CBN Says Circular Introducing New ₦5,000, ₦10,000 Notes Is Fake
The Central Bank of Nigeria (CBN) has dismissed a viral report claiming it has introduced two new denominations—N5,000 and N10,000 notes. The apex bank in a statement via its official handle on X refuted the claims as fake, urging the public to verify information through its official website. The alleged report circulated widely on whatsapp, […]
CBN halts Free Withdrawals for customers using Other Banks’ ATMs
From March 1, customers will now pay for every withdrawal made from another bank’s ATM in Nigeria. This is as the Central Bank of Nigeria, CBN, will scrap the three free monthly withdrawals previously allowed for customers using other banks’ ATMs. In a circular signed by its Acting Director of Financial Policy, John Onojah, the […]
TUC Threatens Nationwide Shutdown over Cybersecurity Levy
The Trade Union Congress (TUC) has threatened to shut down Nigeria’s economy if the Federal Government fails to reverse the cybersecurity levy introduced by the Central Bank of Nigeria. Reacting to the directive from the CBN to commercial banks and other financial institutions, the congress in a statement today signed by its president, Festus Osifo, […]
CBN Issues July 7 Deadline For PoS Operators’ Registration with Corporate Affairs Corporation
The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation. This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji, today in Abuja. Speaking at the event, the CAC boss said the […]
Naira to appreciate soon Bayo Onanuga warns forex speculators
The Presidency has warned forex speculators to discard their Dollars, saying that the Naira will soon appreciate. President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, who made this call in a statement via his X handle yesterday, urged speculators to quickly dump their dollars to avoid “tears.” Onanuga was reacting to the […]
Senate extends the implementation of supplementary budget
The Senate on Tuesday extended the implementation period for the 2023 supplementary budget from March 31 to June 30, 2024, and handed it over to its Leader, Senator Opeyemi Bamidele, for expeditious consideration by passing it for second and third readings. The Senate, had, in December 2023, extended the implementation of the N1.3 trillion supplementary […]
Senate Inaugurates Ad-Hoc Committee To Probe CBN’s Anchor Borrowers, Ways And Means
The Senate has inaugurated a 17-member ad-hoc committee to investigate the Ways and Means and the Anchor Borrowers Programme of the Central Bank of Nigeria The ad-hoc Committee has six weeks to investigate and report back their findings. The move comes after a decision to probe details of the programmes, based on monies given to […]
CBN raises interest rate to 22.75% in a bid to curb inflation
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 400 basis points to a record 22.75% from 18.75 percent. Addressing journalists at the end of the two-day first MPC meeting of the year in Abuja, CBN Governor, Olayemi Cardoso, disclosed that the committee voted to adjust […]
CBN mandates FX sellers to Bureau De Change of the equivalent of 10,000 dollars and above to declare their forex sources
Haruna Mustapha, Director, Financial Policy and Regulation Department of the CBN, said this in a revised regulatory framework to curtail excesses of BDCs and check uncertainty in the foreign exchange market. Mustapha said that such sellers would also be required to comply with all Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulations. The guidelines also […]
NNPC collaborates with CBN to set limits for the management of the oil firm’s revenue
The Nigerian National Petroleum Company (NNPC) Limited has collaborated with the Central Bank of Nigeria (CBN) to set limits for the management of the oil firm’s revenue. The limit was set following a meeting between the CBN Governor, Olayemi Cardoso, and the NNPCL Group Chief Executive Officer, Mele Kyari, in Abuja to review the decision […]