Central Bank of Nigeria
FG Exceeds Budget Deficit By 85% As MPC Seeks Fiscal Support Against Inflation
As the Central Bank of Nigeria (CBN) continues to adopt a tightening stance to curb rising inflation in the country, monetary policy makers have stressed the need for more fiscal responsibility, noting that the federal government exceeding the deficit by more than 85 per cent has continued to weigh heavily on prices. The Monetary Policy […]
Foreign remittances surge to $600m
The Central Bank of Nigeria (CBN) facilitated the remittance of approximately $600 million through International Money Transfer Operators (IMTOs) in one year, the apex bank Governor, Olayemi Cardoso broke the news yesterday. He spoke at a ‘fireside’ event at the ongoing Nigeria Economic Summit (NES30), organized by the Nigeria Economic Summit Group (NESG). Policymakers, economists, […]
CBN to unveil revamped website soon – Cardoso
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has revealed that the bank is currently working to launch a comprehensive revamped version of its website to boost transparency and accountability. Cardoso said this at a special summit dinner event at the 30th Nigerian Economic Summit on Tuesday in Abuja. He said the newly […]
Court summons CBN gov over detained Binance executive
A Federal High Court in Abuja has summoned the Governor of the Central Bank of Nigeria and the Head of the Legal Services Department of the apex bank to appear before it with specific documents on Monday, September 2, the new date fixed for the continuation of the trial in the money laundering case brought […]
SEC to license cryptocurrency firms
THE Securities Exchange Commission (SEC) says it plans to license providers of virtual assets — including cryptocurrencies — to tap opportunities and protect investors as adoption rates surge in Nigeria. Speaking during an interview with Bloomberg, Emomotimi Agama, SEC’s director-general, said the commission intends to issue first licences for digital service and tokenised assets this […]
CBN sued over failure to ‘account for missing N100bn dirty notes, other public funds’
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.” In the […]
CBN announces fresh guidelines on dormant accounts, unclaimed balances in Nigerian banks
The Central Bank of Nigeria, CBN, has directed all banks and other financial institutions in the country to transfer all dormant accounts and unclaimed balances and other financial assets to its dedicated account. The apex bank disclosed this on Friday in a guideline on the management of dormant accounts, unclaimed balances signed by its acting […]
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 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 […]
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 […]