August 19, 2023
Nigeria: Central Bank Issues New Guidelines for Bureau de Change Operators
The Central Bank of Nigeria has released fresh operational guidelines for Bureau de Change (BDC) operators in the country, fixing their allowable limits at the Nigeria Foreign… Read more »
Nigeria: Banks' Losses to Fraud Rise to N9.5 Billion
With over N9 billion lost to fraud in the banking system this year, the figure is projected to reach N20 billion by the end of this year even as operators in the financial system… Read more »
August 15, 2023
Nigeria: Central Bank Moves to Clamp Down On Forex Speculators
The Central Bank of Nigeria (CBN) has taken proactive measures to counteract the depreciation of the naira, with imminent interventions set to be unveiled within the coming days. Read more »
August 03, 2023
Nigeria: We Have No Control Over Fuel Price, Forex, CBN Tells Reps
The Central Bank of Nigeria (CBN) yesterday told the House of Representatives that it lacks control over the price of Premium Motor Spirit (PMS), popularly known as fuel, and the… Read more »
July 12, 2023
Nigeria: Stop Excess Charges, Illegal Deductions, Reps Tell Commercial Banks
The House of Representatives yesterday asked commercial banks operating in the country to stop excess charges and illegal deductions from their customers. Read more »
June 19, 2023
Nigeria: Domiciliary Account - CBN Lifts Restriction On Deposit, Withdrawal
The Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will not be restricted, and customers "shall have unfettered and unrestricted access to funds in… Read more »
June 18, 2023
Nigeria: Central Bank Lifts Restriction On $10k Deposit On Domiciliary Account
The Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will no longer be restricted, and customers "shall have unfettered and unrestricted access to… Read more »
May 30, 2023
Nigeria: Release Foreign Airlines' Trapped Funds, NAHCO Urges Federal Govt
The chairman of the board of Nigerian Aviation Handling Company Plc, Dr. Seinde Fadeni, has called on the federal government to release funds belonging to foreign airlines trapped… Read more »
May 17, 2023
Nigeria: World Bank Poverty Report On Nigeria
Several reports by reputable organisations, both local and international, have indicated that Nigeria faces the serious challenge of poverty for millions of the country's citizens.… Read more »
May 03, 2023
Nigeria: CBN Places 7,552 Bvn On Watchlist As eNaira Transactions Hit 1.4m
The Central Bank of Nigeira (CBN) has placed 7,552 Bank Verification Numbers (BVN) on its watchlist for fraudulent transactions, even as the Central Bank Digital Currency (CBDC)… Read more »
April 11, 2023
Nigeria: CBN to Banks, Others - Pay Special Attention to Risks, Comply With Anti-Money Laundering Rules
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions (OFIs) to pay special attention to credit risk, operational risk, legal risk, liquidity risk,… Read more »
March 15, 2023
Nigeria: Naira Redesign - You Can't Absolve Yourself of Blame, CSOs Tell President Muhammadu Buhari
Civil Society Organisations (CSOs) in Nigeria have told President Muhammadu Buhari that he cannot exonerate himself from the current naira crisis and the suffering it has brought… Read more »
March 14, 2023
Nigeria: Naira Scarcity - Collect Old Notes or Be Shut Down, Sanwo-Olu Tells Banks
As Lagos residents groan under the biting effects of cash crunch, the state Governor, Mr. Babajide Sanwo-Olu, has directed the banks in the state to comply with the Supreme Court… Read more »
Nigeria: As Scarcity of Naira Bites Harder - Buhari Disowns Emefiele, Malami Over Defiance of Supreme Court
President Muhammadu Buhari has explained that he never instructed the attorney general of the federation and the Central Bank of Nigeria (CBN) governor to disobey any court orders… Read more »
February 14, 2023
Nigeria: As Naira Black Market Booms - CBN's Silence Throws Nigerians Into Confusion
The Central Bank of Nigeria's silence on its position in the Naira swap policy has thrown the country into confusion, as businesses and other users of the currency are at a loss on… Read more »
February 07, 2023
Nigeria: 3 Days to Go - Cash Crunch Worsens, Banks Defy CBN On N20,000 OTC Payment
The cash crunch in the country worsened yesterday barely three days to the February 10 extended deadline for cash swap, as mammoth crowds continued to swamp banking halls and… Read more »
February 06, 2023
Nigeria: Court Stops Buhari, CBN, Others From Suspending Currency Swap Policy
An High Court of the Federal Capital Territory (FCT), on Monday, restrained President Muhammadu Buhari, Central Bank of Nigeria (CBN), the Governor of CBN and 27 commercial banks… Read more »
February 03, 2023
Nigeria: Naira Swap - Pains Will Soon Be Over, Federal Govt Assures Nigerians
Federal government has said the pains being experienced by Nigerians in their bid to swap the old naira for the re-designed ones is regrettable and transient but necessary for the… Read more »
February 02, 2023
Nigeria: Naira Swap - Bank Chiefs Challenge CBN On Quantity of New Notes
The cash crunch that hit most banks in the country since Monday, January 30, 2023 continued yesterday as banks said they have not been getting enough cash from the Central Bank of… Read more »
January 31, 2023
Nigeria: Currency Swap Deadline - CBN Seeks Enlightenment for Rural Communities
Officials of the Central Bank of Nigeria (CBN) have asked traders at Yola town market to take the message of the federal government's extension of the return of old naira notes to… Read more »
Nigeria: Bankers, Syndicates Accused of Selling New Naira Notes
Department of State Services (DSS) has intercepted bank officials among the syndicates, who specialise in trading in the new naira notes around the country. Read more »
January 30, 2023
Nigeria: Money Market - Cutting Dollar Spending With Afrigo, Nigeria's Domestic Card
Last week, the Central Bank of Nigeria(CBN), in collaboration with the Nigeria Inter Bank Settlement System (NIBSS) unveiled Afrigo Pay, Nigeria's own domestic card, putting a… Read more »
January 27, 2023
Nigeria: CBN Takes Currency Swap to Akwa Ibom Communities
Determined to ensure effective mop up of the old currency notes (N200, N500 and N1,000) as they cease to become legal tenders on Tuesday, January 31, 2023, the Central Bank of… Read more »
Nigeria: Traders, Beggars Reject Old Naira Notes in Kebbi
Petty traders, motorcyclists, beggars and fuel attendants in Birnin Kebbi, the capital of Kebbi State have joined others in rejecting old naira notes. Read more »
Nigeria: CBN Bans Dollar Payment for Domestic Transactions, Launches 'Afrigo' Card
The Central Bank of Nigeria (CBN) has said it will no longer allow payment for dollar charges on transactions made within Nigeria either with the newly introduced National Domestic… Read more »