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Economy

New naira: ATMs still dispensing old notes, report reveals

  Thirteen days after the issue of the freshly redesigned N200, N500, and N1,000 notes, and with 34 days till the old notes are no longer legal cash in the country, Automated Teller Machines in Lagos are yet to begin dispensing the new notes. According to Leadership, majority of Lagos’s ATMs are still distributing old […]

News

6,047 BVN on watchlist over fraudulent activities – CBN

  Findings have revealed that the Central Bank of Nigeria has placed at least 6,047 Bank Verification Numbers of bank customers under its watchlist. According to The PUNCH, this was contained in the CBN Financial Stability June 2022 report published in December 2022. 11,871 BVNs have been added to the watch list this year as […]

E-commerce

Naira notes production, destruction costs N800bn – CBN

The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has revealed that the CBN spent N800bn between 2017 and 2021 on the production, storage, transportation and destruction of the currency. According to The PUNCH, Ahmad, revealed this on Friday during her appearance before the House of Representatives. Findings by Sunday PUNCH reveal […]

News

1.4m POS agents generated N6tr in 2022 – CBN

The Central Bank of Nigeria has disclosed that 1.4 million agents generated N6 trillion in transactions, up from N48 billion in 2012. This was stated by the Deputy Governor for Financial System Stability, of the CBN, Aisha Ahmed, who represented CBN Governor, Godwin Emefiele at the National Assembly on Thursday. She stated that there were […]

News

CBN reveals overall benefit of cash withdrawal limit

The Central Bank of Nigeria has stated that the cash withdrawal limit is not anti-people. According to The PUNCH, this was stated by the Deputy Governor, Financial System Stability, CBN, Aisha Ahmad, on Thursday, while appearing before the House of Representatives. Ahmad represented the CBN Governor, Godwin Emefiele, who had twice failed to appear before […]

Economy

Why Nigeria’s foreign reserves lost $2.2bn – CBN

The Central Bank of Nigeria has explained reasons why Nigeria’s foreign reserves lost $2.22 billion in a sustained demand pressure in the foreign exchange market.   In its Financial Stability Report, CBN showed that the reserves fell to $36.96 billion in the second week of December, from August closing figure of $39.18 billion.   According […]

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CBN bows to pressure, increases weekly withdrawal limit

The Central Bank of Nigeria has raised the weekly maximum limit for cash withdrawals by individuals and corporate entities through all channels to N500,000 and N5,000,000, respectively. In a letter sent to banks on Wednesday, the CBN disclosed this. Recall that the apex bank stated that the decision was based on input from stakeholders. The […]

Banking

Withdrawal limit: PoS agents not endangered by new policy, says CBN

The Central Bank of Nigeria has debunked claims that its new policy limiting cash withdrawals is targeted at point-of-sales agents.   Recall, that the apex bank, earlier in December, announced that it was planning to set weekly withdrawal limit at N100,000 for individual and N500,000 for organisations.   The CBN’s Director of Banking Supervision, Mustafa […]

News

Banks run out of new naira, demand increases

  About 24 hours after the new naira notes officially entered circulation, reports revealed that banks have run out of the newly-printed denominations leading to increased demand. The shortage of the newly released naira notes stemmed from the limited amounts given to banks by the Central Bank of Nigeria. The newly redesigned N1,000, N500 and […]

Banking

VIDEO: Nigerian banks dispense new naira notes

Commercial banks have started dispensing the newly redesigned naira notes to over-the-counter customers.   Channels Television, on Thursday, reported that some banks in major cities across the country have begun dispensing the new notes to customers over the counter. The Governor of the Central Bank of Nigeria, Godwin Emefiele, had on October 26, said the […]

CBN fines banks N1m daily over refusal of new naira
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How new CBN withdrawal policy’ll affect SMEs – Expert

Financial experts have said that the Central Bank of Nigeria’s recently imposed withdrawal cap will have more impact on small and medium enterprises. Small company owners in Nigeria worry that the policy will make running their operations more expensive. The maximum weekly cash withdrawal over the counter for business organizations and individuals is now limited […]

News

Adjust cash withdrawal limit, Senate urges CBN

  In response to public outcry over its proposed weekly withdrawal on cashless policy, the Senate has urged the Central Bank of Nigeria to significantly adjust withdrawal limits. According to The News Agency of Nigeria, the Senate passed its resolution after the Committee on Banking, Insurance, and Other Financial Matters adopted its recommendations regarding the […]