The Central Bank of Nigeria (CBN) has refuted claims that it has devalued the country’s currency, the naira. In a statement issued by the Acting Director of Corporate Communications, Isah AbdulMumin, the CBN clarified that the exchange rate for the … Continue reading CBN refutes reports of naira devaluation, stresses stable exchange rate
Recent data from the Central Bank of Nigeria (CBN) reveals that the Federal Government borrowed a total of N6.07tn from the CBN through Ways and Means Advances in 2022. This resulted in an increase in the Federal Government’s borrowing from … Continue reading FG 2022 borrowing from CBN reaches N6 trillion – CBN
In the midst of protests, the House of Representatives has given its approval to amend the Central Bank of Nigeria Act, increasing the ceiling of Ways and Means Advances from 5 to 15 percent. This decision came during an emergency … Continue reading House of representatives raises limit on CBN loans amid protests
Economists are calling on the Central Bank of Nigeria (CBN) to shift its focus towards addressing supply-side factors, cost-push influences, and structural issues that are driving inflation in the country. Despite multiple interest rate hikes, inflation continues to rise. On … Continue reading Economists criticize interest rate hike as inflation persists
The Central Bank of Nigeria has extended its eNaira sensitization campaign to women during the Law Ladies Day program at the University of Lagos. The initiative aimed to encourage the adoption of eNaira, the country’s central bank digital currency, among … Continue reading CBN empowers women with eNaira training at law ladies day
The Central Bank of Nigeria has raised its benchmark interest rate (MPR) to 18.5% during its recent Monetary Policy Committee (MPC) meeting. This marks the highest interest rate in the country in 22 years. The decision was announced by the … Continue reading Nigeria’s central bank raises benchmark interest rate to 18.5% – Highest in 22 years
The Central Bank of Nigeria (CBN) has granted approval to four domestic companies to print cheques within the country, as indicated in a recent circular. The circular, signed by Sam Okojere, Director of the Banking Services Department, revealed the accredited … Continue reading CBN approves four local firms as cheque printers in Nigeria, excludes major players
Olasele Anthony, a Nigerian citizen, has raised concerns about Polaris Bank allegedly freezing his bank account by imposing a Post No Debit (PND) restriction in an attempt to swindle millions of naira from him. Anthony shared his ordeal, stating that … Continue reading Nigerian man accuses Polaris bank of freezing account based on false death claim
Governor Bello Matawalle of Zamfara State has voiced his opposition to the purported study leave granted to the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Speculation had arisen that the President had approved Emefiele’s request to proceed … Continue reading Governor Matawalle opposes study leave for CBN Governor, calls for accountabilit
The Central Bank of Nigeria (CBN) has clarified that the Bank Verification Number (BVN) it issues in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) does not have an expiry date. In a statement released by the CBN’s Acting Director … Continue reading BVN does not have an expiry date – CBN
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has stated that the bank would penalize shipping companies exporting undocumented cargoes from Nigeria. Emefiele made this statement at the RT200 Non-Oil Export Summit 2023 in Abuja. The governor … Continue reading CBN threatens sanctions against shipping companies exporting undocumented cargoes
Central Bank of Nigeria (CBN) has given foreign banks permission to grant loans to Nigerians and companies operating in Nigeria in dollars. This move by the CBN is aimed at expanding dollar liquidity in Nigeria through foreign bank representatives by … Continue reading CBN allows foreign banks to provide dollar loans to Nigerians
Telecommunications operators and banks are in discussions to resolve a protracted crisis affecting the Unstructured Supplementary Service Data (USSD) platform in Nigeria. Despite ongoing regulatory intervention from the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), the … Continue reading Banks owe N120b in USSD debt, threaten telecoms operators’ services
The Central Bank of Nigeria (CBN) has announced that it will impose sanctions on banks found to be assisting unlicensed foreign firms operating in Nigeria. The announcement was made in the “Guidelines for the regulation of representative offices of foreign … Continue reading CBN threatens to sanction banks supporting unlicensed foreign firms
The Central Bank of Nigeria (CBN) has announced that it will be issuing guidelines to promote safe and efficient use of contactless payments in the country, as part of its efforts to modernize and drive the cashless payment policy in … Continue reading CBN to issue guidelines for safe and efficient contactless payments in Nigeria
The Debt Management Office (DMO) has revealed that the Federal Government of Nigeria will begin the repayment of the principal to service the loans from the Central Bank of Nigeria (CBN) through the Ways and Means Advances in four years’ … Continue reading DMO reveals FG’s plan to start repaying N22.7tn loan from CBN in 2026
The Nigerian Senate has approved the conversion of N23.72tn ($57.7bn) of unappropriated expenditure funded by the Central Bank of Nigeria (CBN) into a 40-year bond. President Muhammadu Buhari had previously written to the National Assembly to approve the amount alongside … Continue reading Nigeria to pay back N23.72 trillion CBN overdrafts to FG over the next 40 years
Protesters gathered at the headquarters of the Central Bank of Nigeria (CBN) demanding the resignation and arrest of CBN Governor Godwin Emefiele over a failed new naira notes policy. The group, under the George Uboh Whistle-blower Network, accused Emefiele of … Continue reading Nigerians demand Governor Emefiele’s arrest and removal in fresh protests at Central Bank headquarters
Over the last four months, Nigeria’s foreign exchange reserves have decreased by $1.82 billion, according to official data and reports. The forex reserves have been on a downward trend since the start of the year, with fears that the economy … Continue reading Nigeria’s Forex reserves plunge $1.82bn in four months, raising economic concerns
The Central Bank of Nigeria has responded to concerns regarding the disappearance of newly redesigned banknotes by announcing that it will supply more quantities of the new notes to banks. According to the CBN’s Acting Director of Corporate Communications, Dr. … Continue reading Central Bank of Nigeria boosts supply of new notes to banks
The Central Bank of Nigeria has proposed new guidelines for the management of dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions in Nigeria. As per the recently released exposure draft, the proposal suggests that funds … Continue reading CBN’s proposal to consolidate dormant account balances and unclaimed funds. Read full story!
Oil marketers have written to the Federal Government proposing to build 30,000 gas stations to cushion the impact of the proposed subsidy removal on petrol. With the projected June 2023 date for subsidy removal looming, Nigerians are concerned about potential … Continue reading Oil marketers propose building 30,000 gas stations and seeking CBN loans to cushion subsidy removal impact
Ogun State Governor, Dapo Abiodun, has urged residents of the state to continue using old Naira notes, stating that the Supreme Court has the final say in the matter. Speaking during an engagement with the Christian Association of Nigeria (CAN) … Continue reading Continue using old notes and ignore CBN deadline to phase them out – Dapo Abiodun
The Central Bank of Nigeria (CBN) has declared that the old Naira notes of N200, N500, and N1000 are no longer legal tender in Nigeria since February 10, 2023, in defiance of an ex parte order of the Supreme Court … Continue reading The CBN insists that the old naira notes have ceased to be legal tender
An undisclosed bank reportedly concealed newly printed Naira currency within their vault, while customers struggled to access their funds. A video circulated on the internet showing bank employees taking out the new notes, which were concealed behind the old notes. … Continue reading Watch leaked video of an undisclosed bank hiding new naira notes in their vault
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