By Elvis Eromosele The Central Bank of Nigeria (CBN) recently mandated that all Point of Sales (PoS) operators complete their registration with the Corporate Affairs Corporation (CAC) by July 7, 2024. This directive aims to formalize the operations of PoS businesses across the country, boosting regulatory compliance and promoting financial inclusion. However, …
Read More »REMITA Was Selected Based on Merit – CBN
The Director of Banking Services, Central Bank of Nigeria (CBN), Hamisu Abdullahi, highlighted the merit-based selection of Remita to provide an electronic platform essential for facilitating payments from Ministries, Departments, and Agencies (MDAs) to beneficiary accounts across commercial banks. He said this when officials of the Central Bank of Nigeria …
Read More »CBN Increases Interest Rate to 24.75%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new …
Read More »First Bank Holdings to Raise N150 Billion Additional Capital Raise
First Bank Holding Plc, one of the nation’s premier commercial banks will seek shareholders’ approval to raise N150 billion additional capital at the group’s Annual General Meeting (AGM) scheduled for August 15, 2023. This was contained in the group’s amended notice of the annual general meeting seen by Nairametrics. According …
Read More »CBN Debunks Fake News Titled “Fresh Plot Against President-Elect Tinubu”
Central Bank of Nigeria (CBN) has debunked a story published in The Nation newspaper of Monday, March 13, 2023 edition, alleging that the Governor, Mr Godwin Emefiele has launched a “fresh plot against President-elect, Tinubu”. The aforementioned story went further to allege that the Governor has made certain amount of …
Read More »CBN Gives Reasons for Naira Scarcity, Blames Hoarding, Others
After fierce resistance, protracted heat on Nigerians and aggressive reactions leading to protest, authorities of the Central Bank of Nigeria (CBN) on Thursday, admitted that the ongoing problems associated with the Naira redesign and cash withdrawal policy were not anticipated. A Deputy Governor of the apex bank, Folashodun Shonubi, made …
Read More »Naira Redesign Disrupts Kidnappers, Currency Hoarders, Speculators’ Activities – CBN Governor
The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that he has successfully disrupted the activities of currency hoarders and speculators with the Naira redesign. The CBN governor, while speaking after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said there …
Read More »Interswitch Secures CBN Payment Service Holding Company (PSHC) License
…Restates strong commitment to enabling Africa’s payment ecosystem. Interswitch Group (‘Interswitch’ or ‘The Company’), one of Africa’s leading financial technology and integrated payments solution providers has announced receipt of a Payments Service Holding Company (PSHC) License issued by the Central Bank of Nigeria (CBN). This follows an earlier announcement by …
Read More »CBN Kicks Against Sales of New Naira Notes
…Moves to Checkmate Banks Dispensing Old Notes The Central Bank of Nigeria, CBN has frowned against the illegal practices surrounding the circulation of new naira notes in the country. This is coming on the heels of Nigerians’ outcry as the CBN deadline for the old notes closes in while the …
Read More »Emefiele Flags-Off Second Phase of eNaira Project
…Restates Commitment to Development of Financial Sector The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, says the second phase of the eNaira project has begun and is intended to drive financial inclusion by onboarding unbanked and underserved users leveraging offline channels. This is even as he disclosed that …
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