Properties worth millions of naira have been damaged in parts of Minna, the Niger State capital, as youths protested the deaths of 37 suspected illegal artisanal miners while in the custody of the Nigeria Security and Civil Defence Corps (NSCDC). The protest, which began last night, escalated today morning and spread to several parts of [&hell...
Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, reducing their physical footprint by 8.8 per cent in three years, according to data from the Central Bank of Nigeria. Figures contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number of bank […]
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze the accounts and assets of individuals and companies designated for terrorism and terrorism financing following fresh sanctions imposed by Nigerian and United States authorities. The directive was contained in a circular dated June 24, 2...
•Terrorists The federal government yesterday directed financial institutions and designated non-financial businesses and professions to maintain full compliance with sanctions obligations by freezing the assets of terrorists financiers. The directive came against the backdrop of sanctions imposed on a Nigerian financier of ISIS, along with his...
Despite years of implementing cashless policy with the promotion of electronic payments, Nigerians continue to hold a significant amount of money outside the banking system. Latest figures from the Central Bank of Nigeria (CBN) showed that currency outside banks rose to N5.19 trillion in May 2026, underscoring the persistent dominance of cash ...
The Central Bank of Nigeria (CBN) has ordered banks, fintechs, and other payment service providers to disclose their ultimate beneficial owners. The regulatory measures were contained in a circular dated June 15, 2026, and signed by CBN’s Director, Payments System Supervision Department, Dr. Rakiya Yusuf. Addressed to Deposit Money Banks, Micr...
•CBN Governor Olayemi Cardoso The Central Bank of Nigeria (CBN) has directed banks, fintech firms, mobile money operators and other payment service providers to store all payment transaction data generated within Nigeria on local servers. It set January 1, 2027 timeline for compliance. The directive is part of a broader regulatory push to stre...
•Governor Chukwuma Soludo of Anambra State Major markets, banks and business premises in Onitsha, Anambra State, recorded low commercial activity today despite repeated warnings by Governor Chukwuma Soludo against compliance with the sit-at-home order. A visit to key markets, including Onitsha Main Market, Ochanja Market, Marine Modern Market,...
The Central Bank of Nigeria has set a N100m penalty for banks that process foreign exchange transactions without adequate documentation as part of a sweeping compliance regime unveiled in its newly released Foreign Exchange Manual. Under the offences and sanctions section of the fourth edition of the manual, the apex bank stated, “Authorised d...
The Association of Lawyers with Disabilities in Nigeria (ALDIN) on Friday called on regulators, financial institutions, fintech companies, government agencies, and OPDs to intensify collaboration toward building an inclusive financial ecosystem that leaves no one behind. They specifically urged the Central Bank of Nigeria to prevail on commerc...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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