CBN To Sanction BDCs, Banks Rejecting Lower Dollar Bills       Deposit Money Banks (DMBs) and authorised Bureau De Change (BDC) operators who reject old and lower denomination of the United States dollar bills will be sanctioned, the Central Bank of Nigeria (CBN) said yesterday. A circular signed...

USSD Charges: MTN, Banks To Resume Talks Today       The meeting between MTN and Deposit Money Banks (DMB) that was held in Lagos ended inclusively yesterday and would continue today. One of the regulatory sources, who confided in our correspondent, said the meeting was a hybrid one,...

CBN, NIBSS Launch Quick Response Code To Boost Financial Inclusion       The Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System Plc (NIBSS) and all deposit money banks (DMBs) have collaborated to launch the NQR, a Quick Response (QR) Code-driven payment solution to aid...

Banks Begin Closure Of Cryptocurrency Accounts       The cryptocurrency traders have commenced offline operations outside approved exchange platforms following the Central Bank of Nigeria (CBN) directive that banks close their accounts. The founder and lead, Cryptopreacher Blockchain Academy, Rume Ophi, yesterday, said commercial banks had notified cryptocurrency...

FG To Borrow Unclaimed Dividends, Funds In Dormant Accounts         The Federal Government plans to borrow unclaimed dividends and funds in dormant account balances of Deposit Money Banks. It disclosed this under Part XII of the Companies and Allied Matters Act in the signed Finance Act 2020. Under...

CBN Directs Banks To Close Naira Remittances Ledgers       The Central Bank of Nigeria (CBN) has mandated Deposit Money Banks (DMBs) to close all ‘Naira General Ledgers’ used by the lenders to remit naira to Diaspora remittances beneficiaries. CBN Governor, Godwin Emefiele who gave the directive to...