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Central Bank of Nigeria (CBN) on Monday said it had opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council. This is as the Chief of Staff to the President, Femi Gbajabiamila, appeared at the headquarters of the Independent Corrupt Practices and Other Related Offences Commission to testify in the ongoing investigation […]
Continue ReadingCentral Bank of Nigeria (CBN) has outlined 10 key changes to Bank Verification Number (BVN) rules, which will take effect from May 1, as part of efforts to curb fraud and tighten digital banking processes. The updated guidelines will affect how customers log in, switch devices, and manage their banking details. How customers access mobile […]
Continue ReadingCentral Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) in Nigeria to open and maintain naira settlement accounts with authorised dealer banks as part of efforts to improve transparency and oversight in the foreign exchange market. The directive was contained in a circular dated March 24, 2026, signed by the Director […]
Continue ReadingSome of Nigerian banks are racing to meet the new capital requirements mandated by the central bank, a policy shift that is expected to strengthen the lenders’ resilience against shocks and enable them to make meaningful contributions to the country’s growth agenda. The recapitalisation exercise, which began in 2024, sets N500 billion for commercial banks […]
Continue ReadingIn a circular signed by the Director, Financial Policy & Regulation Department, Dr. Rita I. Sike, on December 2, 2025, the Central Bank of Nigeria (CBN) announced a comprehensive revision of cash-related policies, introducing new nationwide withdrawal limits and scrapping the cumulative deposit cap for bank customers. She said the policy overhaul was necessary to […]
Continue ReadingLatest data published by the Central Bank of Nigeria (CBN) shows that the Nigerian banking industry (NBI) pays its customers an average interest rate of 5.32% on savings in their bank accounts. The figures released on its website capture deposit rates across 31 commercial and merchant banks. Commercial Banks’ average interest rate on customers’ deposit […]
Continue ReadingCentral Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, a significant initiative aimed at enhancing financial access for Nigerians in the diaspora. The platform, which enables Nigerians abroad to obtain their BVN remotely, removes the need for physical presence in Nigeria. […]
Continue ReadingNigeria’s Federal High Court sitting in Abuja and presided over by Justice Joyce Abdulmalik has restrained the Central Bank of Nigeria (CBN) from further releasing financial allocations to the Rivers State Government pending when a lawful appropriation act is passed by a validly constituted House of Assembly. The judge issued the order on Wednesday, October […]
Continue ReadingOne of the aides of former President, Mohammadu Buhari has denied the claim of the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, who blamed the current economic hardship in the country on the poor handling of the nation’s economy from 2015 to 2023 when Buhari served two terms. The aide said the […]
Continue ReadingPresident Bola Tinubu has asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and ordered a review of the law and policy necessitating it. This is coming after the decision of Nigeria’s House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all […]
Continue ReadingIn a circular signed by the Director, Payments System Management Department (PSMD), Chibuzo Efobi; and the Director, Financial Policy and Regulation Department (FPRD), Haruna Mustafa; the Central Bank of Nigeria (CBN) on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country. Implementation of the […]
Continue ReadingIn a circular on Monday, the Central Bank of Nigeria (CBN), directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions, and implementation of which would start in two weeks. The circular reads in part: “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant […]
Continue ReadingIn a circular signed by Dr. W.J. Kanya for Director, Trade & Exchange Department which was uploaded to its website on Monday, April 8, 2024, the Central Bank of Nigeria (CBN) has again announced the sales of dollars to eligible Bureau De Change (BDC) operators. The apex bank said it is set to sell $10,000 […]
Continue ReadingIn order to further crash the FX rate, Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators in Nigeria, informing them that $10,000 have been made available to each qualified BDC at a rate of N1,251 per US dollar. The apex bank also reportedly instructed each BDC to sell […]
Continue ReadingCentral Bank of Nigeria (CBN) on Friday revoked the licenses of 4,173 Bureaux De Change (BDC) Operators, accusing the affected institutions of failing to observe regulatory provisions. The move is part of efforts to restore confidence in the nation’s foreign exchange market, according to the apex bank. See below the full list of the affected […]
Continue ReadingCentral Bank of Nigeria (CBN), on Friday, revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines. The apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama. This means there will now be 1,517 operational BDCs from the initial 5,690. In the CBN […]
Continue ReadingCentral Bank of Nigeria (CBN) has sold over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The naira appreciated against the dollar to 1,582/$ at the close of trading activities at the official market on Monday. According to data obtained from FMDQ securities, the […]
Continue ReadingImmediate past Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, on Tuesday, appeared as a witness in the ongoing trial of the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and that $6.2m was released from the CBN in February 2023 using a forged document. Mustapha stated this […]
Continue ReadingIt is not just the menace of insecurity in the land that has been in the news in Nigeria, the economy too, and indeed the latter for obvious reasons as well, with the national currency, the Naira in a very bad shape, inflation at 28.92%, widespread systemic distortions in the economy, a foreign exchange regime […]
Continue ReadingCentral Bank of Nigeria (CBN) has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone Banks. CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja. The source, who spoke on condition of anonymity, hinted that an […]
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