central bank of nigeria
CBN begins mystery shopping at BDC outlets to Combat money laundering
Central Bank of Nigeria (CBN) Launches Mystery Shopping Initiative for Bureau de Change Compliance
The Central Bank of Nigeria (CBN) has initiated mystery shopping exercises at bureau de change (BDC) outlets as part of its intensified efforts to ensure strict … Continue Reading
Nigeria Records $4.79bn Net Forex Inflow in January as CBN Contributions Decline
Analysts note that the strengthening of the naira offers some relief by easing import costs and bolstering consumer purchasing power. Still, the fluctuations in total forex inflows and outflows underscore the need for consistent monitoring and structural reforms to enhance
… Continue ReadingCBN Dismisses Claims of Introducing N5,000, N10,000 Banknotes
The misleading report had falsely claimed that the CBN planned to introduce the new denominations to reduce cash-handling costs and facilitate large transactions. It also alleged that the N5,000 and N10,000 notes would feature the portraits of Nigerian nationalist leaders,
… Continue Reading
FG Takes Over Keystone Bank: Reasons And What It Means For Customers’ Money
FG Takes Over Keystone Bank: What Led to the Government’s Move and What It Means for Customers and Nigeria’s Banking Sector
The Federal Government (FG) has officially taken over Keystone Bank, raising concerns among Nigerians about the reason behind … Continue Reading
JUST IN: CBN To Increase ATM Withdrawal Charges From March 1—See New Rates
CBN Increases ATM Withdrawal Charges from March 1—Higher Fees Expected at Malls, Airports, and Other Off-Site Locations
Nigerians will pay more for ATM withdrawals starting March 1, 2025, as the Central Bank of Nigeria (CBN) has announced new transaction … Continue Reading
Nigerians Struggle to Repay N4.05 Trillion in Loans
Nigerians repaid an eye-watering N4.05 trillion in personal loans during the second quarter of 2024, marking a significant shift in consumer behavior as the country grapples with rising interest rates and mounting economic pressures.
According to the Central Bank of … Continue Reading
Higgledy-Piggledy Naira Drops to N1,615 Per Dollar
The Nigerian Naira’s freefall against the US Dollar has intensified economic uncertainty, as it now trades at an alarming ₦1,610 to ₦1,615 on the black market, as of November 4, 2024.
The Central Bank of Nigeria (CBN) released new exchange … Continue Reading
Court Orders Final Forfeiture of $2M, Seven Properties Linked to Former CBN Governor Godwin Emefiele
In a landmark ruling, Lagos court mandates the forfeiture of multimillion-dollar properties tied to ex-CBN chief, Godwin Emefiele, citing suspected unlawful gains.
In a decisive ruling on November 1, 2024, the Federal High Court in Ikoyi, Lagos, ordered the final … Continue Reading
Nigeria’s Foreign Reserves Rise to $39.12bn
Nigeria’s foreign reserves have reached a significant milestone.
Foreign reserves currently standing at $39.12 billion as of October 11, 2024. This remarkable increase from $34.70 billion in June 2024 represents a 12.74% surge, according to Yemi Cardoso, the Governor … Continue Reading
Action To take Against Illegal Bank Charges- CBN
In response to growing concerns over arbitrary deductions and questionable charges by Nigerian banks, the Central Bank of Nigeria (CBN) has reiterated its stance on protecting consumers.
Mohammed Muazu, Head of the Complaint Management Division in the Consumer Protection Department … Continue Reading