Over 19.7 million Accounts Dormant, Unclaimed - CBN The number of dormant bank accounts in Nigeria is over 19.69 million, according to the industry customer account database released by the Nigeria Inter-Bank Settlement System. The data, which tracks monthly account statuses throughout 2024, indicates a steady...

Diaspora Remittances Rise 61% to $4.22bn - CBN The Central Bank of Nigeria has revealed that diaspora remittances processed through International Money Transfer Operators reached $4.22bn between January and October 2024. This figure nearly doubles the $2.62bn recorded during the same period in 2023. CBN Governor Olayemi...

CBN Approves Banks to Trade with Deposited FX The Central Bank of Nigeria has issued guidelines to banks on implementing the free foreign exchange deposit window announced by the Federal Government recently. The guidelines released by the CBN on Tuesday provided the modalities for the participation...

Foreign Reserves Hit $40.2bn in October – CBN The Central Bank governor, Olayemi Cardoso, says Nigeria’s foreign reserves hit $40.2 billion in October 2024 from $38.4 billion reported in September. This was disclosed during an investors’ meeting in Washington DC, the United States, on Wednesday. Also at...

FG to Launch Non-resident BVN Platform for Diasporan Nigerians in December - Cardoso  The Nigerian Inter-Bank Settlement System will introduce a non-resident Bank Verification Number platform by December, aimed at enabling Nigerians living abroad to manage their local bank accounts, conduct business, and meet Know...

CBN Addresses Outstanding Balance of $7 billion FX Backlog The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said the apex bank is addressing the long outstanding balance from the $7 billion foreign exchange backlog it inherited from the previous administration. Speaking...