Tuesday , November 28 2023

Tag Archives: CBN

CBN Debunks Claim to Redenominate the Naira in 2024

CBN Debunks Claim to Redenominate the Naira in 2024

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

Access Bank Strengthens Devt Banking Desk to Empower Businesses, NGOs

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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CBN Approves Naira as Payout Options for Diaspora Remittances

CBN Approves Naira as Payout Options for Diaspora Remittances

The Central Bank of Nigeria has said Nigerians can receive naira for diaspora remittances. The CBN gave the directive in a circular no TED/FEM/PUB/FPC/001/004 to all Deposit Money Banks, International Money Transfer Operators, and the general public titled ‘Payout option in naira for receipt of proceeds of diaspora remittances’ signed …

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Banks Increase ATM Cash Withdrawal Limit to N200,000 Daily

Banks Increase ATM Cash Withdrawal Limit to N200,000 Daily

Months after banks restricted withdrawals on automated teller machines (ATMs), commercial banks in the country are beginning to increase the cash withdrawal limit for customers on a daily basis to N200,000. In an emailed notice to customers yesterday, Zenith Bank said customers can now ‘perform cash withdrawals of up to …

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