The Central Bank of Nigeria (CBN), has sold the sum of 122,671 million dollars to 46 authorised dealers. According to a statement issued by the apex bank’s Director in charge of Financial Markets, Dr Omolara Duke, the move is aimed at promoting stability as well as to reduce market...
CBN
A Deputy Director at the Central Bank of Nigeria (CBN), Mr Olubukola Akinwumi, on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions. Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s 2nd prosecution witness (PW-2) in the ongoing trial...
The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN). Also included in the probe is the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the...
The Nigeria Deposit Insurance Corporation (NDIC) has said the account names discrepancies in Bank Verification Number (BVN) linked alternate account of some defunct Heritage Bank customers is delaying the payment of their insured deposits. Mr Bello Hassan, the Managing Director of NDIC told the News Agency of Nigeria...
By EZEKIEL OBI, Abuja – Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “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...
The Central Bank of Nigeria (CBN) has said it would continue to implement more policies to tackle cybersecurity challenges, foster innovation to ensure stability and integrity of the financial system. The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, said this during a two-day Financial Institutions...
Customers of the liquidated Heritage Bank Plc gathered at the bank’s headquarters in Lagos on Wednesday, to seek clarification on the beginning of their deposit payments. A visit by a News Agency of Nigeria (NAN) correspondent on Wednesday revealed that security personnel stationed at the bank’s entrance prevented...
The Nigeria Deposit Insurance Corporation (NDIC), has said it would begin payment of insured sum to 2.3 million depositors of Heritage Bank in-liquidation this week. The Managing Director of NDIC, Mr Bello Hassan, said this while briefing newsmen in Abuja on Wednesday. Hassan said the bank had preliminary deposits...
The Central Bank of Nigeria (CBN) has debunked reports alleging that it plan to revoke the licences of more Deposit Money Banks (DMBs). Some reports making the rounds on social media have alleged that the Apex bank plans to revoke the licences of Unity, Keystone and Polaris...
An Economist, Mr Abba Adaudu, has decried the revocation of the licence of Heritage Bank by the Central of Nigeria (CBN) due to a breach of banking regulations. Adaudu, who is also a financial consultant, spoke with the News Agency of Nigeria (NAN) on Tuesday in Abuja. He...
By MBAFAN ADE, Abuja – c The Central Bank of Nigeria (CBN), has announced revocation of the licence of Heritage Bank Plc with immediate effect. The Acting Director, Corporate Communications Department, Hakama Sidi-Alion, disclosed this in a statement issued on Monday in Abuja. Sidi-Ali said the action was in...
Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has said the pains of ongoing reforms would soon be over if the citizens can support the monetary and fiscal policies of the government. Cardoso represented by Dr Blaise ljebor, Director, Risk Management, said this while participating in a panel...
An advisor and treasury manager has faulted the Central Bank of Nigeria (CBN) recent increase in the Monetary Policy Rate (MPR) in an attempt to curb inflation and stabilise the economy. Akeju, a member of the Chattered Institute of Treasury Management (CITM), made his position known while speaking...
The Central Bank of Nigeria (CBN) says mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint will resume the enrolment of new customers “in another couple of months”. CBN Governor, Olayemi Cardoso, stated this on Tuesday at the 295th Monetary Policy Committee (MPC) of...
Some financial and economic experts have advised the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to retain the lending rate of 24.75 per cent. The experts, who gave the advice in separate interviews with the News Agency of Nigeria (NAN) in Abuja spoke against...
By JOY ADARA, Abuja – The Socio-Economic Rights and Accountability Project (SERAP), BudgIT and 136 concerned Nigerians have filed a lawsuit against the Central Bank of Nigeria (CBN) “over its failure to withdraw the patently unlawful ‘Circular’ directing all banks and other financial institutions to deduct from customers’ account...
Reps stop implementation of cybercrime levy by CBN The House of Representatives on Thursday, May 9, directed the Central Bank of Nigeria (CBN) to immediately halt the implementation of the cybercrime levy introduced by the apex bank in compliance with the provisions of the cybercrime Act. The House said...
The Trade Union Congress of Nigeria (TUC) has threatened a shut down of the economy over the plan to begin implementation of the 0.5 per cent cyber security levy on electronic transactions. The body urged the Federal Government to direct the Central Bank of Nigeria (CBN) to withdraw...
By JOY ADARA, Abuja – Socio-Economic Rights and Accountability Project (SERAP), has urged President Bola Tinubu to immediately direct the Central Bank of Nigeria (CBN), to withdraw the cybersecurity levy on Nigerians as it patently violates the provisions of the Nigerian Constitution 1999 [as amended] and the country’s...