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FCCPC warns bakeries against compromising food safety

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Tag: CBN

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
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CBN accused of misappropriating N2.7tn interest on Ways and Means

The Federal Government has accused the Central Bank of Nigeria of misappropriating N2.73 trillion in interest payments from Ways and Means advances, raising alarms over the management of public funds. The allegation was made in the Federal Government’s consolidated financial statement for the year ending December 31, 2021, which was submitted to the National Assembly […]

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Treasury bills subscription hits ₦38.08tn in 2024 – CBN

Investors’ subscription to Nigerian Treasury Bills surged from N23.51 trillion in 2023 to N38.08 trillion in 2024, according to a report by the Central Bank of Nigeria. This growth reflects increased demand for short-term government securities as the apex bank intensifies efforts to manage liquidity in the financial sector. According to the CBN’s ‘Primary Market’ […]

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CBN attributes oil revenue crash to ageing pipelines

The Central Bank of Nigeria has identified ageing pipeline infrastructure and operational inefficiencies as key factors contributing to a significant 24.72% decline in oil revenue for the third quarter of 2024. The decline saw oil revenue drop to N1.30 trillion, down from the previous quarter, primarily due to lower receipts from petroleum profit tax and […]

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
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CBN to launch whistleblower platform January

The Central Bank of Nigeria will launch an externally hosted whistleblowing platform on January 1, 2025. This initiative underscores the bank’s dedication to promoting transparency, integrity, and accountability within its operations and the broader Nigerian financial system. According to the December 2024 CBN Update, the whistleblowing platform marks a critical advancement in fostering a safe […]

News

CBN sets PoS agents daily transaction limit at N1.2m

The Central Bank of Nigeria has set a daily transaction limit of N1.2 million for Point of Sale agents. Additionally, the bank introduced a cap of N100,000 per customer for cash-out transactions at PoS terminals. These measures are likely aimed at regulating cash flows and enhancing security in the financial system. The CBN disclosed this […]

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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