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Tag Archives: Central Bank of Nigeria

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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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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CBN Lifts Saving, Withdrawal Limit on Domiciliary Accounts

CBN Lifts Saving, Withdrawal Limit on Domiciliary Accounts

The Central Bank of Nigeria has announced the removal of cash deposit and withdrawal limits on domiciliary accounts. In a statement by the CBN on Sunday, the new regulation allowed domiciliary account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily. Recall …

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CBN Reacts to USSD Disconnection over N120 Billion Debt

CBN Reacts to USSD Disconnection over N120 Billion Debt

The Central Bank of Nigeria, CBN has said that the current dispute between banks and Telcos over non-payment of accumulated Unstructured Supplementary Service Data, USSD debt is due to technical issues regarding the definition of a successful transaction from their perspective. This disclosure contained in a statement issued by the …

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CBN Spends $112m on Debt Servicng in One Month

CBN Spends $112m on Debt Servicng in One Month

The Federal Government spent $112.35m on external debt servicing in January 2023. Data from the Central Bank of Nigeria’s Weekly International Payments showed that the amount spent in January was 146.17 per cent higher than the $45.64m spent in December 2022. This occurred as the Federal Government struggled to boost …

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