BOFIA

JUST IN: CBN revokes Heritage Bank’s license

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Heritage Bank

In a move to uphold Nigeria’s financial integrity, the Central Bank of Nigeria (CBN) has taken decisive action by revoking the license of Heritage Bank Plc under the powers vested in it by the Banks and Other Financial Act (BOFIA) 2020. This measure, effective immediately, comes as a response to the bank’s failure to comply … Read more

CBN restricts crypto bank account operators from cash withdrawal

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cbn 1

The Central Bank of Nigeria, CBN, has announced that cash withdrawals from accounts formed for virtual and digital asset transactions will be prohibited. Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, the apex bank explained. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for … Read more