The Central Bank of Nigeria, CBN, has discovered widespread abuse and serious noncompliance with the country’s foreign exchange market regulations. In a statement issued Wednesday night, the apex bank said that appropriate fines would be imposed in consultation with competent agencies. The CBN Acting Director of Communication, Mrs. Sidi Ali, who signed the statement, said … Read more
The Central Bank of Nigeria (CBN) has appointed new executives to oversee the operations of Union, Keystone, and Polaris banks, just hours after announcing the dissolution of their boards and managements on Wednesday. The apex bank took steps to ensure the stability and continuation of the affected institutions in the face of restructuring. It stated … Read more
The Central Bank of Nigeria, CBN, has suspended new applications of loans under the CBN development finance intervention funds programme, Access Bank Plc confirmed in a memo on Monday to its customers. The CBN existing development finance intervention funds program include Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), … Read more
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
The value of the naira had dropped to never-before-seen lows, affecting all aspects of life and driving inflation in the country to decades-high levels. The naira’s value has risen from N450 to the dollar at the official end and N750 to the dollar at the parallel market to selling at N1200 on the streets and … Read more