•Nigerian Senate The Senate yesterday demanded a detailed explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of N1.44 trillion in operating surplus, as the apex bank reported that the Nigerian economy had entered its most stable phase in more than ten years. The Senate Committee on Banking, Insurance and Other F...
•Central Bank of Nigeria The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000. The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department, reports NAN....
•Central Bank of Nigeria The Central Bank of Nigeria (CBN) has launched a sweeping crackdown on misleading marketing practices in the financial sector, directing all banks, payment service banks, and other regulated institutions to immediately withdraw any advertisement that violates consumer-protection and fair-marketing standards. The direct...
•CBN Governor Yemi Cardoso The Central Bank of Nigeria (CBN) on Tuesday announced that sixteen banks have already met the new capital requirements. Speaking at the end of the Monetary Policy Committee (MPC) meeting on Tuesday in Abuja, Olayemi Cardoso, the govÂernor of the Central Bank of NigeÂria (CBN), said the recapitalisation exercise was ...
•CBN Governor Yemi Cardoso The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has retained the country’s monetary policy rate at 27 per cent. The CBN governor, Olayemi Cardoso, announced this at a press conference during the Committee’s 303rd meeting in Abuja, reports Channels TV. The MPR serves as the baseline interest rate [&...
The Central Bank of Nigeria has started work on a policy aimed at placing a five-year sanctions through ban on customers who serially produce dud cheques. The plan, if it sees the light of the day, would see customers who present dud cheques on three occasions being sanctioned, and their accounts would be termed as […]
•Nigerian Senate chamber The Senate has commenced a comprehensive investigation into stamp duty collections reportedly amounting to several trillions of naira, seeking full disclosure from commercial banks, the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), and state governments. Chairman of the Senate Public Account...
•House of Representatives The House of Representatives today adopted an urgent motion calling for an immediate investigation into what it described as arbitrary, excessive, and unexplained bank charges imposed on customers by commercial banks across the country. The motion, titled “Urgent Need to Curb Arbitrary Bank Charges and Protect Nigeria...
•CBN Governor Olayemi Cardoso The Central Bank of Nigeria (CBN) has rolled out sweeping new restrictions on who can qualify to operate as Point of Sale (PoS) agents, in what industry watchers describe as a major effort to restore integrity, accountability, and stability to Nigeria’s fast-growing agent banking sector. Under the revised Guidelin...
•CBN Governor Olayemi Cardoso The Central Bank of Nigeria has reaffirmed its commitment to expanding financial inclusion and driving economic growth by promoting the adoption of alternative payment systems. The apex bank expressed this commitment at a sensitisation exercise known as the ‘CBN Fair,’ held at the Dome Event Centre in Calabar toda...
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