CBN
Afenifere urges FG to return Heritage Bank’s licence
The Ondo State branch of the pan-Yoruba socio-political organisation, Afenifere has expressed displeasure over the current state of the Heritage Bank Plc. The Central Bank of Nigeria revoked the operating licence of the bank earlier in June 2024. In a statement signed by the apex bank’s acting Director of Corporate Communications, Hakama Ali, the apex […]
Court Orders Final Forfeiture Of N12billion Choice Properties Linked To CBN Ex-Governor, Godwin Emefiele
The Federal High Court sitting in Lagos State on Friday permanently forfeited to the Nigerian government properties valued at over N11billion and N1.04billion linked to the embattled former Central Bank of Nigeria (CBN) governor, Godwin Emefiele. Justice Chukwujekwu Aneke made the order of final forfeiture after hearing a motion filed and argued by the Economic […]
Reps ask CBN to probe Heritage Bank management
The House of Representatives, on Tuesday, waded into the crisis rocking Heritage Bank Plc, which prompted the Central Bank of Nigeria to withdraw the bank’s operating licence recently. The apex bank had on June 3, 2024, in a statement signed by its acting Director, Corporate Communications, Mrs Hakama Ali, attributed the decision to the failure […]
JUST IN: CBN denies revocation rumours for Fidelity, Polaris, Wema, Unity Banks
The Central Bank of Nigeria (CBN) has refuted allegations that it is contemplating the revocation of operating licences for Fidelity, Polaris, Wema, and Unity Banks. This clarification came amidst concerns about the stability of some Nigerian banks following the licence revocation of Heritage Bank Plc. In a statement released on Monday, June 10, Hakama Sidi […]
CBN Denies Plans to Revocate Licenses of Unity Bank, Polaris Bank, and Keystone Bank
The Central Bank of Nigeria (CBN) has denied reports that it plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank. In a post on its social media handles, the CBN stated that the claims are “fake and not from the CBN.” The rumors surfaced online following the revocation of Heritage Bank’s […]
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 announcement in a statement released on Monday. Despite various supervisory interventions by the CBN, Heritage […]
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 received termination letters from the Central Bank of Nigeria on Friday. However, the exact number […]
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 Policy and Regulation Department. BDC operators have expressed dissatisfaction with the new licensing guidelines, arguing […]
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 for tier-2 licence holders has also been waived. The non-refundable annual licence renewal fee has […]
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, Yemi Cardoso stated this at the press briefing after the 295th MPC meeting. The CBN […]