The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks across the country, with the decision taking effect from July 1, 2026. The announcement was made on Wednesday, in a statement signed by the Acting Director of the CBN Corporate Communications Department, Hakama Sidi-Ali. Newsextra24 …
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The Central Bank of Nigeria has directed banks and other financial institutions to immediately freeze the accounts and assets of individuals and companies designated for terrorism and terrorism financing, following fresh sanctions issued by Nigerian and United States authorities. The directive was contained in a circular dated June 24, 2026, …
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In a landmark judgement, the Tapa Commercial Division of the Lagos State High Court on Wednesday, dismissed a multi-million Naira debt recovery suit filed by United Bank for Africa Plc against its customer, Arueyingho Gbemi Mac, finding that the bank acted in breach of regulatory and fiduciary obligations. Justice A. …
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The Central Bank of Nigeria (CBN), says the bank is targeting a diaspora reserve of one billion dollars by 2026. Dr Olayemi Cardoso, the Governor of CBN, said this at the 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on …
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NIGERIA’s Central Bank, CBN, has fined Paystack, one of the country’s most prominent fintech companies, ₦250 million ($190,000) for allegedly operating its newly launched consumer product, Zap by Paystack, as a wallet in violation of its regulatory licence, according to a report by TechCabal. The news organ cited persons with …
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THE Central Bank of Nigeria (CBN) has announced significant review of the documentation requirements for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria. According to a statement by Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, said the initiative was part of CBN’s ongoing commitment to …
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Central Bank of Nigeria (CBN) has issued a clarification regarding the status of both old and redesigned naira notes, confirming that they will continue to be accepted as legal tender with no established deadline for their validity. Newsextra24 reports that Hakama Sidi Ali, the Acting Director of Corporate Communications at the …
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AFRICAN leaders have appointed former deputy governor of Central Bank of Nigeria, CBN, Prof. Kingsley Moghalu inaugural president of African School of Governance, ASG, based in Kigali, Rwanda. His appointment took effect on October 1, 2024. after a global competitive search. Recall that the leaders weekend announced the establishment of …
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FOUR major Nigerian banks are grappling with the implications of the Central Bank of Nigeria’s (CBN) stringent recapitalisation policy, potentially leading to the loss of their brand identities. An investigation showed that these banks are deeply concerned following the CBN’s recent approval of the acquisition of Unity Bank. This …
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THE Central Bank of Nigeria (CBN) says it has no plan to revoke the licences of more Deposit Money Banks (DMBs). The Acting Director, Corporate Communications, of the apex bank, Mrs Hakama Sidi-Ali, said this in a statement on Tuesday in Abuja. Sidi-Ali’s statement was a response to allegations in …
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