CBN's N150mn Penalty: A Step Towards a Cashless Nigeria? By Dahiru M. Lawal The Central Bank of Nigeria (CBN) recently made headlines by imposing a hefty fine of ₦150 million on several banks for failing to adhere to its cash distribution guidelines. This decisive action, no...

CBN Unveils Nigeria's FX Code to Promote Transparency, Fairness The Central Bank of Nigeria (CBN) has launched Nigeria Foreign Exchange Code (FX Code) to promote transparency and fairness in the foreign exchange market. Speaking at the launch on Tuesday, the CBN Governor, Olayemi M. Cardoso, noted...

CBN to FX Marketers: Submit Compliance Report Before February The Central Bank of Nigeria (CBN) has directed participants in the foreign exchange market to submit compliance reports on adherence to the Nigeria FX Code by January 31, 2025. The directive is part of efforts to strengthen...

CBN Waives BDC Licence Renewal Fee The Central Bank of Nigeria (CBN) has approved the 2025 licence renewal fee waiver for the Bureau De Change (BDC) operators with immediate effect. This is in furtherance to the Regulatory and Supervisory Guidelines for Bureau De Change Operations in...

Some Banks Settle USSD Debt as Deadline Elapses At least five of the nine banks owing telecommunication companies N160 billion for the Unstructured Supplementary Service Data (USSD) have made some form of payment after the Nigerian Communications Commission (NCC) set a January 27 disconnection deadline. In...

How Far Can CBN FX Code Go? By Rahma Olamide Oladosu   The Central Bank of Nigeria’s (CBN) announcement of the Nigerian Foreign Exchange (FX) Code marks a significant milestone for the country’s banking sector. With the FX market being a cornerstone of Nigeria’s economy, the...