Federal Government To Sell Emefiele’s 753-unit Housing Estate
The Federal Government has announced plans to sell a 753-unit housing estate forfeited by embattled former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, as part of assets recovered from him through the Economic and Financial Crimes Commission (EFCC). The Minister of Housing and Urban Development, Arc Ahmed Dangiwa, confirmed yesterday that his ministry had […]
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 […]
CBN Imposes N1.2m Daily Limit Transaction On PoS Agents
Central Bank of Nigeria has restricted Point of Sales agents to a daily transaction limit of N1.2 million. In a circular signed by its Director, Payments System Management Department, Oladimeji Taiwo, the CBN said the development is to advance a cashless economy and enhance the use of electronic payment channels for agency banking operations. As […]
CBN Releases New Directive for POS Transactions
Central Bank of Nigeria has released a new directive to Payment Service Providers, requiring them to comply with enhanced routing guidelines for Point of Sale (POS) transactions. A circular by Oladimeji Taiwo on behalf of the CBN’s Payments System Management Department, which says the move is aimed at strengthening the monitoring of electronic transactions across […]
CBN Raises Monetary Policy Rate From 26.25% To 26.75%
The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate by 50 basis points, from 26.25% to 26.75%. Announcing this after the apex bank’s 296th Monetary Policy Committee meeting in Abuja, CBN Governor, Olayemi Cardoso, said the committee also pegged the Cash Reserve Ratio for Deposit Money Banks at 45% while that […]
CBN raises Interest Rate to 26.25% amid rising Inflation levels
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate for the third straight time by 150 basis points from 24.75 per cent to 26. 25 per cent. The CBN Governor Yemi Cardoso who is also the Monetary Policy Committee (MPC) chairman said the committee at its 295th meeting retained the Cash Reserve […]
Godwin Emefiele demands N1b from Senate President for defamation
Embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has demanded N1bn damages from Senate President Godswill Akpabio for defamation. This came after the Senate president claimed that the federal government did not know the crime to charge Emefiele with considering his numerous misconduct during his tenure as CBN governor. Emefiele claims […]