The Central Bank of Nigeria (CBN) has given banks and other financial institutions a 30-day timeline to close accounts without Bank Verification Number (BVN). Data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that 57.39 million customers’ accounts have been linked to their BVNs as at 8th April. According to a review of the ‘Regulatory Framework for Bank Verification Number …

The Nigerian Communications Commission (NCC) has granted telecommunications operators in Nigeria the approval to disconnect banks over N120 billion unstructured supplementary service data (USSD) debt, according to the Association of Licensed Telecommunications Operators of Nigeria (ALTON). ALTON Chairman Mr Gbenga Adebayo in Lagos said in a statement on Friday that the Mobile Network Operators (MNOs) would disconnect banks if they failed …

The Central Bank of Nigeria has said that it would sanction banks assisting the operations of unlicensed foreign firms. In its ‘Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria’, signed by its Director of Financial Policy and Regulation, Muhammad Musa and released on Monday, the regulatory bank stated: “Any CBN regulated entity found to be assisting, …

Kano State Governor-elect, Engr. Abba Kabir Yusuf, on Saturday, asked local and international lenders to stop giving loans to Kano State government. In the advisory issued by his Chief Press Secretary, Sanusi Bature Dawakin Tofa, Yusuf said that any local or international organisation that would issue loan to Abdullahi Umar Ganduje administration from 18th March to 29th May does so …

US President Joe Biden called on banking regulators Thursday to reinstate tougher rules on midsized banks, saying that doing so would prevent future failures like that of Silicon Valley Bank. While his predecessor Donald Trump eased rules for banks with between $100 billion and $250 billion in assets, Biden urged regulators to instead consider a set of reforms to “reduce …

Deposit Money Banks  (DMBs) are planning to increase their cash withdrawal limits from the current N20,000 to N50,000 range to over N80,000 to N100,000, according to multiple bank officials. The approach, it was learned, will allow bank branches to reduce lingering queues in various cities across the country. As part of a concerted effort to facilitate the circulation of both …

The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct banks to immediately revamp their electronic transaction platforms. According to the House, the move has become necessary in the aftermath of the recent CBN policies, which have put pressure on online and electronic banking. The CBN had set lower limits for cash withdrawal and redesigned the …

Deposit Money Banks have begun to ration the disbursements of old N1,000 and N500 notes to their customers amid uncertainty over whether the Central Bank of Nigeria (CBN) will release the old notes in its custody. This came about 24 hours after the CBN Governor, Mr Godwin Emefiele announced that old N1,000, N500 and N200 notes remained legal tender. But …

Some Nigerian banks have commenced paying old N1,000, N500 notes to customers following the Supreme Court judgment, which extended the validity to 31 December. Daily Trust reports banks in the City of Kano and Abuja paid customers, who came for withdrawals in old Naira notes on Monday. GTBank and Access Bank branches, for instance, paid out the old banknotes in …

Protests over Naira scarcity have erupted in Ogun State, with images online showing two banks set on fire in the Sagamu area of the state. The videos shared on Monday showed many residents watching as Keystone and Union banks were set ablaze with some youths holding planks in protest. Breezy News reported last Friday that protests broke out in the …