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…
The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through automated teller machines (ATMs). CBN gave the directive in a circular to banks on Friday titled ‘Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs)”. In the circular signed by Solaja Olayemi, acting director, currency operations…
An ex-Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora has said there was no time the board of the bank recommended the 2022 nara redesign to then President Muhammadu Buhari. Obiora, who said he once served as a Special Adviser on Economic Matter to a former Governor of the CBN, Godwin Emefiele,…
The central Bank of Nigeria on Thursday, October 24, debunked reports that the old naira notes of N200, N500 and N1,000 would cease to be a legal tender by December 31, 2024. Recall that there were reports that the apex bank had announced a deadline for the withdrawal of the old notes. However, a statement…
The Central Bank of Nigeria has announced the introduction of an Electronic Foreign Exchange Matching System aimed at transforming the country’s foreign exchange market. This new system is set to be operational in the Nigerian Foreign Exchange Market by 1 December 2024, following a two-week test run scheduled for November. The EFEMS is expected to…
The Central Bank of Nigeria (CBN) has announced a 50 basis point increase in the Monetary Policy Rate (MPR), bringing it from 26.75% to 27.25%. This decision was made during the Monetary Policy Committee (MPC) meeting held earlier on Tuesday and chaired by the CBN Governor, Olayemi Cardoso, as part of efforts to address…
The Central Bank of Nigeria (CBN) has confirmed it will continue enforcing the contentious cybercrime levy of 0.005% on all electronic transactions as part of its updated guidelines for the 2024-2025 fiscal year. The cybercrime levy, introduced under the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aims to bolster Nigeria’s cyber security infrastructure. The Act…