cbn
Did You Know CBN Has Limited POS Cash-Out Transactions to N100,000 Per Day for Customers?
On December 17, 2024, the Central Bank of Nigeria (CBN) implemented a new directive limiting daily cash-out transactions by Point of Sale (POS) agents to ₦100,000 per customer.
The policy, signed by Oladimeji Yisa Taiwo on behalf of the Director … Continue Reading
CBN Declares Old Naira Notes to Remain Legal Tender Indefinitely
The CBN urged Nigerians to disregard rumors claiming the old Naira notes would cease to be legal tender by December 31, 2024. Mrs. Hakama reiterated that both old and redesigned notes should be accepted for all transactions and handled with
… Continue Reading
$4.5bn Emefiele’s Fraud Case New Update
Court to decide on jurisdictional objections in Emefiele’s $4.5bn fraud trial as Nigeria’s anti-corruption efforts face scrutiny.
On December 12, 2024, the Lagos State Special Offences Court in Ikeja announced January 7, 2025, as the date for its ruling on … Continue Reading
Reps Order CBN to Halt Planned Retirement of 1,000 Staff
Until the investigation is completed, the CBN has been directed to put the mass retirement plan on hold.
Abuja, Nigeria – The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend its planned retirement of over … Continue Reading
CBN to Retire 1,000 Staff, Allocates N50b for Payoffs
Abuja, Nigeria – The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees by the end of the year, with over N50 billion earmarked as severance packages for affected staff.
This development, described as a “strategic realignment” … Continue Reading
CBN Targets 28 Million Unbanked Nigerians in Bold Financial Inclusion Drive
CBN Pushes for Financial Inclusion to Drive Economic Growth
At the recent 2024 International Financial Inclusion Conference in Lagos, the Central Bank of Nigeria (CBN) revealed a concerning statistic: 28 million Nigerians remain without access to formal banking services. CBN … Continue Reading
Former CBN Employees File Lawsuit Over Mass Termination, Alleging Unlawful Dismissal Amid Restructuring
Over 100 former employees of the Central Bank of Nigeria (CBN) have taken the apex bank to court, challenging what they describe as an unjust mass termination during a sweeping reorganization exercise.
The lawsuit, filed at the National Industrial Court … Continue Reading
Old N200, N500, N1,000 Banknotes Remain Legal Tender, Says CBN
The CBN encouraged Nigerians to handle all naira banknotes with care and to embrace electronic channels as alternative payment methods, reducing pressure on the physical currency system.
Abuja, Nigeria – The Central Bank of Nigeria (CBN) has clarified that the … Continue Reading
CBN, SEC Impose Sanctions on 10 Banks for Forex Violations
Stanbic IBTC’s fines, totaling N229 million, were linked to infractions involving the CBN, the National Pension Commission, and SEC.
Abuja, Nigeria – In a sweeping regulatory action, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) … Continue Reading
Nigeria’s Debt Servicing Rises to N6tn, Up 68.8% in H1 2024 — CBN Report
Abuja, Nigeria – Nigeria’s debt servicing costs surged to N6.04 trillion in the first half of 2024, reflecting a significant 68.8% increase compared to the N3.58 trillion spent in the same period last year, according to the latest report from … Continue Reading