The Central Bank of Nigeria has denied claims that it is preventing Nigerians from transferring money into their accounts. The CBN also warned customers to exercise caution when sending fictitious SWIFT messages while remitting foreign exchange. The apex bank made…
The Central Bank of Nigeria, CBN, has uncovered a fresh fake SWIFT message scheme and warned Nigerians and the general public against falling victim to fraudsters. The spokesperson of the apex bank, Hakama Sidi Ali, issued the warning in a…
The Central Bank of Nigeria (CBN) has announced stringent penalties for Deposit Money Banks (DMBs) found diverting cash to hawkers, as part of its ongoing efforts to ensure responsible currency distribution. In a circular dated November 13, 2024, the apex…
The Central Bank of Nigeria has issued a stern warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties. In a circular dated November 13, 2024, signed by the Acting Director of…
Debt servicing has emerged as a significant component of Nigeria’s foreign payment obligations in 2024, accounting for a staggering 63.56 percent of the total $5.63 billion in foreign payments in nine months. This is according to an analysis of the…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the current management team is stabilising the economy, curbing inflation, and restoring investors’ confidence as critical milestones in the Bank’s ongoing economic reform agenda on Thursday, including a…
The Central Bank of Nigeria (CBN) has granted banks the approval to trade with foreign currencies deposited under the amnesty initiative for the foreign exchange (FX) deposit window. CBN gave the directive in a document dated November 5, 2024 signed…
The Federal High Court in Abuja has stopped the Central Bank of Nigeria, CBN, from further releasing monthly financial allocations to the Rivers State government. The court held that the receipt and disbursement of monthly allocations since January this year…
The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have announced a partnership and collaboration which aims to increase local currency financing for Nigeria’s priority sectors, addressing a critical gap in funding for key areas such as…
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that the apex bank is engaging at the highest level to facilitate Nigeria’s removal from the Financial Action Task Force’s (FATF) “grey list,” an anti-money laundering watchlist.…
