The Central Bank of Nigeria (CBN) has once again raised alarm over the continued spread of fraudulent offers falsely linked to the Bank, including fake contracts, loans, grants, and intervention funds. In a statement released on Monday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN warned that, despite a public…
The Central Bank of Nigeria (CBN) will review the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria. This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa. In a circular dated April…
The Federal Capital Territory (FCT) High Court, in Abuja has dismissed an application filed by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, seeking to reclaim a vast estate in the city comprising 753 duplexes and apartments which has already been forfeited to the governmentJustice Jude Onwuegbuzie ordered the final forfeiture…
The Central Bank of Nigeria (CBN) has injected $197.71 million to boost market liquidity and stability in the foreign exchange market. The increase comes as global markets react to the shock of tariffs imposed by U.S. President Donald Trump. Recently, the U.S. president introduced a 14% import tariff on products from Nigeria, which has impacted…
The Central Bank of Nigeria (CBN) has disowned a circular claiming it has introduced two new denominations—N5,000 and N10,000 notes. The Central Bank of Nigeria (CBN) has dismissed a recent circular circulating on social media as “fake,” stating its official X (formerly Twitter) account. The counterfeit circular claimed that new N5,000 and N10,000 banknotes would…
Nigeria’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. According to a statement from the Central Bank of Nigeria (CBN), the increase in reserves reflects…
The naira appreciated by 0.16 percent to 1530.52/$ from 1532.93/$ in the previous trading session on the Nigerian Foreign Exchange Market at the close of trading on Wednesday. Data from the Central Bank of Nigeria showed that the naira traded at a high of 1545/$ and a low of 1500/$, which was lower than Tuesday’s…
The Central Bank of Nigeria (CBN) has urged the Federal High Court Abuja to dismiss a forfeiture case brought by the Economic and Financial Crimes Commission (EFCC) against a N2.7 billion property (located at Plot 781, Cadastral Zone 001, Karmo District) used as collateral to secure a loan from the apex bank through the Nigeria…
The number of dormant bank accounts in Nigeria is over 19.69 million, according to the industry customer account database released by the Nigeria Inter-Bank Settlement System. The data, which tracks monthly account statuses throughout 2024, indicates a steady rise in inactive accounts, coinciding with new regulatory measures by the Central Bank of Nigeria requiring commercial…
The Central Bank of Nigeria (CBN) has announced the removal of the three free monthly ATM withdrawals previously available to customers using other banks’ ATMs. Effective March 1, 2025, customers will now be charged for each withdrawal made from an ATM not owned by their bank. This change impacts the charges outlined in Section 10.7…
