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NIGERIAN BANKS SUBMITTING RECAPITALISATION PLANS, CENTRAL BANK SAYS Nigerian banks have started submitting their plans to meet the new minimum capital requirements set by the Central Bank of Nigeria (CBN) to enhance the financial system and support economic growth. This comes after the CBN...

Yesterday, the Central Bank of Nigeria ordered the new implementation of a 0.5% levy on all electronic transactions as part of its effort to address the high rate of cybercrime in the financial system. The implementation follows the enactment of the Cybercrime (Prohibition, Prevention, etc.)...

CBN orders banks to deduct 0.5% cybersecurity levy from every transaction The Central Bank of Nigeria has ordered all commercial banks to deduct 0.5% cybersecurity levy on all transactions. The levy is to be remitted into the account of the National cybersecurity Fund and all banks are mandated...

On Monday, 29th of January 2024, the President of Nigeria, Bola Ahmed Tinubu reportedly demanded that some departments within the Central Bank of Nigeria and the Federal Airport Authority of Nigeria relocate from Abuja to Lagos to improve productivity and save costs. The Minister for...

Court fixes January 8, 2024 to deliver Godwin Emefiele judgment The date for Godwin Emefiele’s judgment has been fixed by the court. The court has settled on the 8th of January 2024 to deliver his judgment. A Federal Capital Territory High Court will deliver the judgment in the enforcement...

Latest information about the new naira Note About the New naira note The new naira notes are the redesigned naira notes in Nigeria. These newly redesigned notes consist of just 3 denominations out of 8 denominations. Only the higher denominations of the Nigerian currency which are the N200...

Old and New Naira notes to remain legal tender till further notice – supreme court In a recent development, the supreme court of Nigeria has ruled that both the old and new naira notes will remain legal tender until further notice is given. They gave the ruling today, the 29th of November...

Update: Court grants Godwin Emefiele bail once again The court has once again granted Godwin Emefiele bail. Godwin Emefiele is the former Governor of the Central Bank of Nigeria (CBN). He began serving as the Governor of CBN on the 4th of June, 2014 until June 2023 when president Bola Tinubu...

The Central Bank of Nigeria (CBN) has declared that the old N200, N500 and N1000 will continue to remain a legal tender for transactions and exchange in the country. Recall that at the end of October 2022, the Central Bank of Nigeria introduced the redesign of N200, N500 and N1000 notes and...

The Central Bank of Nigeria (CBN) has unveiled its Consolidated Financial Statements spanning seven consecutive years. This disclosure marks a notable departure from the past, as the apex financial institution makes its financial records available for public scrutiny, a practice that had not...

After years of fixing FX prices, Nigeria's Central Bank floated the Naira in June. The loss of authority over the Naira was a critical step toward the elimination of Nigeria's numerous exchange rate windows. It was also a long-overdue step claimed as part of President Tinubu's key reforms...

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have agreed to build a Nigeria-Egypt FinTech Bridge. The signing event, which took place on July 17 - 18, 2023, at the Egypt International Exhibition Centre in Cairo, came after a series of engagements on payment methods...

The Socio-Economic Rights and Accountability Project (SERAP) has asked the Federal High Court in Lagos to order the Central Bank of Nigeria (CBN) to remove its direction to banks and other financial institutions requesting information from customers' social media accounts for identification. In...

The Central Bank of Nigeria (CBN) has recently released a list of approved Bureau de Change (BDC) dealers, leaving the Nigerian financial space buzzing with curiosity. In this fresh list, the total number of approved BDC dealers has been significantly reduced to 2,991, leaving many wondering...

The Central Bank of Nigeria recently established a policy limiting contactless payments. The announcement came on Tuesday in two circulars signed by Musa Jimoh, Director of the CBN's Payments System Management Department. This policy is coming just after the CBN requested all banks to get the...

The Nigeria Data Protection Commission (NDPC) on Thursday stated that the Central Bank of Nigeria's (CBN) new demand to banks to collect the social media handles of their customers as part of increased Customer Due Diligence (CDD) rules is unlawful. The commission stated that it's already...

The Central Bank of Nigeria (CBN) has issued a release that Bank's Executives will no longer be permitted to hold positions for more than 24 years starting August 1, 2023. This statement was issued to Executive Directors, Deputy Managing Directors (DMDs), and Managing Directors (MDs) of banks...

Despite the continued rise in the price of crude oil, the country's earnings from the commodity fell for the fourth month in a row with hopes of increased revenue. This was revealed in the latest monthly economic report from the Central Bank of Nigeria (CBN) for January 2022. According to...

As the Governor of the Central Bank of Nigeria, Godwin Emefiele, chooses the All Progressives Congress, APC, presidential forms, the Socio-Economic Rights and Accountability Project, SERAP, has reacted. SERAP requested Emefiele to quit as governor of the Central Bank of Nigeria immediately...

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has responded to a viral claim that he intends to run for president in the 2023 election. On Saturday, Emefiele posted on his verified Twitter page that he had yet to decide on a position and asked for prayers. The CBN...