Foreign currency has been prohibited for use as collaterals for naira loans with exceptions to Eurobonds including Standby Letters of Credit. According to reports, the ban was issued by the Central Bank of Nigeria (CBN) and they have given banks 3 months to wind up naira loans that have been backed up by foreign currency […]
CBN ‘ Central Bank of Nigeria ‘ has announced that cash deposits into domiciliary accounts will no longer be restricted. The statement by the apex bank came after a meeting with the bankers’ committee on Sunday, June 18 as regards guidance to Deposit Money Banks (DMBs). According to the CBN, the policy will promote transparency, […]
CBN has reportedly revoked the operating licenses of 132 Microfinance Banks, three finance companies and four primary mortgage banks . The CBN said the Microfinance Banks, Finance Companies and Primary Mortgage Banks ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months. […]
CBN has given a 30-day ultimatum to Banks and other financial institutions to close accounts without Bank Verification (BVN). Financial institutions have been directed to link customer’s BVN to related accounts/wallets (except Tier 1). This requires using the customer’s BVN generated after his/her enrollment to link accounts/wallets to which he or she is a signatory, […]
CBN – Central Bank of Nigeria has confirmed that old N200, N500, N1,000 notes will remain legal tender until December 31, 2023. The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin, announced this in a statement on Monday. AbdulMumin stated that the CBN took the decision based on the Supreme Court’s ruling of March […]
CBN – Central Bank of Nigeria has debunked a viral Whatsapp fake news of financial transactions being shut down temporarily. Central Bank of Nigeria CBN has described as fake news a viral Whatsapp message claiming the apex bank will be shutting down financial transactions from Thursday, February 23 till Monday, February 27. The bank debunked […]
Gov. Godwin Emefiele of the Central Bank of Nigeria, revealed that N2.7trillion was lying idly in people’s homes, hence the reason for the New Naira Notes Godwin Emefiele on Sunday, revealed that N2.7trillion was lying idle in people’s homes prior to 2015 when the Buhari administration came on board. He said as at 2015 currency-in-circulation […]
CBN Through its Monetary Policy Committee has with the agreement & consent of all & sundry voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent. The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the end of the two-day MPC meeting, the first of the year. […]
CBN – Central Bank of Nigeria has reportedly threatened commercial banks that fails to pick up the new naira notes for distribution with a daily fine of N1 million . One of the Deputy Director at CBN Adeleke Adelokun made the announcement during a sensitization programme with traders on the new Naira notes at […]
The Central Bank of Nigeria has released & exposed the security features of the newly released N1,000, N500 and N200 note respectively. According to the CBN ; The N1,000 note has 23 security features, the N500 note has 15 security features, while the N200 note has 10 security features. The CBN hopes that with the exposure of the […]