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 […]
CBN
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 […]
The Central Bank of Nigeria (CBN) has levied significant fines on nine Deposit Money Banks (DMBs) for failing to provide Naira notes through automated teller machines (ATMs) during the holiday season. In a statement, the apex bank underscored that this enforcement action aims to uphold its strict policy against cash […]
Data from the Central Bank of Nigeria (CBN) reveals a significant rise in net foreign exchange (FX) inflows into the Nigerian economy, increasing by 65.7% year-on-year (YoY) to $46.92 billion in the first ten months of 2024. This is up from $28.31 billion in the same period in 2023. The […]
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 […]
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 […]