By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank. CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Wednesday in Abuja. According to Sidi-Ali, this action became...
CBN
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). The Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, disclosed this in a statement issued in Abuja on Sunday. Mrs. Sidi-Ali said the disbursement is...
By OLA MUDOPE, Lagos – The Dangote Group has expressed readiness to assist the Economic and Financial Crimes Commission (EFCC) in its investigations, following the visit of the anti-graft agency to the company’s head office in Lagos. It would be recalled that EFCC operatives on Jan. 4, embarked...
The Economic and Financial Crimes Commission (EFCC) has summoned top officials of the Dangote Group to Abuja to come along with detailed documents on foreign exchange transactions by the conglomerate covering the last nine years. Operatives of the EFCC stormed the headquarters of Dangote Industries Limited in Ikoyi,...
An economist, Prof. Uche Uwaleke has urged the National Assembly to allow the Central Bank of Nigeria (CBN) to determine the most suitable exchange rate management strategy for Nigeria. Uwaleke, who is the President, Capital Market Academics of Nigeria, gave the advice in an interview with the News...
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...
Central Bank of Nigeria (CBN) has said the rising inflation and exchange rates will decline in 2024. The News Agency of Nigeria (NAN) reports that the apex bank also projected less revenue from oil exports in the coming year. CBN Governor, Mr Olayemi Cardoso, stated these on Thursday...
The Central Bank of Nigeria (CBN) has reassured Nigerians of enough Naira notes in circulation, to carter for their cash needs. CBN’s Acting Director, Corporate Communications, Mrs Hakama Ali, gave the assurance in a statement on Wednesday. It would be recalled that there has been complaints of...
In-spite of cash scarcity and rationing by banks, some traders in Lagos said they are still rejecting electronic transfer of fund due to network issues. The traders, especially those engaging in petty trading, said bank network delays and failures had significantly impacted negatively on their businesses. They were...
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 Central Bank of Nigeria (CBN), on Monday, announced the suspension of the processing fees on cash deposits charged banks and other financial institutions till April, 2024. The CBN Director, Banking Supervision, Dr Adetona Adedeji, disclosed this in a circular addressed to “all banks, other financial...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has assured the banking public that Nigerian banks are buoyant, hence, they are not in distress. The CBN Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, disclosed this in a Statement issued on Monday in Abuja....
The House of Representatives has rejected representatives of Central Bank of Nigeria (CBN) Governor and Comptroller General of Nigeria Customs Service insisting they appear personally person to defend their 2024 budget proposal. Also the representatives of Federal Inland Revenue Service were also rejected by the House Committee on...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has warned Nigerians to beware of illegal Naira banknotes in circulation. The CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, stated this in a statement issued in Abuja on Friday. She said: “The...
The Central Bank of Nigeria (CBN) Governor, Mr Yemi Cardoso, has approved the reviewed “Service Charter’’ of the apex bank. The News Agency of Nigeria (NAN) reports that the service charter is a requirement of the Business Facilitation Act 2022 for driving the ease of doing business in...
A Financial Expert, Mr Okechukwu Unegbu, has urged the Central Bank of Nigeria (CBN) to sanction banks that allowed customers to operate accounts without their BVN and NIN. Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with...
The Central Bank of Nigeria (CBN) has said it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024. This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of both old and redesigned Naira notes to and from Deposit Money Banks (DMBs). The Acting Director of the bank, Corporate Communications, Mrs...
The Central Bank of Nigeria (CBN) has said it is planning to implement a new round of banking recapitalisation for the Deposit Money Banks (DMBs). Mr Olayemi Cardoso, the CBN Governor, announced this at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria...
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has clarified that the 43 items were never explicitly prohibited from importation or sale in Nigeria. Cardoso gave this clarification at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN)...