The Nigerian Financial Intelligence Unit (NFIU) will on Thursday announce new guidelines on cash withdrawals from all government accounts. Last month, the Director and Chief Executive Officer of NFIU, Mr Modibbo Tukur said that the unit was putting all measures in place to stop cash withdrawals from federal, state, and local government areas’ bank accounts. He said: “Because of the …

National Coordinator and Special Envoy of Ecology and Marine International Human Rights Organisation, Alhaji Musa Saidu, has cautioned against inference in the ongoing investigations of alleged fraud by the Central Bank of Nigeria Governor, Dr Godwin Emefiele. Saidu told the News Agency of Nigeria on Tuesday in Abuja that the recent criticism against DSS investigations of N70 trillion alleged looted …

At least 6,047 Bank Verification Numbers (BVNs) have been added to the monitoring list of the Central Bank of Nigeria (CBN) for possible fraudulent activities, according to the CBN Financial Stability June 2022 report published this month. The report also noted that 11,871 BVNs have been watch-listed as deceased persons this year. The report disclosed that the apex bank conducted …

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele has again failed to appear before the House of Representatives. His action on Tuesday makes it the second time he would refuse to honour the invitation of the lower legislative chamber on the cash withdrawals policy, which has generated intense controversy.. The House had summoned Emefiele to explain the latest policy …

The Arewa Consultative Forum (ACF) has raised its voice against the introduction of the cash withdrawal limits by the Central Bank of Nigeria (CBN). The apex bank recently announced a policy of restricting individual cash withdrawals from commercial banks to N20,000 per day and N100,000 for a week or N500,000 in the case of corporate bodies. But reacting to the …

The new N1000, N500 and N200 notes go into circulation today as the Deposit Money Banks have released the bills to their customers via over-the-counter payments. The old notes will be phased out as legal tender by 31st January next year. Three weeks ago, President Muhammadu Buhari unveiled the new bills at a weekly Federal Executive Council meeting in Abuja. In …

The House of Representatives has asked the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele to suspend the weekly limits on cash withdrawals by individuals and corporate entities. The House also invited Emefiele to appear before it on Thursday over the new restrictions on cash withdrawals. This follows a motion of matter of urgent public importance moved by …

The Central Bank of Nigeria (CBN) has announced a new policy on over-the-counter withdrawals, effective 9th January, next year. The apex bank has mandated deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively per week. The revised cash withdrawal limits, contained in a circular …

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, in line with its contributions to an improved healthcare sector in the country, has upgraded its short-term loan solution within the healthcare value chain. This upgrade ensures a flexible repayment period, with affordable interest rate and zero collateral to enable sector players access better financing and achieve optimal service delivery. The …

President Muhammadu Buhari on Wednesday unveiled the re-designed Naira notes as proposed by the Central Bank of Nigeria (CBN). On Tuesday, CBN Governor, Mr Godwin Emefiele had said that the President would unveil the newly designed N1,000, N500 and N200 notes. The unveiling marks the first time in 19 years that Nigeria would redesign its currency notes. Last month, Emefiele …