The Federal Government borrowed N25.36 trillion from the Central Bank of Nigeria (CBN) as at March 2023, pushing the figure from N23.53 trillion last December, The PUNCH has reported. The calculation includes N1.83 trillion borrowed through Ways and Means Advances in the first quarter of this year. The figure was according to the provisional data from the regulatory bank through …

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country to be wary of transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroun. The warning was contained in a circular referenced: FPR/AML/PUB/BOF/001/029, which was issued on Thursday by the Director, Financial …

Commercial banks’ customers deposited N8.9 trillion new cash in banks’ vaults in the last one year, members of the Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) have said. MPC member,  Prof. Festus Adenikinju, said the deposit base represents a 21.4 per cent increase to about N44 trillion in total industry deposits between April 2022 and April 2023. Likewise, …

The Central Bank of Nigeria (CBN) has pegged daily transaction limits to N50,000 for contactless payment. Contactless payments are a secure and convenient method of making transactions without physical contact between a payment device, such as pre-paid, debit, and credit cards, key fobs, mobile electronic devices, and wearable devices. It utilises Near-Field Communication (NFC) technology, allowing users to simply tap …

The Central Bank of Nigeria and the Bill and Melinda Gates Foundation (BMGF) have finalised the plan to drive financial inclusion in the country. According to a statement from the apex bank on Sunday, the two groups recently held a strategic meeting on how to deepen collaboration on financial inclusion in Nigeria. During the meeting, the CBN’s Acting Governor, Mr. …

Media Rights Agenda (MRA) said on Wednesday that the Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to pay it N1 million damages for wrongful denial of access to information. In a statement, the group said the court also directed the CBN to make available all the information it requested in its 22nd May 2020 …

The Central Bank of Nigeria (CBN) has now announced the unification of all segments of the forex exchange (FX) market. In a circular on Wednesday, the apex bank said all FX windows are now collapsed into the Investors & Exporters (I&E) window. The CBN said the move is part of a series of immediate changes to operations in the Nigerian …

The Department of State Services (DSS) has said that the suspended Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele is now in its custody. A statement via the agency’s Twitter handle on Saturday read: “The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria is now in its …

President of the World Bank Group, David Malpass has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. In a blog post published on Wednesday on the bank’s website, Malpass said that about 24 emerging and developing economies, including Nigeria, have an active parallel currency market. He explained: …

The Central Bank of Nigeria (CBN) on Tuesday revoked the operating licences of 132 Microfinance Banks (MfBs), three finance companies and four Primary Mortgage Banks (PMBs). The affected MfBs include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Mainsail Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, Premium Microfinance Bank and Statesman Microfinance Bank. Others include Manny Microfinance Bank, …