The Central Bank of Nigeria has granted Bureau de Change operators temporary permission to purchase up to $25,000 weekly in foreign exchange from the Nigerian Foreign Exchange Market, which was launched earlier this month. In a circular dated December 19,…
The Central Bank of Nigeria (CBN) has confirmed that the country’s external reserves of $42 billion are sufficient to finance imports of goods and services for more than nine months. CBN Governor, Mr. Olayemi Cardoso, made this announcement while presenting…
The Central Bank of Nigeria has set a daily transaction limit of N1.2 million for Point of Sale agents. Additionally, the bank introduced a cap of N100,000 per customer for cash-out transactions at PoS terminals. These measures are likely aimed…
Jaiz Bank has announced the successful completion of a N10.04 billion private placement on the Nigerian Exchange Group (NGX), following regulatory approvals from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and NGX. The bank said…
The Central Bank of Nigeria has introduced a policy to advance its cashless economy initiative, capping daily cash-out transactions conducted by Point of Sale agents at N100,000 per customer. This directive, issued on December 17, 2024, was signed by Oladimeji…
The Central Bank of Nigeria (CBN) has reaffirmed that all denominations of Naira banknotes, including old and new designs, will remain valid as legal tender indefinitely. This clarification comes amid circulating misinformation regarding the validity of old Naira notes. In…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has vowed to impose a N150 million fine per branch on any bank releasing naira notes to currency hawkers in the country. The CBN gave the warning in a circular signed…
The Central Bank of Nigeria (CBN) says banks facilitating illicit flow of mint naira notes will face N150 million fine per branch. In a circular signed by Solaja Olayemi, the acting director of currency operations department, the CBN expressed concern over…
The court of appeal in Abuja has set aside the judgment restraining the Central Bank of Nigeria (CBN) from disbursing financial allocations to the Rivers state government. The three-member panel, on Friday, ruled that the subject matter of the state’s…
The Central Bank of Nigeria (CBN) has reassured the public that both the old and redesigned naira notes will continue to serve as legal tender without any deadline. In a statement on Friday, Hakama Sidi Ali, CBN’s acting director of…
