cbn

The Digest: The Central Bank of Nigeria has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing multiple breaches of banking laws and severe capital inadequacy. Key Points: The CBN revoked the operating licences of Aso Savings and Loans...

The Digest: The Central Bank of Nigeria has directed all payment service providers to establish dual connectivity to NIBSS and UPSL within one month. According to the directive, this mandatory redundancy aims to eliminate widespread PoS transaction failures caused by single-point routing. Key...

The Digest: The House of Representatives has advanced a bill proposing a single, non-renewable six-year term for CBN leadership and banning foreign currency for domestic transactions. According to sponsors, the changes aim to modernize the apex bank, curb political interference, and unify...

The Digest: The House of Representatives has summoned Central Bank Governor Olayemi Cardoso to appear before its Public Accounts Committee. This follows a motion alleging the CBN failed to remit N16.3 trillion in operating surpluses and collected revenues to the Federal Government between 2016...

In a major move to reshape Nigeria’s foreign exchange landscape, the Central Bank of Nigeria has granted final operating licences to 82 Bureau De Change operators under its updated regulatory framework. Effective November 27, 2025, the approved list includes two Tier 1 operators and 80 Tier 2...

The Digest: The Central Bank of Nigeria is considering ending the long-standing requirement for current account holders to provide personal referees. The move aligns with modern digital verification systems like BVN and NIN, which offer more reliable identity and risk assessment. Key Points...

The Digest: The Corporate Affairs Commission has mandated that all Point-of-Sale operators in Nigeria must register their businesses by January 1, 2026, or risk having their terminals seized. Key Points: The CAC has set a January 1, 2026, deadline for all PoS operators to register their...

The Digest: The Central Bank of Nigeria has increased cash withdrawal limits, raising the daily ATM ceiling to ₦100,000 as part of a broader relaxation of restrictions on physical currency. Key Points: The CBN has raised the daily Automated Teller Machine (ATM) withdrawal limit to ₦100,000...

The Digest: The Central Bank of Nigeria has abolished cash deposit ceilings and raised weekly withdrawal limits, recalibrating the rules of financial engagement in Nigeria's cash-driven economy. This move, rooted in the storm of managing physical currency, seeks to balance cost, security, and...

The Digest: CBN Governor Olayemi Cardoso has confirmed that 16 banks have fully complied with new capital rules, a significant step in fortifying the financial foundations meant to weather economic storms and support national ambition, revealing the steady build of institutional resilience...

The Digest: The Central Bank of Nigeria has maintained its benchmark interest rate at 27 percent, as announced by Governor Olayemi Cardoso following the 303rd Monetary Policy Committee meeting in Abuja. The decision reflects the bank's continued focus on tackling persistent inflation and...

The Digest: The Central Bank of Nigeria has introduced a stringent new policy to curb the issuance of dud cheques, proposing an automatic five-year banking ban for repeat offenders. The draft guidelines, now open for public comment, aim to restore discipline and confidence in the use of...

The Digest: A damning 2022 audit report has revealed that the Central Bank of Nigeria failed to remit N1.44 trillion of federal government funds, prompting SERAP to issue a seven-day ultimatum for explanations. According to the Auditor-General's findings, the CBN under Governor Yemi Cardoso's...

The Digest: Standard Chartered Bank Nigeria is restructuring its services to focus on wealthier clients. The bank will close its Personal Banking segment and introduce an Emerging Affluent category, requiring a minimum balance of N7.5 million. Key Points: Standard Chartered confirms the...

The Digest: A new economic report by Quartus Economics is urging the Central Bank of Nigeria (CBN) to introduce N10,000 and N20,000 notes to restore the Naira's "portability" after a 94% decline in its value over two decades. According to The Punch, the report argues that the N1,000 note is...

The Digest: Bureau De Change (BDC) operators are warning of imminent collapse as the Central Bank of Nigeria’s continued suspension of dollar sales to retail forex traders pushes the sector toward extinction. With most operators struggling to cover basic expenses, the industry now describes...

The Digest: The Central Bank of Nigeria (CBN) has issued a strict new directive for all banks. According to a draft guideline reported by Daily Post, financial institutions must now automatically reverse failed ATM transactions or issue refunds within 24 to 48 hours, a decisive step to end the...

Image Credit: Ali Nkwubwa The Digest: In a sweeping move to secure financial transactions, the Central Bank of Nigeria has unveiled a stringent new framework for Point-of-Sale operators. As reported by financial analyst Abdullahi, the new rules, effective April 2026, aim to curb fraud, limit...

The Digest: The Central Bank has introduced revised agent banking guidelines. The new framework caps daily cumulative transactions per Point-of-Sale agent at N1.2 million and mandates real-time processing to enhance oversight and consumer protection. Key Points: The CBN has set a daily...

The Digest: A new report from Renaissance Capital Africa has identified the Nigerian naira as the most overvalued currency in Africa, estimating it is overpriced by 30% against the US dollar based on real effective exchange rate models. The analysis suggests that despite apparent stability and...