The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents. The apex bank disclosed this in a circular issued on Friday, 13 December 2024, signed by the Acting Director of the Currency …

Vice President Kashim Shettima has called on the Central Bank of Nigeria (CBN) and commercial banks to urgently address the growing concerns surrounding high and arbitrary charges imposed by Point-of-Sale (PoS) operators, which he described as an impediment to financial inclusion in Nigeria. Represented by the Special Adviser to the President on Economic matters, Dr Tope Fasua, the Shettima said …

The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) over cash hoarding and diversion, stating that such actions will attract stiff penalties. In a circular dated 13 November 2024, signed by the Acting Director of Currency Operations, Muhammad Olayemi, and released by the CBN on Friday, the apex bank announced intensified measures to …

The Central Bank of Nigeria (CBN) has urged banks in the country to make significant investments in cybersecurity to safeguard depositors’ savings from hackers. Dr. Adetona Adedeji, Acting Director of Banking Supervision, made this call during a panel discussion on “Fiscal and Monetary Policy Reforms: Removing Barriers to Private Sector Investment” at the ongoing Nigeria Economic Summit in Abuja. He …

A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one. According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for …

Nigerian banks and discount houses borrowed N3 trillion from the Central Bank of Nigeria (CBN) through the Standing Lending Facility within a week, according to a report by Afrinvest Research. The lenders and discount houses, however, deposited N493.6 billion through the Standing Deposit Facility within the same period. According to the report, the spike in borrowing resulted in a 4.7 …

The Economic and Financial Crimes Commission (EFCC) has said the commission will soon begin the prosecution of some banks’ top officials for circumventing the rules of financial operation while aiding politically exposed persons to commit financial frauds, including money laundering. EFCC chairman Ola Olukoyede said the antigraft agency is committed to working with the Chartered Institute of Bankers of Nigeria …

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday disclosed that foreign investors are already moving funds into the country to invest in Nigerian banks under the ongoing recapitalisation exercise. Cardoso who stated this at the Afrinvest 2024 Banking Sector Report Launch in Abuja, yesterday, said that his team was vigilant and would not allow illicit …

The National Assembly on Wednesday passed for second reading an Executive Bill seeking to tax the windfall made by banks from foreign exchange business. The bill is an amendment to the Finance Act of 2023. The one-time tax will be used to finance capital infrastructure development, education, healthcare and other welfare initiatives, according to the Federal Government. Another Executive Bill …

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging a 0.5 per cent cybersecurity levy on transactions. This was contained in a circular dated 6 May 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers. “Following the …