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...
How CBN's Voluntary Early Exit Program is Revolutionizing Performance, by Rahma Olamide Oladosu
In response to widespread criticism, the Central Bank of Nigeria (CBN) recently affirmed that the departure of 1,000 employees in December 2024 stemmed from a fully voluntary process through its Voluntary Early...
Nigeria's Capital import Rises 224% to $9.04bn
Capital importation rose by 224 percent year-on-year, YoY, to $9.04 billion in the first 10 months of 2024 (10m’24) from $2.9 billion in the same period of 2023, indicating increased foreign investment in the country.
Data analysis from the...
