In a significant policy reversal, the Central Bank of Nigeria (CBN) has withdrawn its directive for banks and payment service providers to collect and remit the cybersecurity levy as stipulated in the Cybercrime Prevention and Prohibition Amendment Act of 2024. This announcement came through a revised circular issued on May 17, 2024. The updated circular, … Read more
The Central Bank of Nigeria, CBN, has asked banks to suspend cash deposit charges until September 30, 2024. The central bank announced this in a circular dated May 6, 2024, signed by Adetona Adedeji, Director of Banking Supervision. Customers of various Deposit Money Banks expressed concern that the banks had begun collecting processing fees for … Read more
The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), disclosing that each BDC has been allocated $10,000 at a rate of N1,251 per dollar. According to the circular, which was issued on Monday, BDCs are required to sell the assigned dollars to qualifying clients at a cost no … 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