cbn
Reps Urge CBN to Curb Banks’ Delay in Returning Customers’ Funds
In a bid to address the prolonged holding of customers’ reversed funds by commercial banks, the House of Representatives has called on the Central Bank of Nigeria (CBN) to intervene.
This decision came after the adoption of a motion titled, … Continue Reading
Central Bank of Nigeria Mandates Financial Institutions to Submit Monthly Financial Returns or Face Sanctions
The Central Bank of Nigeria (CBN) has issued a stern directive to Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Development Financial Institutions (DFIs), mandating them to submit their financial returns monthly through the FinA application. Failure to … Continue Reading
Central Bank of Nigeria Issues Warning to Primary Mortgage Banks Regarding Regulatory Reporting
In a recent press release dated March 5, the Central Bank of Nigeria (CBN) has issued a stern warning to all primary mortgage banks (PMBs) in the country regarding the timely submission of regulatory returns.
The press release, signed by … Continue Reading
CBN Sells N1.053 Trillion in Government Securities in Successful Auction
The Central Bank of Nigeria (CBN) has announced the successful conclusion of a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise.
CBN sells N1.053 trillion in government securities
Today Exchange Rates: Naira Appreciates to N1460 Per Dollar in Black Market
The Nigerian Naira has seen an appreciation today February 28, 2024, gaining against the US dollar and selling at N1460 to a dollar in the black market.
The black market rate is subject to certain factors like Supply and demand … Continue Reading
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.
Through a new circular issued … Continue Reading
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