Nigerian President Bola Tinubu has directed the Central Bank of Nigeria to suspend the enforcement of the contentious cybersecurity levy and initiate a review. This move follows the recent resolution by the House of Representatives, which urged the CBN to retract its directive instructing banks to impose a 0.5 percent cybersecurity levy on electronic transactions […]
Tag: CBN
CBN Urged by Senate to Retrieve ₦1.079 Trillion in Anchor Borrowers’ Loans
The Senate has called upon the Central Bank of Nigeria (CBN) to initiate the recovery process for the ₦1.079 trillion allocated as loans to farmers under the Anchor Borrowers’ Programme. The ₦1.079 trillion disbursed to farmers as loans under the Anchor Borrowers’ Programme was part of the ₦30 trillion extended to the ex-President Muhammadu Buhari-led […]
DisCos Secure ₦273.34b Loan for Meter Acquisition in Distribution – CBN
According to a recent report from the Central Bank of Nigeria (CBN), a staggering loan totaling N273.34 billion was granted to 11 Electricity Distribution Companies (DISCOs) to facilitate the purchase of 414,000 meters for nationwide distribution. This move aimed to address the pressing issue of metering inadequacy across the country. The CBN’s evaluation of the […]
CBN Shakeup: 19 Directors Face Dismissal Amid Controversy, Legal Challenges
The Central Bank of Nigeria (CBN) is poised to initiate the dismissal of nineteen directors in the coming days, marking a significant overhaul after the recent ousting of seven directors last Friday. Of the dismissed directors, two have accepted their fate, while the remaining five are gearing up to contest their termination, citing perceived unfairness. […]
New Guidelines: CBN Requires Sellers to Declare Sources of Forex Above $10,000
The Central Bank of Nigeria (CBN) has issued new regulations mandating foreign exchange sellers to Bureau De Change (BDC) who deal in amounts equivalent to or exceeding $10,000 to disclose the sources of their forex. According to Haruna Mustapha, Director of the Financial Policy and Regulation Department at CBN, these measures aim to curb irregularities […]
CBN: Printing New Currency with New Governor’s Name Unveiled (Photo)
In a startling revelation, it has come to light that the Central Bank of Nigeria (CBN) is actively engaged in the printing of money for circulation. Reports indicate that the name and signature of the current CBN governor, Olayemi Michael Cardoso, have been identified on newly printed banknotes. This development has sparked widespread concern and […]
CBN Urges Banks To Notify Customers Before Debt Recovery Procedures
In a recent directive, the Central Bank of Nigeria (CBN) has instructed financial institutions under its regulation to adhere to a protocol of issuing notices to customers regarding outstanding debts prior to initiating any debt collection measures. The aim behind this directive is to ensure that the process of debt recovery is conducted in a […]
CBN Bans Use Of Foreign Currencies For Transactions In Nigeria
The Central Bank of Nigeria (CBN) has taken measures to address the ongoing foreign exchange crisis in the country, emphasizing the need to restore the value of the Naira. In a recent statement, the CBN issued a warning against the use of foreign currencies for transactions within the domestic economy, urging individuals and corporate organizations […]
Resumption Of 1,500 Redeployed CBN Staff In Lagos Office Sparks Controversy
In a controversial move, at least 1,500 staff members of the Central Bank of Nigeria (CBN) are set to resume at its Lagos office on February 2, following their redeployment from the headquarters. An insider at the apex bank confirmed that the redeployment plan, despite facing criticism, is still in progress, and the affected staff […]
CBN Replaces Managers Of Dissolved Union, Keystone, Polaris Banks
The apex bank has taken decisive action to ensure the stability and continuity of the affected institutions in the wake of the restructuring. The appointments are effective immediately, as announced in a statement by CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, issued in the early hours of today. The appointed leaders for each […]