CBN Revokes Heritage Bank’s License Over Financial Instability
The Central Bank of Nigeria (CBN) has announced the immediate revocation of Heritage Bank Plc’s banking license due to the bank’s poor financial performance, which threatened financial stability. Sidi Ali, the Acting Director of Corporate Communication at CBN, made this…
CBN Reportedly Axes 200 Staff Amid Economic Hardship
Reports indicate that the Central Bank of Nigeria has laid off 200 staff members due to economic challenges. A senior staff member, who chose to remain anonymous, confirmed this development to our correspondent on Friday night. “Over 200 staff members…
CBN Mandates Reapplication for Bureau De Change Licenses
The Central Bank of Nigeria (CBN) has directed all existing Bureau De Change (BDC) operators to reapply for new licenses under updated guidelines. This announcement was made on Wednesday in a circular signed by Haruna Mustafa, Director of the Financial…
CBN revises guidelines for Bureau De Change operators
The Central Bank of Nigeria has updated its regulatory guidelines for Bureau De Change operators. After consulting with stakeholders, the following changes were made: The mandatory caution deposit of N200m for tier-1 BDC licence holders has been removed. Similarly, N50m…
CBN hikes interest rate by 150 basis points to 26.25%
The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has increased the benchmark interest rate by 150 basis points to 26.25 per cent from 24.75 per cent recorded at the end of last meeting. The Governor of the CBN,…
FULL LIST: CBN publishes list of licensed Deposit Money Banks
The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country. The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria….
Former CBN Director Accuses Ex-Governor Emefiele of Bribery
John Ayoh, a former Director of Information Technology at the Central Bank of Nigeria, alleged on Monday that he collected $600,000 on behalf of the former CBN governor, Godwin Emefiele, from contractors in two installments. Ayoh made this revelation while…
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…