CBN to Banks: Transfer Funds in Dormant Account to Trust Fund   The Central Bank of Nigeria has proposed that banks should transfer funds in accounts that have been dormant for up to 10 years into a trust fund account. This is contained in the recently released...

Pension Funds: PFAs Reduce Banks Investment to N1.6tn The Pension Funds Administrators reduced the funds under the Contributory Pension Scheme that were invested in fixed deposits and bank acceptance to N1.6tn in February. According to the National Pension Commission, this was as the total funds under...

CBN Bars Banks, Financial Institutions Seeking Upgrade From Expansion   The Central Bank of Nigeria (CBN) has barred banks and other financial institutions seeking a conversion licence from expanding or reducing their current banking network in its new draft guidelines. The CBN discloses this in a circular...

Cash Crunch: Banks Dispense Cash Over Counter, Load ATMs   The Central Bank of Nigeria has released more old notes to Deposit Money Banks as the apex bank steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made...

Despite Acceptance of Old Notes, Crowd Overwhelm Banking Halls The CBN had earlier instructed commercial banks to immediately collect the old naira notes, deposited at the apex bank, promising that before the end of the week, the nation would be awash with more naira notes,...

Naira Redesign: Reps Urge CBN to Revamp e-banking Platforms The House of Representatives has urged the Central Bank of Nigeria to direct banks to immediately revamp their electronic transaction platforms. According to the House, the move has become necessary in the aftermath of the recent CBN...