Outstanding $7 Billion n FX Cleared – CBN Gov, Cardoso Says

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…

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JUST-IN: CBN Fines Nine Banks N150m Each For ATM Cash Shortages

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…

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BREAKING: CBN Halts Extension Of Export Proceeds Repatriation For Exporters

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…

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REVEALED: How CBN Misappropriated N2.7Trillion Interests On Ways And Means

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,…

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Access Bank Leads The Pack, Smashes CBN’s N500bn Capital Target Before Deadline 

Access Holdings Plc has announced securing full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its recently concluded Rights Issue. The issue involved 17,772,612,811 Ordinary Shares of 50 Kobo each, priced at N19.75 per share, successfully raising N351,009,103,017.25. This milestone positions Access Bank Plc, the Company’s…

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