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Nigeria CBN Dissolves Boards of Union, Polaris, Keystone, and Titan Banks Over Regulatory Breaches
The Central Bank of Nigeria (CBN) has taken a bold step by dissolving the boards and management of Union Bank, Polaris Bank, Keystone Bank, and Titan Trust Bank. The unexpected move was communicated through a formal statement uploaded to the CBN's official microblogging account. The CBN's...- Nigeria News
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- cbn keystone bank polaris bank titan trust bank union bank
- Category: Business
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Nigeria Naira Scarcity Deepens Despite CBN Measures, Banking Halls Ration Cash Amidst Growing Economic Concerns
In a worrying development, the scarcity of Naira notes in Nigeria has persisted and intensified, presenting a significant challenge despite the Central Bank's efforts to ease the cash crunch. According to recent investigations by Financial Vanguard, banks across the country are still grappling...- Nigeria News
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- cbn naira scarcity point of sale (pos) pos
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Nigeria Bloomberg Report: Naira Ranked Third Worst Performing Currency Globally in 2023
w In 2023, Nigeria's naira faced a significant setback, ranking as the world's third-worst performing currency, according to a Bloomberg report. Closing at N1,043 per $1 just days before the year-end, the naira showcased its weakest performance since the return to democracy in 1999. The...- Nigeria News
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- bloomberg report cbn nigerias naira worst currency in the world
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Nigeria Nigerian Naira Hits All-Time Low, Reaches N1043.09/$1, Signaling Economic Concerns
In a dramatic turn of events, the Nigerian Naira has plummeted to an unprecedented low, exchanging at N1043.09 to the dollar at the official foreign exchange market. This shocking depreciation marks a significant decline from N872.59/$ recorded just a day earlier. According to market experts...- Nigeria News
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- cbn exchange rate today monetary policy nigerian economy nigerian naira
- Category: Business
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Nigeria CBN: Nigerian Banks Safe Despite Rumors
In response to recent unverified reports circulating about the stability of Nigerian banks, the Central Bank of Nigeria (CBN) has issued a robust assurance, affirming the security of funds in the country's banking sector. The apex bank, through its acting Director of Corporate Communications...- Nigeria News
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Nigeria Naira Faces 1.1% Depreciation, Hits 1,233/$ at Parallel Market Amidst Forex Market Dynamics
The naira experienced a decline, exchanging at 1,233/$ at the parallel market, as reported by Bureau de Change (BDC) operators. Conversations with BDC operators revealed that the local currency, traded at 1,228/$ and 1,233/$, maintained the same rate from Friday. Figures from Abokifx indicated...- Nigeria News
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- Category: Business
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Nigeria Titan Trust Bank debunks alleged illegalities in Union Bank’s acquisition
Titan Trust Bank has debunked media reports alleging illegalities in the acquisition of Union Bank of Nigeria Plc. In a statement by the management of the bank made available to the media on Sunday, the lender insisted that the transaction followed due process and met all regulatory...- Nigeria News
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Nigeria Nigeria's Central Bank Reverses Crypto Ban, Calls for Regulations
In a surprising turn of events, the Central Bank of Nigeria (CBN) has reversed its stance on cryptocurrency transactions, urging banks to disregard the earlier ban. A circular dated December 22, 2023, signed by the Director of Financial Policy and Regulation, Haruna Mustafa, revealed the shift...- Nigeria News
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Nigeria Central Bank's Ultimatum: Desist from Naira Hoarding or Risk Penalties, Cautions Banks and POS Services
As the cash scarcity stemming from the redesign of three naira notes lingers, Nigerians find themselves grappling with the aftermath of a policy implemented nearly a year ago. In response to the ongoing challenges, the Central Bank of Nigeria (CBN) has sounded the alarm on collusion between...- Nigeria News
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- cbn naira cash scarcity pos operators
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Nigeria Nationwide Naira Crunch Hits Christmas Shoppers, ATMs Dry Up
Amid the festive season's hustle and bustle, Christmas shoppers nationwide are facing heightened frustration as a severe shortage of naira disrupts holiday spending plans. Investigative reports by The PUNCH reveal that banks are still rationing cash over-the-counter, with Automated Teller...- Nigeria News
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Business CBN ‘responds’ to cash squeeze, stops charges on large deposits - GUARDIAN Newspapers
https://guardian.ng/business-services/cbn-responds-to-cash-squeeze-stops-charges-on-large-deposits/- Kayode Israel
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Nigeria CBN Suspends Fees for Cash Deposits Over N500,000 Until April 2024
The Central Bank of Nigeria (CBN) has made a strategic move to bolster cashless transactions by announcing the suspension of processing fees on cash deposits exceeding N500,000 until April 2024. The decision, communicated through a circular signed by Adetona Adedeji, the acting director of...- Nigeria News
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- cbn channels tv monetary policy
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Nigeria Applying for N50,000 Grants for Nano Businesses in Nigeria: A Step-by-Step Guide
In a strategic move to counterbalance the effects of the fuel subsidy removal, the Federal Government of Nigeria, under the stewardship of the Federal Ministry of Industry, Trade, and Investment, is introducing two groundbreaking initiatives—the Presidential Conditional Grant Programme and the...- Nigeria News
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- cbn fuel subsidy relief government initiatives nano businesses
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Nigeria CBN Unveils Reasons Behind Naira Scarcity
In response to a surge in complaints about the scarcity of naira notes across various channels, the Central Bank of Nigeria (CBN) has clarified the underlying reasons behind the issue. According to a statement from the CBN's Corporate Communications Department, the apparent currency scarcity...- Nigeria News
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Nigeria Central Bank Sounds Alarm as Counterfeit Naira Floods Major Cities
The Central Bank of Nigeria (CBN) issues a stern warning to banks concerning the proliferation of counterfeit naira banknotes, particularly in major cities. The acting director of corporate communications, Hakama Sidi Ali, emphasized the prevalence of these fake notes in transactions within...- Nigeria News
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Nigeria Naira Shortage Hits Abuja: ATMs Struggle as Residents Navigate Cash Crunch Before Christmas
In the lead-up to Christmas, certain areas of the Federal Capital Territory (FCT), particularly in the AYA region of Abuja, are facing a shortage of Naira. Seven commercial banks in the area have reported difficulties in dispensing cash, with ATMs proving unresponsive for about a week. A DAILY...- Nigeria News
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- atm issues cbn fct naira scarcity nyesom wike pos
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Nigeria Arrest Warrants Issued for CBN Governor Cardoso and Accountant General over Refusal to Face House Committee
The House of Representatives Committee on Public Petition has escalated its confrontation with top government officials, issuing a warrant of arrest for Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and Oluwatoyin Madein, the Accountant General of the Federation. The committee...- Nigeria News
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- Category: Politics
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Nigeria Naira Plummets by 11.40% to N927.19/$ at Official Exchange Market Despite CBN's Stabilization Efforts
The Nigerian Naira experienced a significant 11.40% depreciation, landing at N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window. This marks a notable drop from the previous day's rate of N832.32. FMDQ Securities Exchange data...- Nigeria News
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- cbn channels tv exchabge rate today naira to dollsr exchange rate today yemi cardoso
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Nigeria CBN to Freeze Accounts Without BVN or NIN from April 2024, Sparks Nationwide Concerns
The Central Bank of Nigeria (CBN) has issued a circular outlining its plans to freeze accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) starting April 2024. The announcement, detailed in a Friday circular, revealed that a BVN or NIN verification process...- Nigeria News
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Nigeria Former NIRSAL Chief in Custody for N5.6bn Wheat Project Fraud Nearly a Year Post-Dismissal
Aliyu Abdulhameed, the former Managing Director of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), has been apprehended almost a year after his dismissal. Daily Trust's exclusive report reveals that Abdulhameed's arrest comes in the aftermath of a high-stakes...- Nigeria News
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- aliyu abdulhameed arise tv cbn ex-nirsal boss former nirsal boss
- Category: Politics
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