cbn
Central Bank of Nigeria Injects $20,000 Each to Bureau De Change Operators to Stabilize The Naira
In a bid to rectify persisting distortions in Nigeria’s retail foreign exchange market, the Central Bank of Nigeria (CBN) has began the injection of $20,000 Each to Bureau De Change Operators to Stabilize Exchange Rate.
Rising Dollar Rate: CBN Sells $86 Million in Spot FX Market, Marks First Sale in 5 Months
The Central Bank of Nigeria (CBN) has executed its first sale of dollars in the spot FX market since September 2023.
The move, aimed at addressing the currency’s volatility, saw the CBN selling up to $86 million on Tuesday.… Continue Reading
Central Bank of Nigeria Directs Banks to Notify Customers Before Debt Recovery Initiative
The Central Bank of Nigeria (CBN) has directed banks to provide customers with prior notices of outstanding obligations before commencing debt recovery processes.
The move aims to ensure a transparent, courteous, and fair debt recovery process for consumers.
Released on … Continue Reading
CBN Bans Banks, Fintechs From International Money Transfers, Increases Application Fee
The Central Bank of Nigeria (CBN) has implemented a significant shift in the financial landscape by barring banks and fintech companies from conducting international money transfer services.
The sweeping directive, outlined in a document dated January 31, 2024, signals a … Continue Reading
CBN Initiates Decongestion Plan, Moves Departments to Lagos
The Central Bank of Nigeria (CBN) is set to relocate several departments to Lagos State, as revealed in an internal memo circulating in the media.
The move, outlined in the memo by CBN Governor Yemi Cardoso, targets specific departments, including … Continue Reading
Nigeria Unbans Crypto, Yellow Card Exchange Seeks Licensing
In a circular dated December 22, 2023, Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has unbanned crypto transactions in banks operating in the West African country, prompting the Pan-African trading firm, Yellow Card Exchange to seek Nigerian licensing.… Continue Reading
CBN Crypto Ban: How FBI Warned of fraudulent Funds Wired to Nigeria via Crypto transactions
The ban on crypto related trading by the Central Bank of Nigeria may be related to warnings sent to the government by the United States’ Federal Bureau of Investigation (FBI) of an alarming rate of funds wired weekly to Nigeria … Continue Reading
CBN orders banks to close cryptocurrency accounts
The Central Bank of Nigeria has directed banks in the country to close all cryptocurrency-related accounts.
The bank said this in a statement on Friday in a letter that has now gone viral and confirmed by Osita Nwanisobi, CBN spokesman..… Continue Reading