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President 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 […]
Continue ReadingCentral Bank of Nigeria (CBN) has lifted the ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system. The CBN announced the reversal of the policy in a circular by Haruna Mustapha, its Director of Financial Policy and Regulation. Mustapha said that the apex bank would now provide regulations for financial […]
Continue ReadingCentral Bank of Nigeria (CBN) says beginning from April 2024, it will freeze all bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN). The circular released by the apex bank on Friday, December 1, instructed banks to place a “Post no Debit” restriction which prevents customers from making withdrawals, transfers, or […]
Continue ReadingAs CBN on Thursday lifted the ban on importers of 43 items restricted from accessing foreign exchange on its official platform, Investor & Exporter (I&E) forex window in Nigeria recorded a turnover of $53.02m on Friday, following the Central Bank of Nigeria’s forex ban lift on 43 items. It disclosed this in a statement titled, […]
Continue ReadingThe Central Bank of Nigeria (CBN) is set to recover loans granted to some Nigerians to ameliorate harsh socio-economic realities. The loan initiative involved is the Targeted Credit Facilities (TCF), granted to them in 2020 to cushion the economic effect of COVID-19. Some facility beneficiaries, however, expressed concern about the manner of recovery. A beneficiary, […]
Continue ReadingCentral Bank of Nigeria (CBN), on Wednesday, said the recent estimate of the bank’s financial accounts by JP Morgan was “out of context”, and assured that there was no cause for panic. CBN clarified that fluctuations and liabilities encumbrances to the reserves were only natural and normal, adding that the CBN built the reserves to […]
Continue ReadingLagos lawyer and rights activist, Femi Falana SAN, has said that the decision of the Central Bank of Nigeria (CBN) under President Bola Tinubu to float the naira is illegal and he is now challenging that in court. On June 14, at a time when the naira traded between 730 and 755 to the dollar […]
Continue ReadingNigerians on Twitter (X) have demanded that Buhari and former Central bank of Nigeria (CBN) governor, Godwin Emefiele be imprisoned for reportedly using Nigeria’s foreign reserve secretly as collateral for loans The CBN owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of the financial year ending December 2022. Also included […]
Continue ReadingCentral Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments either through bank accounts or digital wallets. The CBN disclosed this on Tuesday in a circular titled: “Transaction Limits on Contactless Payments” signed by its Director, Payment System Management Department, Musa Jimoh. Nigeria’s apex bank also limited the amount per transaction […]
Continue ReadingIn a statement, the Central Bank of Nigeria (CBN) has announced that cash deposits into domiciliary accounts in the country will no longer be restricted. The statement by the apex bank came following a meeting with the bankers’ committee on Sunday, June 18, as regards guidance to Deposit Money Banks (DMBs). The guidance includes allowing […]
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