The Central Bank of Nigeria (CBN) has levied a penalty of ₦1.35 billion on nine Deposit Money Banks (DMBs) for their failure to ensure the availability of naira notes through automated teller machines (ATMs) during the holiday season. Each institution has been fined ₦150 million for not adhering to the CBN’s cash distribution regulations following … Read more
The Central Bank of Nigeria (CBN) has announced that it will no longer approve requests from authorized foreign exchange (FX) dealers for extensions on the repatriation of export proceeds. This directive, which took effect on January 8, was communicated in a circular signed by W.J. Kanya, Acting Director of the Trade and Exchange Department, and … Read more
The Lagos State Special Offences Court in Ikeja has assumed jurisdiction to hear corruption allegations against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, involving gratification, corrupt demands, and fraudulent receipt of property. Delivering his ruling on Wednesday, Justice Rahman Oshodi held that the Economic and Financial Crimes Commission (EFCC) had successfully established the … Read more
Former employees of the Central Bank of Nigeria (CBN) have challenged the claim by CBN Governor Olayemi Cardoso that no staff member was forcefully disengaged from the institution. Henzodaily understands that the governor made the assertion while appearing before the House of Representatives Ad-Hoc Committee investigating staff disengagements under the Early Exit Program (EEP). Represented … Read more
A legal showdown is unfolding between the Central Bank of Nigeria (CBN) and 33 of its former employees, who allege wrongful termination in a mass dismissal exercise conducted earlier in 2024. The retrenched staff, represented by Stephen Gana and others, have filed a class-action lawsuit at the National Industrial Court of Nigeria (NICN) in Abuja, … Read more
As the foremost Nigerian bank, First Bank of Nigeria Limited no doubt has a history of curating products and services that not only meet the immediate and future needs of its customers. In this interview, the bank’s Managing Director/Chief Executive Officer, Mr. Olusegun Alebiosu described 2025 as the beginning of the bank’s new strategic planning … Read more
The Central Bank of Nigeria (CBN) has reiterated that the 1,000 staff members who exited the apex bank in December 2024 did so voluntarily under its Early Exit Programme. This was disclosed by CBN Governor, Olayemi Cardoso, during an investigative hearing by the House of Representatives ad-hoc committee in Abuja on Friday. Cardoso clarified that … Read more
The Nigerian currency, the Naira, is expected to decline to a fair value of ₦1,804 per dollar in the official market by 2025. This forecast is outlined in a recent Afrinvest report, ‘Beyond The Rhetorics: Transforming Reforms to Tangibles’. The report indicates that this projection stems from the expectation that the Central Bank of Nigeria … Read more
China’s central bank, the People’s Bank of China (PBOC), announced on Friday the renewal of a bilateral currency swap agreement with the Central Bank of Nigeria (CBN). The agreement, valued at 15 billion yuan (approximately $2.09 billion or N3.28 trillion), aims to bolster trade and investment between the two nations. The currency swap agreement, originally … Read more
Speaker of the House of Representatives, Hon. Tajudeen Abbas, PhD, has requested the Central Bank of Nigeria (CBN) to provide explanations for the recent dismissal of approximately 1,000 members of staff and the subsequent payment of a N50 billion severance package. Speaker Abbas made the demands while declaring open an investigative hearing of the ad-hoc … Read more