Just another News Updates
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 […]
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 […]
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 […]
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 […]
The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks. According to the CEO of NDIC, Bello Hassan, this followed the recent revocation of some MFBs and PMBs licences by the Central Bank of Nigeria (CBN), revealing that the payments of the […]
The Central Bank of Nigeria (CBN) has recently lifted foreign exchange restrictions on 43 items, which had been in place for the past eight years. Here is the list of the items: 1. Rice 2. Cement 3. Margarine 4. Palm kernel 5. Palm oil products 6. Vegetable oils 7. Meat and processed meat products 8. […]
The Central Bank of Nigeria (CBN) is set to recover loans it granted some categories of Nigerians to ameliorate harsh socio-economic realities. The News Agency of Nigeria reports that the loan initiative involved is the Targeted Credit Facilities (TCF), granted to some Nigerians in 2020 to cushion the economic effect of COVID-19. Some beneficiaries of […]
In a circular dated June 23rd, 2015 the central bank of Nigeria published a list of imported goods and services that will not be valid for foreign exchange in the Nigerian foreign exchange market. According to the statement issued by the central bank at the time, the list was published “in the continuing effort to […]
The Central Bank has said that the status quo remains on the 43 non-eligible items banned from the forex market introduced under Godwin Emefiele leadership as CBN Governor. The items are not permitted to be funded from the I & E window. This is according to the information contained in the Q&A document published by […]
The Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely which is at a market-determined rate. This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market. The development means banks can now […]