The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureaux de Change (BDCs), allowing them to operate officially from November 27. The announcement was made in Abuja by Mrs. Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications Department. Sidi-Ali explained that the licensing exercise aligns […]
CBN
The Central Bank of Nigeria (CBN) has introduced sweeping changes to the nation’s cash-handling rules, marking a major shift from previous restrictions aimed at reducing cash usage. In a new circular titled “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director of Financial Policy and Regulation, the apex bank announced […]
Excess liquidity in the banking sector is demonstrated by the high increase in bank deposits with the Central Bank of Nigeria (CBN) of 783.7 percent year-over-year (YoY) to N79.8 trillion in the first seven months of the year (7m’25) from N9.03 trillion in the equivalent period of 2024 (7m’24). […]
The Nigerian Exchange (NGX) opened the week on a bearish note, losing ₦121 billion in market capitalization on Monday as investors reacted to the Central Bank of Nigeria’s (CBN) new forbearance directive targeting the banking sector. The All-Share Index (ASI) fell by 191.30 points, representing a 0.17% decline, to close […]
The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform in Abuja, marking a significant step forward in the country’s efforts to boost financial inclusion for Nigerians living abroad. The new digital platform allows Nigerians […]
The National Office for Technology Acquisition and Promotion (NOTAP) has inked a new agreement with Revass Systems Limited in a bid to modernize its operations and strengthen compliance in Nigeria’s tech acquisition space. The deal, signed in Abuja, will see Revass design and manage a digital revenue collection system tailored […]
The naira weakened further against the U.S. dollar on Monday, closing at N1,605.63/$1 in the official market—a 0.22% decline from its previous rate of N1,602/$1, according to data from the Nigeria Foreign Exchange Market (NFEM). The local currency faced renewed demand pressure during the trading session, swinging between a high […]
The Central Bank of Nigeria (CBN) has imposed fines totaling ₦150 million on several commercial banks for failing to keep their Automated Teller Machines (ATMs) stocked with cash. This regulatory move aims to address the persistent cash shortages affecting millions of Nigerians. However, the root causes of the issue extend […]
The Central Bank of Nigeria (CBN) has reiterated the requirements outlined in its Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024. Under these guidelines, banks and select financial institutions are mandated to publish details of dormant accounts, […]
The Central Bank of Nigeria (CBN) has announced a revision of ATM withdrawal fees, set to take effect from March 1, 2025. The new charges aim to address rising operational costs and enhance banking services across the country. In a circular signed by John Onojah, acting director of the Financial […]