The Central Bank of Nigeria’s (CBN) directive limiting cash disbursement is causing ripples among Point of Sale (POS) agents in Lagos, many of whom are raising withdrawal fees to cope with the changes. The directive, issued on Tuesday, imposes a daily transaction limit of ₦1.2 million for each POS agent […]
CBN
The Central Bank of Nigeria (CBN) has reaffirmed that the old and redesigned N1000, N500, and N200 banknotes will remain in circulation indefinitely and continue to serve as legal tender alongside the newer versions. In a statement issued by Mrs. Sidi Hakama, Acting Director of Corporate Communications, the CBN emphasized […]
The International Finance Corporation (IFC), an affiliate of the World Bank Group, has entered into a strategic partnership with the Central Bank of Nigeria (CBN) to expand access to local currency financing for Nigeria’s private sector. This agreement aims to meet a pressing demand for naira-based funding in sectors pivotal […]
The Central Bank of Nigeria (CBN) has announced the imminent resumption of new customer enrollment for mobile money operators, including prominent fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint. CBN Governor Olayemi Cardoso disclosed this during the 295th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday. […]
The Monetary Policy Committee decided to increase interest rates by 150 basis points, raising them from 24.75% to 26.25%. This move, albeit moderate, contrasts with the more aggressive rate hikes witnessed in February and March. The decision reflects a consensus that additional time is required for the earlier rate adjustments […]
Nigeria’s central bank has reversed its decision to implement a contentious 0.5% cybersecurity levy on electronic transfers just three days prior to its scheduled enforcement. The revision comes following an amendment to the Cybersecurity Act in 2024, which expanded the levy’s coverage to include fintechs, payment service providers, and other […]
The Nigeria Customs Service (NCS) has hiked the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent increase compared to the previous rate of N1,373.64/$ set on May 1. This adjustment was noted by customs officials last Friday on the federal government’s single window […]
The Nigerian naira witnessed a continued depreciation on Wednesday, trading at N1,308.52 against the dollar at the official market. Data sourced from the FMDQ Exchange, the regulatory body overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a significant drop of N8.37 in the value of the naira, representing a […]
The Economic and Financial Crimes Commission (EFCC) has intensified its legal battle against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele, by lodging a new charge at the High Court of the Federal Capital Territory. The latest accusation alleges that Emefiele authorized the printing of N684,590,000 […]
At the ongoing Spring Meetings of the International Monetary Fund (IMF)/World Bank in Washington DC, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, made a statement emphasizing the bank’s stance on defending the naira. In a departure from past practices, Cardoso clarified that it is not the […]