The National Industrial Court, Lagos Division, has ordered the Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, to appear before it on 18 July 2024, to explain why he should not be committed to prison for disobeying a court order issued on 25 March 2019. Justice (Prof) Elizabeth Oji issued the order in response to an application filed …

The Central Bank of Nigeria (CBN) has withdrawn its circular directing banks to implement a 0.5 per cent cybersecurity levy on electronic transactions. The decision of the regulatory bank followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week. In its initial circular dated …

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. In an interview with the Financial …

The International Monetary Fund (IMF) has explained why the Central Bank of Nigeria (CBN) should issue operating licences or register cryptocurrency dealers. In its 2024 Staff Report released at the weekend, the IMF recommends that global crypto trading platforms be registered or licensed in Nigeria, like similar operators, the Bureaux De Change (BDCs), which are licensed by the CBN to …

The Central Bank of Nigeria (CBN) has urged Deposit Money Banks in Kano State to participate fully in the Agricultural Credit Guarantee Scheme Fund (ACGSF) to fast-track the development of the agricultural sector of the nation’s economy. At the Kano Bankers’ Forum 2023 Dinner and Award Night held at the Meena Event Centre, Kano, on Wednesday, CBN Kano Branch Controller, …

The House of Representatives, on Thursday, asked the Central Bank of Nigeria (CBN) to withdraw the circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country, The motion on the urgent need to halt and modify the implementation of the cybersecurity levy was moved by the member representing the Obio/Akpor …

The Central Bank of Nigeria (CBN) has directed banks to stop charges on cash deposits until 30 September, this year, according to a circular dated 6 May 2024, signed by the Director of Banking Supervision, Mr. Adetona Adedeji. Customers of some of the Deposit Money Banks raised concerns that the banks have begun collection of processing fees for cash deposits …

The Socio-Economic Rights and Accountability Project (SERAP) has issued a warning to the Federal Government to reverse the 0.5 per cent cybersecurity levy imposed by the Central Bank of Nigeria (CBN). SERAP also threatened to engage in legal action against the government if it failed to reverse the levy within a 48-hour. The non-governmental organisation stated this Tuesday via its …

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging a 0.5 per cent cybersecurity levy on transactions. This was contained in a circular dated 6 May 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers. “Following the …

The Federal Government, through the Securities and Exchange Commission (SEC), is set to delist the naira from all Peer-to-Peer (P2P) platforms to reduce the manipulation of the local currency value in the foreign exchange market. SEC’s Director General, Emomotimi Agama disclosed this during an interactive session with the Nigerian Blockchain Industry. This is expected to be part of a couple …