The Central Bank of Nigeria, CBN, yesterday, expressed its commitment to the Nigerian Foreign Exchange (FX) Code saying that it has aligned its roles with the principles of the code. In a statement signed by the Governor, Olayemi Cardoso, Deputy Governor, Economic Policy, Mohammad Abdullahi and Director, Financial Markets Department, Dr.Omolara Duke, the apex bank said its decision follows a …

The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership shakeups. These appointments affect crucial areas such as Monetary Policy department, Trade and Exchange Department, Banking Supervision, Payment Systems and Consumer Protection among others. This new appointments are coming at a time when regulators are tightening oversight on banks and financial technology …

The Central Bank of Nigeria has reinforced its regulatory oversight to bolster the resilience and transparency of the country’s financial system, reaffirming its commitment to strict compliance and risk management across financial institutions. According to a statement from the apex bank on Sunday, the CBN reaffirmed its commitment at a Mandatory Compliance and Anti-Money Laundering Training Workshop held in Lagos …

Public institutions in Nigeria have a knack for policy inconsistency. They can aggressively pursue a course of action one moment and, the very next, introduce measures that directly contradict their stated objectives. The Central Bank of Nigeria (CBN) is currently at the centre of one such paradox. Everyone alive in the last couple of years witnessed the CBN champion financial …

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 …