The Central Bank of Nigeria (CBN) has confirmed that eight Nigerian banks have met the minimum regulatory requirements under the current forbearance regime. This was disclosed by CBN Governor Yemi Cardoso during the Monetary Policy Committee (MPC) briefing held on Monday, July 22, 2025. “Eight banks have surpassed the minimum required,” Cardoso said in response…
Three commercial banks in Nigeria have announced the re-activation of international transactions on their naira cards. The development comes after the service was halted for about three years when Nigerian financial institutions suspended transactions on naira debit cards. Between July 2022 and January 2023, several banks temporarily suspended international transactions on ATM channels. In July,…
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…
Following a backlog of unpaid debts, the Nigerian Communications Commission (NCC) has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data codes assigned to nine financial institutions. The directive signed by NCC’s Director of Public Affairs, Reuben Muoka on Tuesday and obtained by Channels Television, noted that the affected banks are to pay the…