The 774 local governments 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 yesterday. The National President, Bello Lawal Yandaki, said the opening of the account is critical to the implementation of the Supreme Court ruling on direct …

The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35 billion for failing to ensure cash availability via Automated Teller Machines (ATM) during the festive season. Each of the banks was fined N150 million following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, …

The Central Bank of Nigeria (CBN), on Friday announced it has introduced the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA) for Nigerians in diaspora. CBN disclosed this in a circular to all authorized dealer banks and the general public noting that NRNOA will enable Non-Resident Nigerians (NRNs) remit their foreign earnings to Nigeria and manage funds …

The Central Bank of Nigeria has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, effective immediately. This directive, issued via a circular dated 8 January 2025, applies to both oil and non-oil export transactions. The apex bank explained that the move aims to enforce compliance with existing foreign exchange regulations. Signed by the acting Director …

An Arbitration Tribunal sitting in Lagos has ordered SANEF Creatives Ltd, a company owned by Bankers’ Committee of the Central Bank of Nigeria (CBN), to pay the sum of N19.4 billion to Hanson Dredging and Marine Service Ltd (HDMS). The payment is for the unlawful termination of its contract for the dredging and reclamation work of Lagos Creative Entertainment Centre …

The Central Bank of Nigeria (CBN) has reported a 63.7 per cent increase in international money transfer operator (IMTO) inflows during the first nine months of 2024. According to the latest quarterly statistical bulletin released by the apex bank, inflows rose from $2.33 billion recorded during the same period in 2023 to $3.82 billion in 2024. The significant growth has …

The Central Bank of Nigeria (CBN) has again clarified that the 1,000 staff members who opted out of service in December 2024 were not forced to quit their jobs. The CBN Governor, Olayemi Cardoso, stated this on Friday in Abuja at an investigative hearing of the House of Representatives’ ad-hoc committee probing the circumstances leading to the exit of the …

Nigeria has renewed its bilateral currency swap agreement with China, a move that underscores the deepening financial and economic cooperation between the two nations. The Central Bank of Nigeria (CBN) and the People’s Bank of China (PBOC) announced the renewal of the arrangement on Friday, with the agreement amounting to N3.28 trillion, equivalent to approximately 15 billion yuan or $2.09 …

The Central Bank of Nigeria (CBN) has attributed the significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies According to the apex bank’s latest economic report for the third quarter of 2024, oil revenue fell by 24.72 per cent to N1.30 trillion compared to the second quarter of 2024. This drop …

The Speaker of the House of Representatives, Tajudeen Abbas, has urged the Central Bank of Nigeria (CBN) to provide clarification on the sacking of about 1,000 staff members and the subsequent payment of a N50 billion compensation package to the disengaged persons. Abbas made the demands while declaring open an investigative hearing of the Ad-hoc Committee of the House, investigating …