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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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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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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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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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 […]
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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. […]
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