The Central Bank of Nigeria (CBN) has exempted 16 items from the 0.5 per cent Cybersecurity levy on all electronic transactions. CBN directed banks to begin charging 0.5% cybersecurity levy on transactions as part of efforts to contain the rising cybercrime threats in the financial system. Economic Confidential...
Banks
The Central Bank of Nigeria (CBN) has said it is committed to harnessing the power of digital technologies to enhance financial inclusion. CBN Governor, Mr Yemi Cardoso, said this on Tuesday in Abuja, during a strategic institutions tour by participants of Senior Executive Course 46 of the National...
The Central Bank of Nigeria (CBN), has increased the minimum capital requirement for Deposit Money Banks (DMBs) with national licences from N25 billion to N200 billion. The apex bank also increased capital requirement for banks with regional licences from N15 billion to N50 billion , and...
By JOY ADARA, Abuja – The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged the Nigeria Deposit Insurance Corporation (NDIC), to keep closer watch on banks across the country to avoid failure and its attendant unsavoury effects on the economy. The chairman said this...
Many Nigerians are now spending long hours in banks, seeking to link their National Identification Number (NIN) to their bank accounts. The development is sequel to the Central Bank of Nigeria’s directive to banks to place restrictions on all Tier 1 bank accounts without BVN or NIN by March...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point of Sale (PoS) operators to stop disrupting the seamless distribution of Naira notes. The Acting CBN Director, Corporate Communications, Mrs Hakama Sidi-Ali, who gave the warning in a...
Operators of Point of Sale (PoS) in Calabar, the Cross River State capital have increased their charges by 100 per cent for all transactions, following the scarcity of naira notes in the capital city. The operators spoke on the development in separate interviews with the News Agency of...
The Association of Telecommunications Operators of Nigeria (ALTON) on Thursday urged banks to prioritise the payment of their Unstructured Supplementary Service Data (USSD) debt, which he said had increased to N200 billion. The Chairman of ALTON, Gbenga Adebayo, said this during the first telecoms stakeholders’ meeting with...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has assured Nigerians that there is adequate supply of Naira notes in the economy. Recall that some bank customers in recent times have been complaining about scarcity of Naira notes at the counters, Automated...
The Secretary to the Government of the Federation (SGF), Sen. George Akume has called on banks to follow provisions of the Fiscal Responsibility Act (FRA) when lending to Governments in the Federation and their institutions. A statement by Bede Anyanwu, Head of Strategic Communications at the Fiscal Responsibility...
Workers in some areas of Lagos State were seen going about their businesses in spite of the two-day warning strike to begin Sept. 5, directed by the Nigeria Labour Congress (NLC). A News Agency of Nigeria (NAN) correspondent who monitored situations in Lekki Phase 1 area of the...
The Enugu State Government on Monday sealed 106 shops and two banks for allegedly observing Monday’s sit-at-home order by a faction of the proscribed Indigenous People of Biafra. . The News Agency of Nigeria (NAN) reports the exercise was carried out by officials of the State Government and Enugu...
The House of Representatives has directed the Central Bank of Nigeria (CBN) to stop its directive on addition of social media handles as part of `Know Your Customer’ (KYC) requirement for bank customers. This followed the adoption of a motion by Rep. Kingsley Chinda (PDP-Rivers) and a few others...
The Nigeria Data Protection Commission (NDPC) says it is investigating three banks, a university and other suspects over alleged data breach. The commission listed Zenith, Fidelity, Guarantee Trust Banks, Babcock University and Leadway Insurance, among others for the interaction. Dr Vincent Olatunji, the National Commissioner of NDPC, disclosed this in...
By LEKAN AGBOOLA, Ilorin – The Economic and Financial Crimes Commission (EFCC), has identified the role of banks compliance officers as key to the fight against economic and financial crimes in the country. The Ilorin Zonal Commander of EFCC, Mr. Michael Nzekwe, stated this on Thursday during an interactive...
Long queues at commercial banks in Lagos have suddenly disappeared following the injection of more bank notes by the Central Bank of Nigeria (CBN) into commercial banks, the News Agency of Nigeria (NAN) has reported The apex bank had on Thursday confirmed the evacuation of bank notes from its...
By EZEKIEL OBI, Abuja – The Central Bank of Nigeria (CBN), has confirmed the evacuation of banknotes from its vaults to commercial banks across the country. This is contained in a statement issued by Dr Isa AbdulMumin, the Acting Director, Corporate Communications of the CBN. He said the move...
Lagos State residents on Tuesday began to accept the old N200, N500 and N1,000 banknotes for transactions, following a validation from the Central Bank of Nigeria (CBN) to do so. The News Agency of Nigeria (NAN) reports that the CBN in a statement signed by its acting Director, Corporate...
Some traders in Sango-Ota, Ogun, on Monday, appealed to the Central Bank of Nigeria (CBN) to make concerted efforts to address the lingering cash crunch in Deposit Money banks to prevent total collapse of economic activities. They expressed their views in separate interviews with the News Agency of Nigeria...