The Central Bank of Nigeria (CBN) plays a pivotal role in ensuring this stability, and its policies, working in conjunction with others, should bring relief to the nation.

N160bn Debt: Nigerians to Lose Access to USSD in January - NCC The Unstructured Supplementary Service Data (USSD) of nine banks will no longer be supported by telecommunication firms due to N160 billion unpaid debt, according to Nigerian Communications Commission. These telcos, acting under NCC directive,...

CBN Fines Nine Banks N1.35bn for Hoarding Cash The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot...

Telecoms to Suspend USSD as 18 Banks Owe N250bn Some banks risk disconnection by telecom operators over their failure to comply with a directive of the Nigerian Communications Commission (NCC) to repay the N250 billion Unstructured Supplementary Service Data (USSD) debts. It was learnt that the...

CBN Introduces New Account Options for Non-resident Nigerians The Central Bank of Nigeria (CBN) has launched two innovative account products designed to enhance financial access and investment opportunities for Non-Resident Nigerians (NRNs). Unveiled on Friday, January 10, 2025, the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident...

CBN Halts Export Proceeds Repatriation Extension The Central Bank of Nigeria (CBN) has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, effective immediately. This directive, issued via a circular dated January 8, 2025, applies to both oil and non-oil export transactions. The...