Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) ‘over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine transaction fees’. The CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 …

Nigeria’s latest treasury bills auction, conducted on 19 February 2025, saw total subscriptions hit N2.41 trillion, reflecting sustained investor interest across the three tenors on offer. This marked a decline from the N3.22 trillion recorded in the previous auction held on 5 February 2025. This is according to the auction results seen by The PUNCH on Thursday. The Central Bank …

The Federal Government has explained the delay in the direct disbursement of funds to the 774 Local Government Areas despite the Supreme Court’s ruling granting them financial autonomy. According to the government, the delay is due to the ongoing process of profiling individuals who will serve as signatories to the LGAs’ accounts. The Attorney General of the Federation and Minister …

The Central Bank of Nigeria has announced that Nigerians withdrawing less than N20,000 from another bank’s Automated Teller Machine will still be charged a fee of N100 per transaction. This is according to a FAQ document published by the apex bank on its website on Thursday, which provides further information on a new CBN’s directive. The directive is part of …

From 1 March 2025, customers will soon pay higher charges for withdrawals at the Automated Teller Machine (ATM) of commercial banks as the Central Bank of Nigeria (CBN) has reviewed transaction fees, citing rising operational costs and the need to enhance banking services. While customers withdrawing from their bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals, charges for …

The Central Bank of Nigeria (CBN) has extended the foreign exchange (FX) sale period to Bureau de Change (BDC) operators until 30 May. This aims to better serve retail market demands. The bank disclosed this in a circular,  bythe  acting director of the trade and exchange department, Dr W. J. Kanya to BDCs on Monday and made available on its …

Local government councils across the country are facing a fresh hurdle in their bid to receive their monthly allocations directly from the Federation Accounts. Each of the 774 Local Government Areas is now required to furnish the Central Bank of Nigeria (CBN) with a comprehensive audit of its finances for two years as a prerequisite for direct remittance of their …

The Central Bank of Nigeria (CBN) has encouraged businesses to adopt export activities as a strategy to maximise opportunities presented by the weakened naira. This appeal was made by the Deputy Governor of Economic Policy, CBN, Muhammad Abdullahi, on Tuesday during his keynote address at the 11th National Economic Outlook: Implications for Businesses in Nigeria 2025, organised by the Chartered …

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has vowed to tackle the commoditisation (buying and selling) of Naira notes, which has become widespread in the country. CBN Governor, Mr. Olayemi Cardoso made this vow in a keynote address at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, with …

All the 774 Local Government Councils are to open dedicated accounts with the Central Bank of Nigeria (CBN) for the direct disbursement of allocations to them from the Federation Account, the Association of Local Governments (ALGON) said on Sunday. ALGON National President, Bello Lawal Yandaki said the opening of the account is critical to the implementation of the Supreme Court …