The Central Bank of Nigeria has barred banks and other financial institutions seeking a conversion licence from expanding or reducing their current banking network in its new draft guidelines.
The CBN discloses this in a circular tagged ‘FPR/DIR/PUB/CIR/001/072’ to banks and other financial institutions, which was titled ‘Regulatory guidelines for change of operational licence for banks and…
Central Bank of Nigeria has directed all commercial banks to open for operation on Saturdays and Sundays, as part of a coordinated effort to ease circulation of banknotes of various denominations.
The apex bank also confirmed the evacuation of banknotes from its vaults to…
Circulation of old notes: CBN starts monitoring today and the bank has set a two-week target.
March 24, 2023
The Central Bank of Nigeria on Thursday began the disbursement of old naira notes to Deposit Money Banks as government authorities stepped up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide.
The central bank had…
The Central Bank of Nigeria (CBN) has barred agents from using Point of Sale (PoS) terminals meant for merchants to carry out cash-in and cash-out transactions.
The apex bank disclosed this in a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.
According to the CBN, the agent banking initiative has resulted in the proliferation of financial services…
Barely three days after the Central Bank of Nigeria declared old N1,000, N500 and N200 notes as legal tender, Deposit Money Banks say they are beginning to run out of the old currencies.
The development led to severe hardship and pains for several bank customers seeking to…
The economy remained subdued in December as the Purchasing Manager’s Index was below 50.0 index points, according to the Central Bank of Nigeria.
The CBN released in the reports of members of the Monetary Policy Committee member that the PMI, which is an index of the…
The Central Bank of Nigeria has issued operational guidelines for open banking in Nigeria to ensure stability in the nation’s financial system.
The apex bank in a circular referenced, ‘PSM/DIR/PUB/CIR/001/043’, and dated March 7, 2023, said the guidelines would create greater access to customer-focused data sharing between banks and third-party firms.
The circular signed by the Director of…
The Central Bank of Nigeria plans to raise N1.13tn via treasury bills for the second quarter of 2023.
This was according to the latest Nigerian Treasury Bill Issue Programme for the Second Quarter 2023 available on the bank’s website.
This is a significant increase from…
Earnings from non-oil export in October and November rose to $75m, figures obtained from the Central Bank of Nigeria have revealed.
The CBN stated in its November economic report that non-oil export earnings rose by 16.9 per cent to $0.40bn, from $0.35bn in October.
It…
The Central Bank of Nigeria has revised the regulatory requirements for the tenure of executive management and non-executive directors of Deposit Money Banks and Financial Holding Companies in the Code Of Corporate Governance For Banks And Discount Houses (Ref: FPR/DIR/CIR/GEN/01/004).
In a circular titled ‘Review of tenure of executive management and non-executive directors of Deposit Money…