The Central Bank of Nigeria (CBN) has stepped up the campaign to rid the country of dirty notes, make lower denominations available and stem the tide of racketeering in new notes, as it approved a disbursement to traders at the Tejuosho Ultra-modern Market, in Lagos.

Central Bank of Nigeria has told Nigerian banks that any failed electronic transaction without reversal to the customer’s account within 24 hours will attract a fine of N10,000. The sanction takes effect from October 2nd. The apex bank stated this in a circular on the regulation on instant interbank electronic funds transfer services in Nigeria,…

The Federal Government, Central Bank of Nigeria (CBN) and other financial institutions in the country yesterday in Abuja said challenges confronting Micro, Small and Medium Enterprises (MSMEs) would be tackled to improve nation’s economy and reduce growing poverty. Speaking at the 11th yearly banking and finance conference with the theme: “MSMEs: The Game Changer for…

Fidelity Bank Plc, has restated its readiness to take full advantage of the new credit policy guideline recently released by the Central Bank of Nigeria (CBN), to support the growth of the agriculture and manufacturing sectors of the economy.   The bank’s Chief Executive Officer, Nnamdi Okonkwo, made this known on a monitored television show…

The shares of the MTN Group dropped as much as 23 per cent to a nine-year low, yesterday, a day after the Central Bank of Nigeria (CBN) ordered the telecoms firm to repatriate $8.1 billion alleged to have been sent abroad illegally.

Central Bank of Nigeria (CBN) huge fines on four deposit money banks over alleged illegal fund repatriation on behalf of MTN Nigeria weighed heavily on the local bourse yesterday, causing the All-share index to slide by 0.77 per cent. The Nigerian Stock Exchange-All Share Index (NSE-ASI) decreased by 272.27 absolute points, representing a 0.77 per…

To engender deeper socio-economic transformation, Non-State Actors (NSAs) have been charged to complement efforts of government in the provision of basic services for Nigerians. Accordingly, practitioners are also advised to overcome criticism of seeing themselves as alternative government. A non executive director on board of the Central Bank of Nigeria, Prof. Mike Obadan gave the…

In another major round of interventions, the Central Bank of Nigeria (CBN), on Thursday, August 23 and Friday, August 24, 2018, injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market.  At the Thursdays trading, the Bank offered the sum of $100,000,000 as wholesale interventions and allocated the…

Nigerian maize and rice farmers have accused Nigerian Incentive-Based Risk Sharing in Agricultural Lending (NIRSAL), an offshoot of Central Bank of Nigeria (CBN), of delaying their maize and rice cultivation for the year by unnecessarily holding back a loan already released by the apex bank. The farmers, under a cooperative society known as HOPE CONCEPT,…

Central Bank of Nigeria (CBN) says more than 400,000 farmers have so far received its support under the Anchor Borrowers Programme (ABP) to cultivate 12 crops, including rice, soya, maize, palm produce, cotton and cassava. The support, estimated at more than N56 billion since inception, has, however, raised local food production, saved foreign exchange and…

The 2020 financial inclusion target of the Central Bank of Nigeria (CBN) has received a boost as Inlaks has reiterated its commitment to extend the frontier of the apex bank’s project in the country.   The Managing Director and Chief Executive Officer of Inlaks, Femi Adeoti, while making the pledge, expressed the hopes that the project…

The six years old case of over N22.45 billion investors of Nospetco (wonder bank) fund scheme trapped in the Central Bank of Nigeria (CBN), has suffered another nine months adjournment, as the Supreme Court fixed all pending applications till March 25, 2019.   The adjournment by the five-man panel in the apex court presided over…