The Central Bank of Nigeria (CBN), Nigeria’s banking regulator has issued a sweeping directive asking many banks to comply with stricter insider lending limits or risk regulatory sanctions. This was contained in a letter to banks, where the Central Bank of Nigeria (CBN) set a 180-day deadline for financial institutions to regularize all insider-related credit … Read more
A Kano State High Court, on Monday, issued an order of perpetual injunction restraining the Central Bank of Nigeria (CBN) from withholding funds from the Federation Account to the 44 Local Governments of the state. The applicants are the Chairman of NULGE, Ibrahim Muhd, Ibrahim Uba Shehu, Ibrahim Shehu Abubakar, Usman Isa, Sarki Alhaji Kurawa … Read more
The Socio-Economic Rights and Accountability Project has described the new hike in Automated Teller Machine transaction fees announced by the Central Bank of Nigeria (CBN) as unlawful, unfair, unreasonable, and unjust. Henzodaily reports that the apex bank, in a circular issued on February 10, 2025, imposed ₦100 charges on cash withdrawals from Automated Teller Machines … Read more
The Central Bank of Nigeria (CBN) has reassured depositors and stakeholders that Keystone Bank remains financially stable and fully operational despite a recent court ruling ordering the forfeiture of its shares held by former shareholders to the federal government. In a statement issued on Friday by Acting Director Hakama Sidi-Ali, the apex bank acknowledged that … Read more
The Central Bank of Nigeria (CBN) has confirmed that Automated Teller Machine (ATM) withdrawals of less than ₦20,000 from another bank will still incur a ₦100 fee per transaction. Henzodaily reports that the latest development was contained in an FAQ document published on the CBN website on Thursday, clarifying the new ATM transaction fees set … Read more
The Central Bank of Nigeria (CBN) has warned commercial banks sternly against forcing customers to withdraw less than ₦20,000 per transaction from Automated Teller Machines (ATMs) despite sufficient account balances. In a Q&A explainer released following the apex bank’s recent review of ATM withdrawal fees, the CBN emphasized that customers have the right to withdraw … Read more
The Central Bank of Nigeria (CBN) has introduced new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025. In a circular dated February 10, 2025, the apex bank directed all banks and financial institutions to implement new ATM withdrawal charges from March 1, 2025. This means customers will … Read more
The presence, operations, and compensation of certain women hired by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso have sparked controversy within the Apex bank. Senior staff members across the CBN’s 29 departments have expressed concerns over the influence these women—brought in by Governor Cardoso as consultants—wield within the institution. According to insiders, they have … Read more
The Nigerian currency, the Naira, experienced further appreciation in the parallel market on Monday, February 3, rising to ₦1,610 per dollar from ₦1,615 per dollar recorded last Friday, amid ongoing weak demand for the dollar. Conversely, the Naira depreciated to ₦1,495.6 per dollar in the official market. Data released by FMDQ indicated that the indicative … Read more
Embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele, has urged the Federal Capital Territory High Court in Abuja to prevent the Economic and Financial Crimes Commission (EFCC) from calling additional witnesses beyond the 10 initially listed in his ongoing procurement fraud trial. Emefiele’s lead counsel, Matthew Burkaa (SAN), argued that since the … Read more