Demand deposits have jumped by 206.83 percent from N9.67 trillion in May 2019 to N29.67 trillion this year’s May, according to data from the Central Bank of Nigeria’s website. The data showed that the country’s demand deposits grew by 9.31…
Mr Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria (CBN), on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions. Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s…
By Seun Ibiyemi The Central Bank of Nigeria has warned authorised forex dealers against defacing/stamping US Dollar banknotes and continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria.…
By Opeyemi Abdulsalam Nigeria’s money supply has reached a record high, according to recent data from the Central Bank of Nigeria (CBN). The total amount of money in circulation, known as M3, stood at N99.23 trillion in May 2024. Despite…
The Central Bank of Nigeria has warned Deposit Money Banks to stop rejecting old and small denominations of the United States dollar bills. CBN threatened that there would be sanctions for rejections. It also urged Bureau De Change operators and…
The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN). Also included in the probe is the Nigeria Incentive-Based…
By Opeyemi Abdulsalam The Nigerian Economic Summit Group (NESG) has supported the Central Bank of Nigeria’s (CBN) decision to end the Price Verification System (PVS) for foreign exchange transactions. The NESG said it believes this move will eliminate unnecessary regulatory…
Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of…
…Says foreign currency deposits limited to Abuja and Lagos CBN branches By Opeyemi Abdulsalam The Central Bank of Nigeria (CBN) has released new directives to commercial banks regarding the deposit of foreign currency cash with the apex bank. In a…
The Central Bank of Nigeria has directed all Deposit Money Banks to deposit their excess foreign currency notes with its branches in Lagos and Abuja. The apex bank disclosed this in a fresh circular on Friday signed by Solaja Mohammed…
