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Tag Archives: CBN

CBN Frown Against Old, Lower Dollar Bill Rejection in Nigeria

CBN Frown Against Old, Lower Dollar Bill Rejection in Nigeria

  The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and authorized forex dealers, emphasizing the mandatory acceptance of old and lower denominations of United States Dollar (USD) bills from customers. This directive comes in response to findings from consumer market intelligence, which …

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CBN Debunks Licence Revocation Rumours

The Central Bank of Nigeria (CBN) has again reassured members of the banking public of the safety of their deposits and the banking system’s resilience. The reassurance follows concerns in certain quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s licence revocation. Contrary to …

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CBN Suspends Charges on Bank Deposits Till September

CBN Suspends Charges on Bank Deposits Till September

The Central Bank of Nigeria has directed banks to stop charges on cash deposits until September 30, 2024. The apex bank disclosed this in a circular dated May 6, 2024, signed by its director of Banking Supervision, Adetona Adedeji. Customers of some of the Deposit Money Banks raised concerns that …

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CBN Debunks Claim to Redenominate the Naira in 2024

CBN Debunks Licence Revocation Rumours

Central Bank of Nigeria has denied claims that it plans to redenominate the country’s currency Naira, with effect from January 2023. The apex bank stated this in a statement released by Isa AbdulMumin, the CBN’s Director of Corporate Communications. According to the statement released by the bank; “The attention of …

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External Reserves Dip by $915 Million

External Reserves Dip by $915 Million

Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, when the naira was floated, fell to $33.74bn as of …

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Access Bank Launches Custody Services as Part of Expansion Strategy

Herbert Wigwe: Access Holdings Board to Announce Acting CEO

Access Bank, one of Africa’s leading financial institutions, has announced the launch of its custody services, offering safekeeping and servicing of financial assets to its esteemed customers. The expansion into custody services comes after obtaining regulatory approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria …

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CBN to Name Banks Engaged in Illegal Sale of Forex

CBN Advises Nigerians Against Patronising Illegal Financial Operators

Central Bank of Nigeria (CBN) has said it will name commercial banks engaged in illegal sales of Dollars. Folashodun Shonubi, acting governor, CBN stated this a lecture titled ‘Diaspora Remittances and Nigeria Economic Development’ held at the National Institute of Security Studies (NISS) in Abuja. Shonubi also said that a …

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