House Of Representatives Orders CBN To Suspend New Cashless Policy

The House of Representatives has asked the Central Bank of Nigeria to suspend the charges imposed on cash deposits in the implementation of its cashless policy. Africa News24 understands the call for the suspension was contained in a motion unanimously adopted during Thursday’s plenary, which was moved by Chairman of the House Committee on Media […]

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’, […]

Buhari Directs EFCC, NIA To Investigate UK Court’s $9.6bn Judgment

President Muhammadu Buhari has directed the Economic and Financial Crimes Commission, the National Intelligence Agency and the Inspector-General of Police, Mohammed Adamu, to conduct a thorough investigation into the activities of the Process and Industrial Developments Limited which was recently asked by a United Kingdom court to seize $9.6bn in Nigerian assets. The development was […]

CBN Warns MfBs Against Hawking Of Lower Currencies

The Microfinance Banks (MfBs) operating in Nigeria have been warned against hawking and hoarding of lower currencies as the Microfinance lenders begin to disburse lower denominations of the naira with a limit placed on customers’ withdrawal. The Central Bank of Nigeria (CBN) cautioned and advised the Microfinance Banks not to use the disbursement directive for […]

Gbajabiamila Wants More Backing For Cryptocurrency

The Speaker of the House of Representatives Rt. Hon. Femi Gbajabiamila has said that there is a need to come up with a legislation on cryptocurrency, which is gradually becoming acceptable all over the world. The Speaker said the legislation became necessary to regulate transactions involving cryptocurrency for Nigeria not to be left behind. Gbajabiamila […]

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 […]

NSITF Board To Be Inaugurated Today In Aso Rock Without Kokori

Mr Austin Enejamo-Isire is the authentic chairman of the board of directors, Nigeria Social Insurance Trust Fund (NSITF), which will be inaugurated at the Banquet Hall of the Presidential Villa, Abuja today 13 May. The inauguration of the board today, following a decisive presidential intervention, ends the tussle and scuffle between the Minister of Labour, […]

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 […]

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 […]

CBN To Regulate Fintech And Startups

The Director, Payments System Management Department (PSMD), Sam Okojere, who represented the Governor of the CBN, Godwin Emefiele, disclosed in his keynote address at the inaugural Lagos Fintech Week in Lagos, that the “CMR is being developed in line with on-going efforts to evolve a robust collateral management regime which will be proportionate to transactional […]

CBN To Sanction Banks Issuing Bad Naira Notes

The Central Bank of Nigeria (CBN) has told bank operating in the country to continue to accept mutilated Naira notes from members of the public. This information was stated in the Clean Note Policy recently released by the apex bank. The CBN described a mutilated Naira as a “poor quality banknote that requires a special […]