AGS NEWS – The amount of unused social intervention funds held by nine Deposit Money Banks has decreased to N399.34 billion, despite the Central Bank of Nigeria (CBN) discontinuing the programme a year ago. As of December 31, 2023, the … Continue reading Banks disburse N132bn intervention fund despite CBN ban – Report
AGS NEWS – The Central Bank of Nigeria (CBN) has temporarily withdrawn its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025, which was released on September 17, 2024. The bank explained that the decision was made to prevent … Continue reading CBN withdraws monetary policy document
AGS NEWS – The Central Bank of Nigeria (CBN) has issued a directive requiring all Point of Sale (PoS) operators to route transactions through licensed Payment Terminal Service Aggregators (PTSA). The CBN’s circular, posted on Thursday, explained that this move … Continue reading CBN gives PoS operators one month to use aggregators
AGS NEWS – On August 6, 2024, the Central Bank of Nigeria (CBN) auctioned $876.26 million to end users through 26 commercial banks. This move aimed to bolster the ailing naira and enhance foreign exchange liquidity. The auction process, part … Continue reading CBN dumps 12-month forex policy with $876m auction
AGS NEWS – The Central Bank of Nigeria’s Monetary Policy Committee has raised the benchmark lending rate to 26.75 percent. This decision was announced by CBN Governor Olayemi Cardoso after the 296th MPC meeting in Abuja on Tuesday. The committee … Continue reading BREAKING: CBN raises interest rate to 26.75%
AGS NEWS – In 2023, nine financial institutions paid fines totaling N678 million for regulatory violations, according to an analysis for their annual reports. This amount represents an 89.25% decrease from the N6.31 billion in penalties paid in 2022, indicating … Continue reading Banks fined N678m by CBN and SEC
AGS NEWS – The Central Bank of Nigeria (CBN) has instructed banks in the country to implement a cybersecurity levy on transactions, according to a circular issued on Monday. This levy, which will commence two weeks from now, applies to … Continue reading CBN mandates banks to impose 0.5% cybersecurity levy
AGS NEWS – The Central Bank of Nigeria (CBN) has reiterated its stance on using the Loan Deposit Ratio (LDR) to curb the country’s rising inflation. Dr. Adetona Adedeji, Acting Director of the Banking Supervision Department at CBN, reaffirmed this … Continue reading CBN justifies loan deposit ratio as inflation control measure
AGS NEWS – The Central Bank of Nigeria has announced its 294th Monetary Policy Committee (MPC) meeting, a pivotal event that shapes the nation’s economic strategies. This announcement was made via a document uploaded to the bank’s website on Tuesday. … Continue reading CBN to host 294th MPC meeting on monday
AGS NEWS – Senate President Godswill Akpabio has urged the members of the investigative panel looking into the N30 trillion “Ways and Means” loans obtained from the Central Bank of Nigeria under Godwin Emefiele’s leadership by the Federal Government not … Continue reading Senate sets six weeks deadline for probe into N30tn CBN loans
AGS NEWS – Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has reaffirmed the ministry’s dedication to partnering with the Central Bank of Nigeria (CBN) in the exportation of crude oil and gas. This commitment was … Continue reading Finance ministry to collaborate with CBN on oil and gas exports
AGS NEWS – The Senate has announced its plans to interrogate officials from the Central Bank of Nigeria regarding the acquisition and utilization of the N30 trillion “Ways and Means” loan by the Federal Government during the administration of President … Continue reading Senate invites CBN officials for inquiry on N30 trillion loans
AGS NEWS – The Central Bank of Nigeria (CBN) has nullified the licenses of 4,173 Bureaux De Change Operators due to their non-compliance with regulatory provisions, as disclosed by the apex bank. Among the breaches cited by the CBN are … Continue reading CBN revokes licenses of 4,173 Bureaux De change amid forex crisis
AGS NEWS – During the opening of the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria (CBCN) on Sunday, February 18, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), emphasized the challenges of his … Continue reading CBN governor, Yemi Cardoso, describes his role as second most challenging job on earth
AGS NEWS – The Central Bank of Nigeria (CBN) has implemented new regulations barring International Oil Companies (IOCs) from transferring all their foreign exchange earnings to their parent companies abroad. Under the new policy, which takes immediate effect, foreign oil … Continue reading CBN restricts foreign oil firms, no full repatriation of FX revenue allowed
AGS NEWS – The Nigerian naira saw a slight appreciation against the US dollar on Thursday in the Nigerian Autonomous Foreign Exchange Market, closing at N1,498.25/$ compared to N1,503.38/$ recorded the previous day. This shift occurred as the Central Bank … Continue reading Naira trades at N1,498/$ in official market as CBN cracks down on racketeers
International money transfer operators (IMTOs) including Western Union, MoneyGram, Rapidtransfer, Ria, and others approved by the Central Bank of Nigeria (CBN) will now exclusively use the Nigerian Naira for international transfers. This directive aligns with recent guidelines issued by the … Continue reading Naira now main currency for international transfers – CBN
The Central Bank of Nigeria (CBN) has introduced a revised consumer protection framework, compelling financial service providers (FSPs) to adhere to minimum standards in their advertising and promotional materials. Among the stipulations is a prohibition on referencing unaudited financial statements … Continue reading CBN bans banks from using unaudited accounts in advertisements
The Bank Directors Association of Nigeria (BDAN) has voiced its backing for a recent directive from the Central Bank of Nigeria (CBN) urging commercial banks to cease “hoarding” foreign currencies. The CBN had expressed concerns regarding the increasing foreign currency … Continue reading Bank directors support CBN’s directive on selling excess dollars
Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party, has criticized the Federal Government’s directive for the Central Bank of Nigeria (CBN) to take over the responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company … Continue reading Atiku opposes FG’s shift of oil revenue management to CBN
In a move to address delayed forex access for foreign airlines operating in Nigeria, the Central Bank of Nigeria (CBN) has infused approximately US $61.64 million into their operations. The targeted release of dollars is aimed at resolving a portion … Continue reading CBN releases $61.64 million to airlines in effort to strengthen naira
The Central Bank of Nigeria (CBN) has reiterated the stability of funds within Nigerian banks, emphasizing the robustness of the nation’s banking sector. The apex bank, through its acting Director of Corporate Communications, Hakama Sidi-Ali, issued a statement on Wednesday, … Continue reading Your money is safe in banks – CBN
The Federal Government has acknowledged the detrimental consequences of the naira redesign policy, carried out by the Central Bank of Nigeria from December 15, 2022, to early February this year. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, … Continue reading FG acknowledges CBN’s naira redesign impact
The Central Bank of Nigeria (CBN) issued a warning on Friday regarding the circulation of counterfeit banknotes, particularly in higher denominations, across major cities in the country. In a statement signed by the acting Director of Corporate Communications, Mrs. Sidi … Continue reading CBN issues warning on counterfeit notes amid ongoing naira scarcity
Nigeria witnessed a total foreign exchange inflow of $11.11 billion in the combined months of July and August, as per data sourced from the Central Bank of Nigeria. The August economic report on foreign exchange flows, released by the CBN, … Continue reading CBN reports forex inflow surges to $11 billion over two months
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