Central Bank of Nigeria

Central Bank of Nigeria revokes Heritage Bank’s operations licence

June 3, 2024Bode DoluLeave a Comment

In a statement by the Central Bank of Nigeria’s (CBN) Acting Director of Corporate Communication Department, Sidi Ali, the CBN has revoked the banking operations licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. According to the […]

Central Bank of Nigeria sacks 200 staff members

May 24, 2024Bode DoluLeave a Comment

At least 200 senior and junior officials of the Central Bank of Nigeria (CBN) were on Friday relieved of their duties. This will be adding to the list of about 117 staff members sacked by the bank between March 15 and April 11, 2024. The latest CBN termination of appointments affects directors, deputy directors, assistant […]

Central Bank of Nigeria removes forex ban on importation of 43 items

October 13, 2023Bode DoluLeave a Comment

Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of it’s commitment to boost liquidity in the foreign exchange market. Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, said: “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 […]

Central Bank of Nigeria extends old naira deadline

January 29, 2023Bode DoluLeave a Comment

In a release on Sunday, the Central Bank of Nigeria (CBN) has extended the deadline for the swapping of old naira notes with the redesigned ones till February 10, 2023. Nigeria’s apex bank said it added “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection […]

Central Bank of Nigeria limits cash withdrawal drastically

December 7, 2022Bode DoluLeave a Comment

Central Bank of Nigeria (CBN) has imposed fresh cash withdrawal limits on individuals and organisations, which will become effective on January 9, 2023. By virtue of a memo issued by the CBN to banks on Tuesday, individuals will only be able to withdraw N100,000 per week (from over-the-counter, point-of-sale machines or automated teller machines), while […]

Central Bank of Nigeria to redesign Naira currencies

October 26, 2022Bode DoluLeave a Comment

The Central Bank of Nigeria (CBN) has announced its plans to redesign some Nigeria’s Naira currencies. The CBN boss, Godwin Emefiele, disclosed this at a press conference on Wednesday, October 26. According to Emefiele, the Naira notes to be redesigned include N200, N500 and N1000. He stated that the new design and issues will be […]

Central Bank of Nigeria releases $265m to airlines to settle outstanding ticket sales

August 27, 2022Bode DoluLeave a Comment

Central Bank of Nigeria (CBN) has released $265m to airlines operating in the country to settle outstanding ticket sales Breakdown of the figure shows $230 million was released as special FX intervention while another sum of $35 million was released through Retail Secondary Market Intervention Sales (SMIS) auction. Confirming the release in a statement, the Director, Corporate […]

Central Bank of Nigeria launches Digital Currency, the eNaira

October 25, 2021October 25, 2021Bode DoluLeave a Comment

Central Bank of Nigeria (CBN) has eventually launched its Central Bank Digital Currency called eNaira on Monday October 25. The Digital Currency had been scheduled to be launched on October 1, 2021, but was moved to a later date due to a clog of activities billed for Nigeria’s 61st-anniversary celebrations. The Naira digital system has […]