Businessman drags Moniepoint MFB to CBN, EFCC over N700m account restriction
A businessman, known as AIS_Savita on an X post on Tuesday, lodged a complaint against Moniepoint Microfinance Bank, alleging the restriction of his account holding a credit balance of N700m. He called on the Central Bank of Nigeria and the…
CBN reduces banks’ LDR to 50%
The Central Bank of Nigeria has announced a review of the loan-to-deposit ratio (LDR) for banks, from 65 percent to 50 percent to align with the current monetary tightening. LDR is used to assess a bank’s liquidity by comparing its…
Alleged $4.5bn Fraud: Court Grants Emefiele N50m Bail
Justice Rahman Oshodi on Friday granted the embattled former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele bail to the sum of N50 million. Emefiele, embroiled in 23-count charge bothering on abuse of office and fraud totaling $4.5…
JUST IN: CBN sells $10,000 to BDC operators at N1,101/$
The Central Bank of Nigeria (CBN) has announced it will once again sell dollars to bureau de change operators. This was disclosed in a circular seen on CBN website. The CBN said it is set to sell $10,000 to each…
BREAKING: Court remands Emefiele in EFCC custody
• pleaded not guilty to 23 counts Justice Rahman Oshodi of the Ikeja Special Offences Court on Monday remanded former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele in custody of Economic and Financial Crimes Commission (EFCC). Emefiele will stay…
Nigeria’s FX reserve dips by $1.02 billion in 18 days on CBN’s naira defence
Nigeria’s foreign exchange (FX) reserve has experienced a sharp decline of about $1.02 billion within 18 days, as the Central Bank of Nigeria (CBN) continues its aggressive defence of the naira. As of April 4, 2024, the FX reserves stood…
Bank recapitalisation: CBN moves to check illicit funds, partners security agencies
The Central Bank of Nigeria (CBN) is set to closely oversee the recapitalization efforts within the Nigerian banking sector, in partnership with law enforcement agencies, with the aim of curbing illicit financing activities. This directive was revealed by Haruna Mustafa,…
Fresh Hurdles For Banks As CBN Raises Capital Requirement To N500bn, N200bn
Banks in the country face the fresh hurdle to raise their minimum capital requirements to N500 billion and N200 billion for their International and national operations, the Central Bank of Nigeria (CBN) has announced. Days after urging Nigerian banks to…
CBN sells dollars to BDCs at N1,251/$1
The Central Bank of Nigeria on Monday disclosed that it sold $10,000 to each Bureau De Change operators at a rate of N1,251 per U.S. dollar. The bank disclosed this in a circular addressed to the President of the Association…
Disquiet In CBN As Cardoso Retires ‘Emefiele’s Directors’
Barring any last minute changes, at least eight directors at the Central Bank of Nigeria (CBN) would be served early retirement letters from the apex bank this week. These directors, some of whom were initially redeployed to an arm of…