The Central Bank of Nigeria (CBN) has fined Nigerian commercial bank, Stanbic IBTC a total of N200 million for failing to obey the regulations prohibiting cryptocurrencies transactions by consumers. Recall that efforts have been made by the CBN to tighten…
Despite multiple interventions by the Central Bank of Nigeria to defend the Naira, the Naira fell by N22 in the first quarter of 2022. At the official Investors and Exporters (I&E) market, the naira-US dollar exchange rate has remained constant…
The Central Bank of Nigeria(CBN) through its Financial Services Regulation Coordinating Committee (FSRCC) has advised Nigerians to stop dealing with unlicensed or illegal financial operators in the country. The CBN through FSRCC, gave the advice in a statement posted on…
The Central Bank of Nigeria (CBN), has warned Deposit Money Banks (DMBs) to stop bringing “composed banknotes” as part of their deposits with the apex bank. The warning is contained in a circular issued in Abuja by Ahmed Umar, the…
The Central Bank of Nigeria (CBN), having reviewed and incorporated comments from various stakeholders, has issued guidelines for the regulation and supervision of Credit Guarantee Companies (CGC) in Nigeria. This, it says, would provide guidance on regulatory expectations from credit…
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has reiterated that the focus of the apex bank is to stabilise the macroeconomic sector. A statement from CBN’s Corporate Communications Department, says that Emefiele said this while…
…Advocates BDCs’ inclusion in dollar supply mechanisms The Association of Bureaux De Change Operators of Nigeria (ABCON) has solicited the Central Bank of Nigeria (CBN) support in ensuring that Bureaux De Change (BDCs) continue to sell dollars to retail end …
An economist, Prof. Mike Obadan, says the “Naira-4-Dollar’’ scheme introduced by the CBN on March 5, 2021 to attract Foreign Exchange is achieving desired results. Obadan, a non-Executive Director/Member, Monetary Policy Committee, CBN, said this in Akure while answering questions…
By Seun Ibiyemi The Nigeria Customs Service (NCS), on Thursday, said that it has not yet accepted the introduction of the e-valuator and e-invoicing for import and export businesses in Nigeria, otherwise known as benchmarking of the price of imported…
The Senate at the Wednesday plenary confirmed the nomination of seven members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN). The confirmation of the nominees followed the consideration of a report of the Committee on Banking,…
