News

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 […]

News

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 […]

News

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. […]

Economy

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 […]

News

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 […]

News

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 […]

Economy

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 […]

News

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 […]

News

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 […]

News

CBN Sacks Union Bank, Titan Trust, Keystone Bank, Polaris Bank Boards

The Central Bank of Nigeria (CBN) has dissolved the boards and management of Titan Trust Bank, Union Bank, Polaris Bank, and Keystone Bank following a report submitted by the Special Investigator, Jim Obazee, to President Bola Tinubu. The decision was made after a meeting involving CBN Governor Yemi Cardoso, Obazee, and the boards of the […]