Cash Policy: CBN Governor Tenders Apology

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has apologised to bank customers for the inconveniences the newly introduced cashless policy will cause. Africa News24 (an24) reports that the CBN governor rendered the apology at the end of the Monetary Policy Committee (MPC) meeting in Abuja, Nigeria’s capital on Friday, when he […]

Experts, Stakeholders Fault New CBN Cashless Policy

Economy experts and stakeholders have faulted the implementation of the Central Bank of Nigeria’s needless cashless policy, with the imposition of charges on cash deposits and withdrawals. Recall Central Bank of Nigeria earlier in the week implemented new money policy for both deposit and withdrawal of cash. Some experts, who spoke about the abnormality in […]

CBN Announces New Electronic Payment Sanctions On Banks, Others

The Central Bank of Nigeria has announced a series of new sanctions that will be meted out to deposit money banks, mobile money operators, payment solution service providers and other financial institutions for electronic payment infractions. The CBN, on Tuesday, issued the ‘Regulations on Electronic Payments and Collections for Public and Private Sectors in Nigeria’, […]

Banks Persuade Customers To Return Mutilated Naira Notes Before Deadline

Following a directive from Central Bank of Nigeria (CBN), banks operating in the country have continued to urge customers to return mutilated naira notes before the September 2 deadline. The apex bank had given banks between June 3rd and September 2nd to return all mutilated naira notes at their disposal for re-issue. The regulator had […]

AfDB Urges Nigeria Industry Players To Maximize The 2019 Africa Investment Forum.

The Senior Director, Nigeria Country Department in African Development Bank (AfDB) Mr Ebrima FAAL has urged industry players to use the opportunities of the 2019 Africa Investment Forum (AIF) to unlock investment potential in the continent. Mr Ebrima FAAL made this call on Tuesday at the 2nd Nigeria Roadshow of the Africa Investment Forum (AIF). “Deals worth […]

CBN Proposes N100 Billion Maximum Capital Base For Banks

The Central Bank of Nigeria (CBN) has proposed an increase in the minimum capital base for commercial banks in Nigeria to one hundred billion naira. The Governor of the CBN, Mr Godwin Emefiele, has revealed that the current capital base of the banks are no longer realistic, principally because of the massive devaluation of the […]

First Bank Demystifying Financial Inclusion With XploreFirst

Worried by the increasing rate of the unbanked population, the Federal Government, through the Central Bank of Nigeria (CBN), kicked off a campaign in 2012 to achieve 80 per cent financial inclusion of adult population by 2020. The CBN carried out the campaign through agency banking, mobile banking/mobile payments, linkage models and client empowerment, to […]

Country’s Outstanding Domestic Debt Is N12bn-CBN

The Central Bank of Nigeria (CBN) on Wednesday said the country’s outstanding domestic debt stood at N12.44 billion as at December 2018. This was contained in the bank’s 2018 Annual Activity Report released by the Financial Markets Department, CBN, and posted on its Website on Wednesday in Lagos. The CBN said the figure represented a […]

Sterling Bank Appoints New Chief Compliance Officer

Sterling Bank Plc appointments of Mr. Femi Jaiyeola as the Chief Compliance Office. The appointment was announced via a notification letter sent to the Nigerian Stock Exchange (NSE). According to the information contained in the notification, the appointment has been confirmed by the Central Bank of Nigeria (CBN). Femi Jaiyeola is a seasoned professional with […]

Ganduje Set To Remove Sanusi As Kano Emir

Abdullahi Umar Ganduje, governor of Kano state, has relaunched moves to remove Muhammad Sanusi II as the emir of Kano, TheCable reports. On Monday, the Kano State Public Complaints and Anti-corruption Commission reopened investigation into the expenditure of the state emirate council under Sanusi II. Also at Monday’s plenary of the house of assembly, Kabiru […]

FRAUD: CBN Records N2b Loss Through Mobile Apps, Warns Users

According to the record of the Central Bank of Nigeria (CBN), e-fraudsters have fleeced customers of self-initiated banking solutions, such as Mobile Apps and Unstructured Supplementary Service Data (USSD) of about N2.08 billion in the last one year. CBN Director, Payment System Management, Sam Okojere, who broke the news at the Nigeria Electronic Fraud Forum […]