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 …

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 …