CBN Sanctions Nine Banks for Failing to Dispense Vash via ATMs
The Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. The affected banks which include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United […]
CBN Warns against Fraudulent Contracts, Project Funding Claims
The Central Bank of Nigeria (CBN) has cautioned Nigerians to beware of fraudsters claiming to possess contract award letters or special financial interventions allegedly linked to the bank. In a statement issued by Mrs Hakama Ali, Acting Director Corporate Communications Department, the apex bank dismissed such claims as fraudulent reiterating that the CBN, under its […]
CBN Releases New Directive for POS Transactions
Central Bank of Nigeria has released a new directive to Payment Service Providers, requiring them to comply with enhanced routing guidelines for Point of Sale (POS) transactions. A circular by Oladimeji Taiwo on behalf of the CBN’s Payments System Management Department, which says the move is aimed at strengthening the monitoring of electronic transactions across […]
CBN Approves Merger Of Unity, Providus Banks
The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited. The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of […]
Businessman and Socialite Cubana Chief Priest to be Arraigned for Alleged Abuse of Naira
Today, the Economic and Financial Crimes Commission (EFCC) is set to arraign Pascal Okechukwu, popularly known as Cubana Chief Priest, before the Federal High Court in Lagos over allegations of abusing the Nigerian currency, the Naira. Cubana Chief Priest is facing a three-count charge of allegedly spraying and tampering with the Naira at a social […]
CBN Governor promises Nigeria’s inflation rate will drop in 2024
Meanwhile, the CBN Governor, Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024. Speaking during his addressed to the House of Representatives, Cardoso said the projected decline in the country’s inflationary is due to inflation-targeting policies of the Federal Government, and improvement in agricultural productivity as […]
CBN dismisses the boards of Union, Keystone, and Polaris Banks
The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank and Keystone Bank. The apex bank in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, said “this action became necessary due to the non-compliance of these banks and their respective boards with some sections of the […]
CBN Says Old Naira Notes Remain Legal Tender Indefinitely
The Central Bank of Nigeria (CBN), says the old Naira banknotes will henceforth remain legal “ad infinitum”, in line with international best practices and to forestall a repeat of earlier experiences. Recall that the CBN had introduced redesigned N200, N500 and N1,000 denominations in October 2022, and had set certain deadlines for legal tender status […]
CBN Warns Against Panic Withdrawals, Says Old Notes Remain Legal Tender
The Central Bank of Nigeria has reiterated that all denominations of naira notes it issued remain legal tender and should be accepted as payment for goods and services. The apex bank, in a statement by its Director Corporate Communications Dr Isa AbdulMumin, also directed its branches across the country to continue issuing adequate quantities of […]
CBN Debunks Scarcity of New Naira Notes being Linked to Printing Materials Shortage
The Central Bank of Nigeria (CBN), has denied claims that the scarcity of the newly redesigned Naira notes was caused by shortage of printing materials. Over the last couple of days, some news outlets had been reporting about the shortage of currency printing materials at the Nigeria Security Printing and Minting Company, while erroneously quoting […]
