The Central Bank of Nigeria (CBN) has issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025.
The Central Bank of Nigeria (CBN) reported a sharp rise in currency management costs in 2024, with expenses increasing by over 300% amid the prolonged cash shortages that rattled the economy during the year.
The naira experienced sustained pressure across foreign exchange markets this week, closing at N1,544.50/$1 on the official market and trading as high as N1,647/$1 in the parallel market.
The Central Bank of Nigeria (CBN) has taken a firm stance against the illegal flow of freshly minted naira notes to currency hawkers and other unscrupulous agents by imposing a penalty of N150 million per branch on erring Deposit Money Banks (DMBs).
The Vice-President, Sen. Kashim Shettima has urged Nigerian Deposit Money Banks (DMBs) to tackle the issue of exploitation of Nigerians by PoS operators, who are charging arbitrarily for cash.
The Central Bank of Nigeria (CBN) urges bank customers to report ATM and branch cash withdrawal difficulties starting December 1, 2024, through designated state-specific phone numbers and email addresses.
The Central Bank of Nigeria (CBN) has announced stringent penalties for Deposit Money Banks (DMBs) found diverting cash to hawkers, as part of its ongoing efforts to ensure responsible currency distribution.
The Central Bank of Nigeria (CBN) has introduced revised guidelines to allow Deposit Money Banks (DMBs) to deposit excess foreign currency notes at its branches in Lagos and Abuja in order to credit their offshore accounts with correspondent banks.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasized the necessity of maintaining higher interest rates to address the persistent inflation issues plaguing the Nigerian economy.
The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has increased the benchmark interest rate by 150 basis points to 26.25% from 24.75%.
The treasury bills rate has witnessed a significant increase in recent times on the back of multiple MPR upward adjustments by the CBN
The reaction from NDIC follows recent media reports that Polaris Bank has been secretly sold to a new investor.
