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Tag: CBN

Gradual removal of old naira notes continues – CBN
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Gradual removal of old naira notes continues – CBN

      The Central Bank of Nigeria has reiterated its dedication to gradually discontinuing the old N200, N500, and N1,000 notes in favour of releasing new money. The Monetary Policy Committee met on Tuesday at the CBN headquarters in Abuja, where the acting governor of the top bank, Folashodun Shonubi, announced this pronouncement. The […]

CBN increases interest rate to 18.75%
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CBN increases interest rate to 18.75%

    The Central Bank of Nigeria’s Monetary Policy Committee has voted to raise the benchmark interest rate by 25 basis points to 18.75%. The disclosure was made by the Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, during the reading of the communiqué of the fourth Monetary Policy Committee meeting of the […]

SERAP sues Wike, governors, over failure to account for N40tn LGA allocations
Business

Why SERAP sued CBN over KYC social media policy

The Central Bank of Nigeria is being sued by the Socio-Economic Rights and Accountability Project over its proposed Know-Your-Customer social media policy. SERAP’s attorneys, Mr. Kolawole Oluwadare and Ms. Blessing Ogwuche filed the lawsuit on behalf of the organization, alleging “the failure to delete the patently unlawful provisions in the Central Bank of Nigeria (Customer Due Diligence) […]

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PHOTOS: CBN, Egypt sign FinTech agreements

The Central Bank of Nigeria, on Tuesday, signed FinTech collaboration agreements with the Central Bank of Egypt to improve regional technology investments.   The apex bank shared pictures from the event via its Twitter handle, with the Deputy Governor of the CBN, Aishah Ahmad, stating that Nigeria would deepen cross-border regulatory collaboration, information sharing through […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
Business

CBN’s funding of FG deficits will hike inflation – IMF

The Central Bank of Nigeria has been encouraged by the International Monetary Fund to take steps to suspend or limit its funding of the government’s fiscal deficits if it wants the booming inflation to subside. The National Bureau of Statistics reports that the country’s inflation increased from 22.22 percent in April 2023 to 22.41 percent in […]

CBN orders banks to pay diaspora remittances in naira
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CBN orders banks to pay diaspora remittances in naira

The Central Bank of Nigeria has issued a directive to International Money Transfer Operators to pay dollars received through Diaspora remittances to domestic beneficiaries in naira. The directive was conveyed in a circular addressed to banks, IMTOs, and the public by the Director of the CBN’s Trade and Exchange Department, O.S Nnaji. The circular also […]

CBN releases financial report first time in seven years
News

CBN warns banks over Russia, Iran, Cameroon transactions

  By Wilson Adekumola     The Central Bank of Nigeria has admonished Deposit Money Banks and Other Financial Institutions in the country to be cautious of their transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroun. This was contained in a circular referenced, FPR/AML/PUB/BOF/001/029, which […]

CBN, others to review 2.9tTn tax credit scheme
Banking

Bank borrowing from the CBN hits N10.35tn

Banks in Nigeria appear to be increasingly reliant on the Central Bank of Nigeria, for liquidity as borrowings from the apex bank hits N10.35 trillion. According to Vanguard, CBN data show that the banks borrowed N10.35 trillion from the CBN’s Standing Lending Facility during the first half of 2023, H1’23, which ended last weekend. This represents a staggering 140 percent […]

CBN urges FUTA to adopt eNaira for transactions
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CBN urges FUTA to adopt eNaira for transactions

    By Wilson Adekumola The Central Bank of Nigeria has called on the management and students of the Federal University of Technology, Akure, the Ondo State capital, to embrace the e-naira platform for all their financial transactions. The Acting Branch Controller of the CBN in Akure, Samuel Giwa made the this call on Monday […]

CBN, others to review 2.9tTn tax credit scheme
Banking

Expert urges CBN to regulate DMB’s exploitative charges

By Wilson Adekumola A financial expert, Okechuwu Unegbu has criticized the multiplicity of service charges by Deposit Money Banks, urging the Central Bank of Nigeria to regulate their activities. Unegbu who was a past president of the Chattered Institute of Bankers of Nigeria, made the urge while speaking with the News Agency of Nigeria on […]

CBN, others to review 2.9tTn tax credit scheme
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How external reserves fell by $3bn in six months – CBN

Information acquired from the Central Bank of Nigeria has revealed that Nigeria’s external reserves declined by $2.85 billion in the first half of 2023 due to external debt financing, among other issues. The Punch reported that CBN said that as of the end of June 26, 2023, the foreign reserves, which started out at $37.07 billion in […]

CBN's demand for customers' social media handles unlawful - NDPC
News

CBN’s demand for customers’ social media handles unlawful – NDPC

The Central Bank of Nigeria’s new instruction to banks to gather the social media handles of their clients as part of expanded Customer Due Diligence standards is illegal, according to the Nigerian Data Protection Commission. According to Nairametrics, the commission claimed that it has begun discussions with the apex bank on the matter because there […]

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