Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions, the Central of Nigeria has disclosed. Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, the apex bank explained. It revealed this in a new ...

The Central Bank of Nigeria (CBN) has directed its staffers to declare their relationships with Politically Exposed Persons (PEPs) in the country. In a memo signed by its Deputy Director of Human Resources Department, Christian Eze, the apex bank, according to Premium Times, also directed its ...

The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years. Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of ...

By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has directed International Money Transfer Operators (IMTOs) to commence remittances pay-out in both Naira and foreign exchange to beneficiaries. It has also directed that the Investors and Exporters’ (I&E) window foreign ...

There are indications that banks are ignoring the Central Bank of Nigeria, CBN, directive that they should grant their customers unfettered withdrawal of foreign currencies from domiciliary accounts. Meanwhile, Nigeria’s foreign exchange market has recorded a drastic change following the market ...

Temitayo Jaiyeola The Central Bank of Nigeria has mandated Financial Institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses, and more of their customers. This forms part of its new customer due diligence regulations and is in a bid to ...

By Ogaga Ariemu The Central Bank of Nigeria, CBN, has announced further policy changes. According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity and price discovery in the FX market. AbdulMumin said this ...

By  Sami Tunji The naira traded at 702.19/dollar at the close of business on Thursday, as the Central Bank of Nigeria has allowed for a free float of the national currency against the dollar and other global currencies. This means that the currency lost about five per cent of its value within ...

By Williams Anuku President Bola Ahmed Tinubu has suspended the Central Bank of Nigeria, CBN, Governor, Mr Godwin Emefiele from office with immediate effect. According to a terse statement by Willie Bassey Director, Information Office of the Secretary to the Government of the Federation on Friday ...

By  Sami Tunji The Federal Government borrowed N6.07tn from the Central Bank of Nigeria through Ways and Means Advances in 2022, according to recent data from the apex bank. This pushed the Federal Government’s borrowing from the CBN from N17.46tn in December 2021 to N23.53tn in December ...

The Central Bank of Nigeria has revoked the operating licenses of 132 Microfinance banks, four primary mortgage banks and three finance companies in Nigeria. The Official Gazette of Nigeria, obtained from CBN’s website, disclosed this on Tuesday. The publication stated that the ...

The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk of a possible banking sector collapse as customers shun cash deposits. The development is a spill-over effect of the Central Bank of Nigeria’s poorly implemented Cashless Policy, ...

The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The CBN has also directed all commercial banks to open for operation ...

The Governor of Anambra State, Prof Charles Soludo confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits. DAILY POST reports that Soludo, a former CBN governor, made this known in a statement he posted on his ...

The Central Bank of Nigeria (CBN) has denied plans to shut down banking services ahead of Saturday’s presidential election. Reports had emerged that banking services will be shut down from Thursday, February 23 to Monday, February, 27 2023 The tweet reads, “Go and stock your home. Anyhow you can ...

By Nwafor Sunday President Muhammadu Buhari has ordered the Central Bank Governor, CBN, Godwin Emefiele to allow the old N200 (two hundred naira note) to circulate till April 10, 2023 when it will cease to be legal tender. Buhari made the directive on Thursday during his live broadcast on ...

By Emma Ujah, Johnbosco Agbakwuru, Victoria Ojeme, Joseph Erunke, James Ogunnaike & Bashir Bello, ABUJA Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, yesterday, told the Diplomatic Corps that an extension of the February 10 deadline for the circulation of the redesigned ...

By Johnbosco Agbakwuru, Abuja The Council of State presided over by President Muhammadu Buhari on Friday, gave their support to the naira redesign policy but with a caveat that the Governor of Central Bank of Nigeria (CBN) Godwin Emefiele, should make new Naira notes available or recirculate the ...

The Central Bank of Nigeria has directed commercial banks to start paying the new naira notes to customers over-the-counter in the banking halls. The development was confirmed in a statement on Thursday by the bank’s Director of Corporate Communications, Osita Nwanisobi. The apex bank assured ...

It is impressive to observe the determination of the Central Bank of Nigeria, CBN, to follow through with the laudable cashless policy which it introduced into Nigeria’s banking system. As the apex bank had explained, the cashless policy is aimed at scaling up financial inclusion and reducing ...

By John Alechenu, Abuja Opposition political parties have enjoined the Governor of the Central Bank, Godwin Emeifele not to bow to pressure from desperate politicians who were pushing for a shift in the date for the swap of old Naira notes with the newly redesigned currency. The Peoples ...

By Levinus Nwabughiogu-Abuja The commercial banks yesterday told the House of Representatives that they were bound by the guidelines of the Central Bank of Nigeria, CBN, as their regulator in the implementation of the cashless policy. The banks in a meeting with the adhoc committee of the ...

Adelani Adepegba, Sami Olatunji, Lilian Ukagwu, Damilola Aina, Oluwafemi Morgan and Daniel Ayantoye The Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension. The old notes are ...

Men of the State Security Service (SSS) have arrested the President of Middle Belt Youth Vanguard, Godwin Meliga, who was part of the coalition of groups who alerted on the plot by the agency to arrest the Central Bank Of Nigeria (CBN) Governor, Godwin Emefiele, for alleged terrorism financing. ...

…Says subsidy unsustainable …To engage NASS on N22.7 trn CBN Ways & Means securitization …Awaiting Stamp Duty investigations …As INEC gets N173bn for elections   By Emma Ujah, Abuja Bureau Chie, ABUJA Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, ...

The newly redesigned naira notes will go into circulation on Thursday (today) with Deposit Money Banks releasing the bills to their customers via over-the-counter payments. This came about three weeks after the President, Major General Muhammadu Buhari (retd), unveiled the new bills at a weekly ...