Tag Archives: CBN

Human rights lawyer Femi Falana, SAN, has slammed the floating of the naira by the Central Bank of Nigeria. Falana also disclosed that he is challenging the decision to float the naira in court, noting that it is ‘illegal’.   On June 14, when the naira was trading at a …

Steps will be taken, according to the Central Bank of Nigeria (CBN), to stabilize the naira’s value relative to the dollar. Following a meeting with President Bola Tinubu on Monday in Abuja, acting CBN governor Folasodun Sonubi talked with reporters. Sonubi said Tinubu was worried about the consistent fall of …

The Central Bank of Nigeria (CBN) directed the exemption of microfinance and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks. The apex bank clarified that the …

Currency outside banks rose to N2.26 trillion at the end of the first half 2023, according to the Central Bank of Nigeria’s recent Money and Credit Statistics. Reports emerged that currency outside banks rose from N982.09 billion at the end of February to N2.26 trillion in June 2023. The currency …

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5% to 18.75%. The acting CBN Governor, Folashodun Shonubi, made this known while addressing newsmen after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, July 25, 2023.   …

The total number of issued Bank Verification Numbers rose to 57.96 million as of July 3, 2023, according to data obtained from the Nigeria Inter-Bank Settlement System Plc. This was as the Central Bank of Nigeria planned to the close bank accounts without BVNs. According to the NIBSS, the increasing …

I sincerely hope that we are all seeing the rumblings at FBN Holdings. The big boys are playing Russian roulette, and the rest of us are watching. I want to keep a safe distance from the kiti kata that is happening at FBN Holdings but also refer you to Ijeoma …

Central Bank of Nigeria has said it will intervene to resolve issues around the new charges adopted by Point of Sale operators in Nigeria. Already, Point of Sale agents are meeting with stakeholders across the country to agree on changes in transaction charges for PoS services.   This is following …

The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have held strategic discussions in Abuja on how to deepen collaboration on financial inclusion in Nigeria. Speaking during the meeting, the Bank’s Acting Governor, Mr. Folashodun Shonubi, reiterated the commitment of the CBN to continually partner …

Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Folashodun Shonubi, Acting Governor, Central Bank of Nigeria (CBN) to “immediately delete the patently unlawful provisions in the Central Bank of Nigeria (Customer Due Diligence) Regulations directing banks to obtain information on customers’ social media handles for the purpose of identification.” …