

CBN raises N2.72trn in T-Bills amid tight monetary policy

The Central Bank of Nigeria has disclosed that the federal government raised N2.72 trillion through Nigerian Treasury Bills in the first two months of 2025, marking an 8.6% decline from the N2.97 trillion raised during the same period in 2024. The CBN is tightening monetary policy with higher interest rates and large NTB auctions to […]

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

CBN opposes EFCC’s bid to seize ₦2.7bn collateral property

The Central Bank of Nigeria has requested the Federal High Court in Abuja to dismiss a forfeiture case initiated by the Economic and Financial Crimes Commission concerning a property valued at ₦2.7 billion. This property, located at Plot 781, Cadastral Zone 001, Karmo District, Abuja, was used as collateral for a loan granted through the […]

News

Financial inclusion crucial to national economy – CBN

The Deputy Governor for Financial Systems Stability at the Central Bank of Nigeria, Philip Ikeazor, has emphasized the crucial role of financial inclusion in national development. He made this disclosure during EFInA’s unveiling of its refreshed brand identity, five-year corporate strategy, and new CEO, Foyinsolami Akinjayeju. Ikeazor noted that beyond providing data and funding, EFInA […]

News

Cardoso pledges stronger economic ties with Saudi Arabia

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has reaffirmed the bank’s commitment to enhancing economic cooperation between Nigeria and Saudi Arabia. According to a CBN press statement on Sunday, Cardoso made this remark during a courtesy visit to the bank’s headquarters by the Saudi Arabian Ambassador to Nigeria, Faisal bin Ibrahim Alghamdi, […]

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

CBN holds interest rate at 27.5% amid inflation decline

The Central Bank of Nigeria’s Monetary Policy Committee has unanimously decided to maintain the Monetary Policy Rate at 27.5%. This decision was announced by CBN Governor, Olayemi Cardoso during a press conference in Abuja on Thursday, following the committee’s 299th meeting. Since May 2022, the CBN has implemented a series of 15 interest rate hikes […]

News

CBN investigates 19.7m dormant bank accounts

The number of dormant bank accounts in Nigeria has exceeded 19.69 million, according to the Nigeria Inter-Bank Settlement System’s industry customer account database. The data, which tracks monthly account statuses in 2024, shows a steady rise in inactive accounts. This trend coincides with new Central Bank of Nigeria regulations requiring commercial banks to disclose details […]

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Banks must stock ATMs with cash – CBN

The Central Bank of Nigeria has directed banks to ensure that customers have access to cash at Automated Teller Machines as the new ATM transaction fees take effect on March 1. This was disclosed by the Acting Director of the Financial Policy and Regulation Department, John Onoja, during an interview on Arise TV on Tuesday. […]

News

CBN eyes closer Nigeria-Middle East economic ties

The Governor of the Central Bank of Nigeria, Olayemi Cardoso has stressed the need for closer economic ties between Nigeria and the Middle East, focusing on collaboration in infrastructure, tourism, and the development of the financial sector. This was disclosed in a statement issued by the bank on Monday. During the inaugural Conference on Emerging […]

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

CBN clarifies N100 fee withdrawals at other banks’ ATMs

The Central Bank of Nigeria has clarified that the newly reviewed N100 charge on ATM withdrawals from other banks (Not-On-Us transactions) applies regardless of whether the withdrawal amount reaches N20,000. In a FAQ document on the revised ATM transaction fees, the CBN explained that the N100 charge per N20,000 withdrawal is meant to prevent customers […]

CBN cancels free ATM withdrawals for other banks' customers
News

Bank customers react as CBN scraps free ATM wthdrawals

The Central Bank of Nigeria’s decision to scrap the three free withdrawals previously allowed on other banks’ ATMs, has sparked criticism from bank customers, who argue that it will increase their banking costs, especially for those who rely on other banks’ ATMs for convenience. Customers voiced their concerns on Tuesday after the CBN released a […]