A former Secretary to the Government of the Federation (SGF), Boss Mustapha, has denied involvement in the alleged withdrawal of over $6 million from the Central Bank of Nigeria (CBN). His denial is coming in response to the publication of the report of the Private Investigator into the affairs of the CBN, Mr. Jim Obazee. Reacting, in a statement, Mustapha …

The Central Bank of Nigeria (CBN) has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated 22 December 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The circular is titled ‘Circular …

The Central Bank of Nigeria (CBN) has directed banks to raise the quality of their products and services to attract more people into the financial system. CBN Governor, Olayemi Cardoso, disclosed this at the release of the 2023 EFInA Access to Finance (A2F) Survey results in Lagos. He said: “As an ecosystem, we must redouble our efforts to develop innovative …

The Central Bank of Nigeria (CBN) has warned the public to be wary of counterfeit Naira notes in circulation amid reports of currency shortage. In a statement titled ‘Beware of Counterfeit Naira Banknotes in Circulation’, the apex bank on Friday advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions. The …

The Central Bank of Nigeria (CBN) has directed a ‘Post No Debit’ (PND) restriction on all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) effective April, next year. ‘PND’ is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts. …

The Central Bank of Nigeria (CBN) has issued a fresh directive to all banks and Nigerians regarding accepting old and redesigned Naira notes, according to a statement on Wednesday by its Acting Director of Corporate Communications, Mrs. Sidi Hakama. This is as the Supreme Court ruled also on Wednesday that the old Naira denominations of N200, N500 and N1,000 notes continue …

The Central Bank of Nigeria (CBN) has vowed to go after currency hoarders and speculators whose activities are allegedly contributing to the depreciation of the naira against major foreign currencies. A source in the apex bank said the speculators and hoarders are sabotaging the government’s efforts aimed at stabilising the naira against the dollar. The government’s efforts to stop the …

The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks. According to the CEO of NDIC, Bello Hassan, this followed the recent revocation of some MFBs and PMBs licences by the Central Bank of Nigeria (CBN), revealing that the payments of the statutory insured sums are still …

The Central Bank of Nigeria (CBN) has instructed all its branches nationwide to continue issuing various denominations of both old and redesigned banknotes in ample quantities to deposit money banks. The apex bank disclosed this in a statement signed by its Director, Corporate Communications, Mr. Isa AbdulMumin, and posted on its X handle on Wednesday. This comes in response to …

The naira has risen to N1,120 against the dollar as the foreign exchange market reacted to news that the Central Bank of Nigeria (CBN) has begun to clear some of its FX backlog on Thursday. This represents an appreciation of N50 or 4.27 per cent compared to the N1,170 it traded for on Wednesday. Currency traders, also known as Bureaux …