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)…
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…
The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer. This was contained in a circular to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’. The apex bank of Nigeria, CBN, said the restriction…
The Central Bank of Nigeria has revealed that more than 94 per cent of the cash in circulation in the country is outside the control of deposit banks, marking a significant year-on-year increase of N1.59 trillion in the amount of currency held outside banks. Data from the CBN’s money and credit statistics shows that a…
The Central Bank of Nigeria (CBN) has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes…
The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira, including the old and new designs of the N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender without any expiration date. In a statement released on Friday, Mrs. Hakama…
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent. Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday after the panel’s 298th meeting in Abuja. He…