Tag Archives: CBN

As the holiday draws near, fraudsters are on the prowl for whom to defraud using dubious shopping websites and posing on social media platforms as customer support agents of legitimate businesses to steal your identity. While activities of online fraudsters are more sophisticated and are posed to spike during the …

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 …

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 …

The Central Bank of Nigeria (CBN) has unveiled a series of new operational guidelines for forex sales by Bureau de Change (BDC) operators in the country. This is coming more than two years after the suspended CBN governor, Godwin Emefiele, announced the suspension of foreign exchange sales to BDC operators …

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 …

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 …

Banks have begun to increase interest rates on deposits in line with the sustained hike in the Monetary Policy Rate, MPR, by the Central Bank of Nigeria, CBN. At its last Monetary Policy Committee, MPC, meeting previous week, CBN raised MPR by another 25 basis points the sixth consecutive raise …

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 …

Demonstrating its commitment towards supporting businesses and promoting diversification in Nigeria’s financial sector, the Central Bank of Nigeria (CBN) revealed that in 10 years the apex bank refunded over N115.45 billion and over $22.7 million to customers for failed bank transactions. CBN stated that no fewer than 35,453 complaints from …

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 …