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Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments either through bank accounts or digital wallets. The CBN disclosed this on Tuesday in a circular titled: “Transaction Limits on Contactless Payments” signed by its Director, Payment System Management Department, Musa Jimoh. Nigeria’s apex bank also limited the amount per transaction […]
Continue ReadingIn a statement, the Central Bank of Nigeria (CBN) has announced that cash deposits into domiciliary accounts in the country will no longer be restricted. The statement by the apex bank came following a meeting with the bankers’ committee on Sunday, June 18, as regards guidance to Deposit Money Banks (DMBs). The guidance includes allowing […]
Continue ReadingCentral Bank of Nigeria (CBN) has dissociated itself from a report making the rounds that it had extended the validity of old N500 and N1,000 notes to May 1st, describing the story as fake news. The fake statement purportedly issued by the Director of Communications, Osita Nwanisobi, quoted him as saying: “Due to the current […]
Continue ReadingCentral Bank of Nigeria (CBN), insisting that the old N500 and N1,000 currencies were no more legal tender, has ordered commercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. The apex bank however pegged the maximum amount the banks can collect at N500,000. A source from the […]
Continue ReadingThe Central Bank of Nigeria (CBN) has reportedly announced that the old N200, N500 and N1000 ceased being legal tender since February 10, 2023. Though the Supreme Court had issued an order which restrained the apex bank from going on with the February 10 deadline until it rules on a case before it on February 15, […]
Continue ReadingA High Court of the Federal Capital Territory, Abuja, Nigeria, has restrained the President, Muhammadu Buhari, CBN, its Governor Godwin Emefiele and 27 commercial banks from suspending, stopping, extending or interfering with the currency swap terminal date. The order was handed down on Monday by Justice E. Enenche following an application by four political parties. […]
Continue ReadingAt least, thirteen political parties out of the 18 political parties in Nigeria on Monday threatened to withdraw from participating in the 2023 general elections slated for February 25 and March 11, if the Central Bank of Nigeria extends the deadline of February 10 for naira swap. The political parties have declared that they won’t […]
Continue ReadingOver the weekend, the Independent National Electoral Commission (INEC) decided to extend the deadline for the collection of Permanent Voters Cards (popularly known as PVCs) by an additional week. The PVC collection that was scheduled to end on January 29, was extended till February 5, according to a statement by the INEC National Commissioner in […]
Continue ReadingAt some point later today, January 24, the Governor of the Central Bank of Nigeria, Godwin Emefiele is bound to be back in the news as the CBN’s Monetary Policy Committee (MPC) concludes its 289th meeting and offers its position on the future direction of the country’s macro-economic environment. Would the CBN adopt a further […]
Continue ReadingCentral Bank of Nigeria (CBN) has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. Going by a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that […]
Continue ReadingThe Central Bank of Nigeria has revealed that it would stop the sale of foreign exchange to Deposit Money Banks by the end of the year. According to the CBN Governor, Godwin Emefiele, banks must begin to source their forex from export proceeds, hence the need to support non-oil exporters in the country. He pointed […]
Continue ReadingCentral Bank of Nigeria has warned Nigerians to beware of fake social media handles of the newly launched digital currency, the eNaira. Nigerian President, Muhammadu Buhari, launched the central bank digital currency, called eNaira, on Monday. To access the eNaira, users have to download the ‘speed wallet’, which allows users to conduct transactions with speed […]
Continue ReadingCentral Bank of Nigeria (CBN) has announced the postponement of the launching of its Central Bank Digital Currency (CBDC), known as eNaira originally planned to be launched on October 1, Nigeria’s independence day. Speaking with newsmen in Abuja on Thursday, September 30, the Central bank of Nigeria (CBN) spokesman, Osita Nwanisobi, explained that the CBN […]
Continue ReadingCentral Bank of Nigeria (CBN) has declared the founder of AbokiFX, Oniwinde Adedotun, wanted. AbokiFX is a website that publishes the parallel market exchange rate of the naira against other currencies. The CBN governor, Godwin Emefiele, while speaking on Friday, September 17, at the end of the 280th Monetary Policy Communique (MPC) meeting of the […]
Continue ReadingNigerian Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has ballooned to N15.51tn, rising by 2,286 per cent in six years, data collated from the CBN have shown. The N15.51tn owed by the Federal Government to the central bank is not part of the country’s total public debt stock, […]
Continue ReadingCentral Bank of Nigeria (CBN) has explained why there is recent sharp depreciation of Naira against the United States Dollar. Responding to questions from members of the House of Representatives Committee on Finance during the 2022-2024 MTEF/FSP stakeholders interactive session on Monday August 16, CBN Deputy Governor, Corporate Services, Edward Adamu blamed the depreciation on COVID-19 pandemic, shortage […]
Continue ReadingThe Attorney General of the Federation (AGF), Central Bank of Nigeria (CBN) and Union bank are currently entangled in a fierce legal battle with a private company, Petrol Union oil and gas Ltd over a whopping $15B judgment debt at the Supreme Court Supreme Court of Nigeria has, however, agreed to hear a motion filed […]
Continue ReadingThe House of Representatives has asked the Central Bank of Nigeria to urgently put in place a policy to check further devaluation of the naira to the United States dollar and other international legal tenders. The House decried that while the Nigerian currency was losing value, others in African were appreciating. At the plenary on […]
Continue ReadingNigeria’s naira exchanged to the dollar at N490/$ at the parallel market on Thursday. According to naijabdcs.com, the official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N488/490 to the dollar as of Thursday evening. The naira had earlier exchanged […]
Continue ReadingCentral Bank of Nigeria (CBN) has officially devalued the naira to 410.25/$ after the country’s currency defied all interventions to retain its value. Experts, in reaction, have said that the last resort employed by the CBN to adopt the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the […]
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