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…
The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity…
The Central Bank of Nigeria (CBN) has issued a circular announcing the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. Dated January 8, 2025, the directive applies to both oil and non-oil export transactions, marking a significant policy shift aimed at ensuring compliance with existing regulations. The circular…
The Federal Government has accused the Central Bank of Nigeria (CBN) of misappropriating N2.73 trillion in interest payments on Ways and Means advances, spotlighting alleged irregularities in the management of public funds. This revelation came to light through the 2021 consolidated financial statement of the Federal Government, submitted to the National Assembly by the Auditor-General,…
The World Bank has released a $1.5bn loan to Nigeria following the Federal Government’s implementation of a few of its economic reforms, including removing fuel subsidies and introducing tax policies. This was after the apex bank said it had approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET)…