BankingMarkets

The private sector and economists are supporting the Central Bank of Nigeria as the naira depreciates to 664/$

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June 15, 2023
The Central Bank of Nigeria has directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies. This came barely two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, and less…
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BankingFintech

CBN Granted AIP fintech platform Fincra to operate as a PSSP

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June 16, 2022
The Central Bank of Nigeria (CBN) has granted an Approval in Principle (AIP) to fintech platform Fincra to operate as a Payment Solution Service Provider (PSSP) across the country. In its commitment to promote strong and credible payment systems, CBN, in December 2020, approved new licence categorisations in line with the new and existing market participants following the significant evolution and…
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Banking

CBN issues guidelines for Open Banking in Nigeria

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May 19, 2022
The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank…