cbn

  1. Major Banking Overhaul: CBN Sets ₦500 Billion Minimum Capital Base for Banks

    Nigeria Major Banking Overhaul: CBN Sets ₦500 Billion Minimum Capital Base for Banks

    Central Bank of Nigeria (CBN) has announced sweeping changes to minimum capital requirements for banks. The circular, signed by Haruna Mustafa, Director of the Financial Policy and Regulation Department, mandates commercial banks with international authorization to maintain a staggering...
  2. CBN Sets New Standards: Nigerian Banks Tasked to Increase Capital Base for Stability

    Nigeria CBN Sets New Standards: Nigerian Banks Tasked to Increase Capital Base for Stability

    In a move aimed at strengthening the resilience of Nigeria's banking sector, the Central Bank of Nigeria (CBN) has announced significant increases in the capital base requirements for various categories of banks across the country. According to a statement released by the CBN's Acting Director...
  3. CBN Exposes Financial Strain: 31 States Default on N339.9bn Loans

    Nigeria CBN Exposes Financial Strain: 31 States Default on N339.9bn Loans

    The Central Bank of Nigeria (CBN) has revealed that as of September 2023, thirty-one state governments collectively owe a staggering sum of N339.9 billion. This debt stems from funds acquired to cover workers' salaries between 2015 and 2023, facilitated through the Salary Bailout Facility...
  4. Tensions Rise as Foreign Airlines Challenge CBN's Assertion on Cleared Forex Obligations

    Nigeria Tensions Rise as Foreign Airlines Challenge CBN's Assertion on Cleared Forex Obligations

    Amidst assertions by the Central Bank of Nigeria (CBN) of successfully settling all outstanding foreign exchange (FX) obligations, foreign airlines have challenged the claim, asserting that the situation remains unchanged. Kingsley Nwokeoma, President of the Association of Foreign Airlines and...
  5. Tension Mounts at CBN: Directors Linked to Emefiele's Era Set for Early Retirement

    Nigeria Tension Mounts at CBN: Directors Linked to Emefiele's Era Set for Early Retirement

    Amidst speculation and internal turmoil at the Central Bank of Nigeria (CBN), reports indicate that at least eight directors are facing early retirement. These directors, previously redeployed to FSS 2020, are now being asked to exit the CBN, sparking concerns and confusion among staff. While...
  6. Buhari's Signature: Forensic Analyst Testifies, Claims Documents Used to Pay Election Observers $6.2M Were Forged

    Nigeria Buhari's Signature: Forensic Analyst Testifies, Claims Documents Used to Pay Election Observers $6.2M Were Forged

    The trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, continued at the Federal Capital Territory High Court in Abuja on March 7, revealing a gripping revelation as forensic analyst Bamaiyi Meriga, called by the Economic and Financial Crimes Commission (EFCC)...
  7. NIN-BVN Linkage Nightmare: March 1 Deadline Sparks Panic Among 85.51 Million Bank Customers

    Nigeria NIN-BVN Linkage Nightmare: March 1 Deadline Sparks Panic Among 85.51 Million Bank Customers

    With the deadline for linking National Identity Numbers (NIN) and Bank Verification Numbers (BVN) fast approaching on March 1, 2024, concerns mount for millions of Nigerians. Approximately 85.51 million bank customers could face restricted access to their accounts due to challenges in...
  8. Nigeria Expands Cryptocurrency Investigation: Executives from Multiple Platforms Summoned Following Binance Interrogation

    Nigeria Nigeria Expands Cryptocurrency Investigation: Executives from Multiple Platforms Summoned Following Binance Interrogation

    The Office of the National Security Adviser is set to extend its investigation into cryptocurrency operations by summoning executives from various platforms in Nigeria. This development follows the recent detention of two senior Binance executives, revealed by the Financial Times. Sources...
  9. Binance Ban: Government Spokesman Onanuga Warns Nigerians Platform Could Destroy THE ECONOMY

    Nigeria Binance Ban: Government Spokesman Onanuga Warns Nigerians Platform Could Destroy THE ECONOMY

    Amidst growing concerns over the impact of cryptocurrency trading on Nigeria's economy, Presidential spokesman Bayo Onanuga has issued a stern warning against the popular exchange platform Binance, alleging its potential to dismantle the country's financial stability. Speaking on a televised...
  10. Naira Crisis: Nigerian Government Continues 'Stick and Carrot' Approach as CBN Releases $20,000 to Each BDC to Stabilize Currency

    Nigeria Naira Crisis: Nigerian Government Continues 'Stick and Carrot' Approach as CBN Releases $20,000 to Each BDC to Stabilize Currency

    The Central Bank of Nigeria (CBN) is taking proactive measures to rectify distortions in the country's foreign exchange market, particularly in the retail segment. In a recent circular by Dr. Hassan Mahmud, the Director of the Trade & Exchange Department, the CBN announced its decision to...
  11. Nigerians Demand Action as CBN Governor Rejects Responsibility for Economic Woes

    Nigeria Nigerians Demand Action as CBN Governor Rejects Responsibility for Economic Woes

    In the midst of Nigeria's economic challenges, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), addressed concerns during the first Monetary Policy Committee (MPC) meeting since assuming office in September 2023. Denying responsibility for the current economic situation, Cardoso...
  12. Travel, Medicals, and School Fees: CBN Sets New Limits on Forex Transactions

    Nigeria Travel, Medicals, and School Fees: CBN Sets New Limits on Forex Transactions

    The Central Bank of Nigeria (CBN) has instituted new regulations governing the foreign exchange (FX) sales by Bureau De Change (BDC) operators, as outlined in the 'Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,' released on February 23, 2024. These...
  13. Nigeria's Poverty Trap: Only About 5% Of Nigerians Have Over N500,000 In Their Bank Accounts — Wale Edun

    Nigeria Nigeria's Poverty Trap: Only About 5% Of Nigerians Have Over N500,000 In Their Bank Accounts — Wale Edun

    Finance Minister and Coordinating Minister of the Economy, Wale Edun, disclosed in a recent interview with Channels TV that approximately only 5% of Nigerians have more than N500,000 in their bank accounts. Edun emphasized that the ongoing federal government reforms aim to address economic...
  14. Naira Crisis: CBN Set to limit Cash FX Transaction to $500

    Nigeria Naira Crisis: CBN Set to limit Cash FX Transaction to $500

    The Central Bank of Nigeria (CBN) is contemplating significant regulatory changes for Bureau De Change (BDC) operators, including a potential ban on street trading and restricting cash payments for foreign exchange (FX) sales to a maximum of $500. The proposed guidelines also require sellers...
  15. Naira Crisis: CBN target BDCs With N2 billion Licence Fee

    Nigeria Naira Crisis: CBN target BDCs With N2 billion Licence Fee

    Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators. In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...
  16. Naira Freefall: Nigerians Alarmed As Dollar Rate Hits 1,900

    Nigeria Naira Freefall: Nigerians Alarmed As Dollar Rate Hits 1,900

    The Nigerian naira is facing a severe crisis, dropping to N1,900 against the US Dollar in some cities, despite the government's crackdown on forex speculators. The Federal Government raided Bureau De Change (BDC) hubs in Abuja, Lagos, and Kano, leading to arrests of operators. National Security...
  17. Nigeria's Economic Woes: Senate President Godswill Akpabio Claims Former CBN Governor Responsible for Hardship

    Nigeria Nigeria's Economic Woes: Senate President Godswill Akpabio Claims Former CBN Governor Responsible for Hardship

    Nigeria's Senate President, Godswill Akpabio, pointed fingers at the former Central Bank Governor, Godwin Emefiele, attributing the country's current hardship to certain monetary policies and actions implemented during Emefiele's tenure. Speaking at a function in Abuja on Sunday, Akpabio...
  18. Naira Nosedive: Closes Week at N1,537, Defying Central Bank Measures

    Nigeria Naira Nosedive: Closes Week at N1,537, Defying Central Bank Measures

    In a tumultuous week for Nigeria's economy, the national currency, the Naira, experienced unprecedented depreciation, closing at N1,537.96 at the official market on Friday. This marks a significant milestone, as the currency surpassed the N1,500 threshold, showcasing the severity of its recent...
  19. CBN Cracks Down on Forex Malpractices: Ends Cash Payments for Travel Allowances

    Nigeria CBN Cracks Down on Forex Malpractices: Ends Cash Payments for Travel Allowances

    The Central Bank of Nigeria (CBN) has introduced a pivotal policy shift, instructing authorized dealer banks to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. This directive, signed by Dr Hassan Mahmud, the Director of the Trade and...
  20. Rate for Cargo Clearance in Nigeria Now N1515 to $1 - CBN

    Nigeria Rate for Cargo Clearance in Nigeria Now N1515 to $1 - CBN

    The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for the clearance of goods, increasing it from N1444.56/$ to N1515.09 against the USD. This marks a noteworthy rise of N70.53 compared to the previous rate, reflecting the CBN's continued efforts to align official...
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