The Central Bank of Nigeria (CBN) has disowned a circular claiming that the financial regulator has introduced N5,000 and N10,000 notes. The circular, purportedly from the CBN, has been widely shared on WhatsApp. According to the fake circular, the new notes are to be circulated from May 1. In a post on X on Tuesday,…
Nigeria’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. A statement by the Central Bank of Nigeria (CBN), the increase marked an increase from $3.99…
Following a motion of urgent public importance, the House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria. The motion moved by a member, Marcus Onobun, drew the attention of…
The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership shakeups. These appointments affect crucial areas such as Monetary Policy department, Trade and Exchange Department, Banking Supervision, Payment Systems and Consumer Protection among others. This new appointments are coming at a time when regulators are tightening oversight…
Nigeria’s banking regulator has issued a sweeping directive mandating commercial banks to comply with stricter insider lending limits or risk regulatory sanctions. In a letter to banks, the Central Bank of Nigeria (CBN) set a 180-day deadline for financial institutions to regularize all insider-related credit facilities that exceed the statutory limits prescribed under the Banking…
Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, has refuted claims made by the Central Bank of Nigeria regarding the alleged outflow of $26 billion from the country through the crypto exchange platform. Gambaryan, who was arrested in February 2024 on charges of money laundering and tax evasion, spent eight months at the Kuje Correctional…
The Central Bank of Nigeria (CBN) has introduced new Automated Teller Machine (ATM) transaction fees for banks and financial institutions, effective from March 1, 2025. This move according to CNN in a statement signed by John S. Onojah Acting Director, Financial Policy and Regulation Department aims to enhance efficiency and increase the deployment of ATMs…
The Central Bank of Nigeria (CBN) has approved the CFA franc to be captured on Nigeria export proceeds (NXP) form for the repatriation of export proceeds. Nonye Ayeni, executive director of the Nigeria Export Promotion Council (NEPC), spoke on Friday while addressing newsmen on the non-oil export performance for 2024 in Abuja. Nigeria’s export proceeds…
Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has cleared the outstanding $7bn foreign exchange backlog to various firms following a successful verification exercise by forensic auditors. Cardoso disclosed this at the launch of Nigeria’s Regulatory Policy Framework organised by the Presidential Enabling Business Environment Council. The…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has launched two transformative initiatives, the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. According to a statement released by the apex bank, the launch held at the CBN Head Office Abuja on Wednesday, is a continuation of…