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. Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank […]
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 testifying as the second witness for the Economic and Financial Crimes Commission (EFCC) at the […]
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 Economic and Financial Crimes Commission to intervene promptly. In a video shared on Tuesday, AIS_Savita […]
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 total loans to its total deposits. An increase in the loan-to-deposit ratio allows banks to […]
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 billion and N2.8 billion, stood before Justice Oshodi as the legal battle unfolded. Justice Oshodi […]
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 $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more than […]
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 in EFCC custody until Thursday when the court will rule on his bail application filed […]
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 at $33.43 billion, down from $34.45 billion on March 18, 2024, according to the latest […]
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, the Director of the CBN’s Financial Policy and Regulation Department, in a circular issued on […]
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 expedite action on the recapitalisation of their capital base in order to strengthen the financial […]