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Tag: CBN

CBN cancels free ATM withdrawals for other banks' customers
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CBN cancels free ATM withdrawals for other banks’ customers

The Central Bank of Nigeria has revised ATM transaction fees, eliminating the three free monthly withdrawals previously available to customers using other banks’ ATMs. This update was announced in a circular signed by the Acting Director of the Financial Policy and Regulation Department, published on the CBN’s website on Tuesday. According to the circular, dated […]

News

CBN sets weekly $25,000 FX limit for BDCs

The Central Bank of Nigeria has introduced new guidelines limiting Bureau de Change operators to purchasing a maximum of $25,000 per week from a single authorized dealer bank. This move is aimed at regulating the retail foreign exchange market and promoting transparency. The directive, outlined in a circular issued on Wednesday by the Trade and […]

News

Banks reported higher loan defaults in Q4 2024 – CBN

The Central Bank of Nigeria revealed that lenders, including commercial banks and other financial institutions, experienced increased default rates on secured, unsecured, and corporate loans in the fourth quarter of 2024. Credit default occurs when a lender fails to collect a payment on an outstanding debt. The apex bank revealed the default rate in its […]

News

Cardoso warns banks on FX code violations

Central Bank of Nigeria Governor, Olayemi Cardoso, has issued a strong warning to financial institutions, stressing that any violations of the newly introduced Nigeria Foreign Exchange Code will result in severe penalties. At the launch of the FX Code at the CBN headquarters in Abuja on Tuesday, Cardoso emphasized the importance of the framework in […]

News

CBN sets January 31 deadline for FX market compliance reports

The Central Bank of Nigeria has instructed foreign exchange market participants to submit compliance reports on their adherence to the Nigeria FX Code by January 31, 2025. This directive aims to enhance ethical practices, governance, and transparency in the market. The Nigeria FX Code, effective from December 2, 2024, outlines principles of good practice to […]

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CBN urged to maintain inflation control measures

The World Bank Group has urged the Central Bank of Nigeria to remain committed to its efforts in tackling inflation. This was stated by the Senior Economist for Nigeria at the World Bank Group, Dr. Sameer Matta, during the launch of the 2025 Macroeconomic Outlook by the Nigerian Economic Summit Group. The event, themed “Stabilisation […]

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CBN okays FX code to promote ethics

The Central Bank of Nigeria has officially approved the Nigerian Foreign Exchange Code to promote ethical conduct and transparency in the country’s FX market. The Code, announced on the CBN website on Wednesday, is intended to guide the banking sector by ensuring that authorized dealers maintain the highest standards of professionalism and integrity when conducting […]

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CBN launches digital initiatives for transactions, document management

The Central Bank of Nigeria has launched two new digital initiatives—the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution. According the statement, the initiatives were unveiled on Wednesday, January 15, 2025, at the CBN Head Office in Abuja. The launch is part of the Bank’s broader “Digital First” transformation project, which […]

CBN cancels free ATM withdrawals for other banks' customers
News

CBN fines nine banks N1.35bn for cash shortage at ATMs

The Central Bank of Nigeria has imposed fines totaling N1.35 billion on nine deposit money banks for failing to ensure cash availability at automated teller machines during the festive season. The affected banks are Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa, and Sterling Bank. […]

Former CBN employees sue for reinstatement, compensation
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Former CBN employees sue for reinstatement, compensation

Former employees of the Central Bank of Nigeria, who were dismissed in a large-scale retrenchment in 2024, have taken legal action to seek justice and demand fair compensation. The sacked staff, challenging what they describe as violations of internal policies, Nigerian labour laws, and their contractual rights, have filed a class-action lawsuit at the National […]

News

Corporate Tax, VAT drive federation account to N6.86tn – CBN

Receipts into the federation account increased by 7.48% to N6.86 trillion in the third quarter of 2024, according to the latest Economic Report from the Central Bank of Nigeria. The report highlights that the increase in gross federation account earnings was fueled by higher receipts from corporate tax and value-added tax. The Federal Inland Revenue […]

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

1,000 CBN staff left voluntarily – Cardoso

The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the 1,000 staff members who left the bank did so voluntarily. He made this remark on Friday during the resumed House of Representatives investigative hearing on the disengagement of these workers by the CBN. The CBN on December 4, clarified that its […]