CBN to sanction FX market regulations for Gross Violations The Central Bank of Nigeria (CBN), on Wednesday, said it found grave infractions, gross abuse and significant non-compliance with market regulations by operators in the foreign exchange segment. As a result, the apex bank vowed it would punish those responsible[Read More…]
CBN appoints new executive officials for Union, Keystone, Polaris Bank The Central Bank of Nigeria has announced a new appointment of executive officers for Union Bank, Keystone Bank, and Polaris banks following the dissolution of the board of the banks on Wednesday. The acting director of Corporate Communication, Sidi-Ali Hakama,[Read More…]
CBN sacks boards, mgts of Union, Keystone, Polaris Banks The Central Bank of Nigeria, CBN, has dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank. According to statement by the CBN Ag. Director of Corporate Communications, Mrs. Hakama Sidi-Ali, uissued in Abuja last night, “this[Read More…]
CBN Restrains Cash Withdrawals, Cheques For Crypto Bank Accounts The Central Bank of Nigeria (CBN) has said, there would be no cash withdrawals on accounts that are linked to virtual assets. This is coming after lifting restrictions on banks operating accounts for virtual assets as cryptocurrencies. According to the guideline[Read More…]
CBN to Tackle Inflation, Exchange Rate Problems Next Year The Central Bank of Nigeria (CBN), has said that it will tackle the rising inflation and exchange rates issues by next year. It also projected less revenue from oil exports in the fiscal year , just as it declared[Read More…]
IMF says Nigeria not Generating Enough Revenue to Support Developmental Needs International Monetary Fund has said that Nigeria is not earning enough revenue to support its developmental needs. IMF explained that the country’s nine per cent revenue to Gross Domestic Product ratio is very low and not enough to[Read More…]
CBN orders banks to freeze accounts without BVN, NIN from March 2024 The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to place a “No Debit” restriction on all accounts without a Bank Verification Number (BVN) and National Identification Number (NIN) from March 2024.[Read More…]
CBN Governor, Cardoso to lay out Policy Directions Governor of Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso will this weekend examine the macroeconomic direction and outlook for the Nigerian economy, a major event expected to provide guidance to key decision-makers. Cardoso will address bankers and other public and[Read More…]
CBN says N100, N200, N1000 Banknotes remain Legal Tender indefinitely The Central Bank of Nigeria on Tuesday said that the old N100, N200, N1000 banknotes will remain a legal tender indefinitely. The Apex bank extended the Naira notes beyond the December 31, 2023 deadline issued by the former CBN[Read More…]
CBN denies plans to Redenominate Naira The Central Bank of Nigeria (CBN) has dismissed rumours suggesting any plans for the redenomination of the Naira, set to take effect from January 2024. The response from the CBN comes in light of an assertion implying its intention to redenominate the nation’s official[Read More…]
