Browsing: Central Bank of Nigeria

The Central Bank of Nigeria on Monday ordered banks operating in the country to start charging a cybersecurity levy on transactions. A circular from the apex bank further disclosed that the implementation of the level would start in two week. “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the […]

The Federal Government, via the Corporate Affairs Commission, has given Point of Sales companies a two-month deadline to register their agents, merchants, and individuals with the commission in accordance with the law and the Central Bank of Nigeria's instructions. This decision was made on Monday in a meeting between Fintechs and the government.

The Central Bank of Nigeria has launched a five-day Regional Workshop on Project Management, Monitoring & Evaluation using Results-Based Management with the West African Institute for Financial and Economic Management. The event, which runs from May 6 to May 10, 2024, aims to enhance project management capabilities within the region. The workshop was inaugurated […]

The Centre for the Promotion of Private Enterprise has supported the recent move by the Central Bank of Nigeria to recapitalize banks. The Chief Executive Officer, Dr. Muda Yusuf, revealed this in a statement on Monday. He noted that the purpose of adequate capitalization is to ensure the efficiency and stability of […]

The Institute of Chartered Accountants of Nigeria has expressed support for the move of the Senate to probe the Ways and Means loan to the Federal Government under the administration of former president, Muhammadu Buhari.  In February, the Senate constituted a nine-member ad hoc committee to probe the disbursement and usage of the N30tn Ways and […]

The Central Bank of Nigeria recently announced new minimum capital requirements for banks, setting the minimum capital for commercial banks with international authorization at N500bn, after encouraging Nigerian banks to strengthen their financial system by increasing their capital base.

The naira strengthened against the United States dollar on Wednesday at the official and parallel markets, with the local currency making a significant gain against the greenback at the black market. This happened as the Central Bank of Nigeria announced the final settlements of all valid foreign exchange backlogs, fulfilling a key promise of the …

The Central Bank of Nigeria has declared that it has effectively cleared all valid foreign exchange backlogs, getting rid of an old burden. This achievement fulfills a promise made by CBN Governor, Mr Olayemi Cardoso, to deal with an inherited backlog of $7bn in claims. The announcement was made by the bank's Acting Director of […]

The Central Bank of Nigeria has announced the 294th meeting of the Monetary Policy Committee, a crucial gathering that shapes the nation’s economic policies. The apex bank made this known in a document uploaded on its website on Tuesday. The MPC is the highest policy-making committee of the bank with the mandate to review economic […]

The Central Bank of Nigeria has given a directive to all banks to strictly comply with recent foreign exchange policy reforms. In a letter signed by the Acting Director, Banking Supervision, Dr. Adetona Adedeji, on Thursday, the CBN stressed the need for careful financial management and risk reduction. […]