CBN, NCC move to mandate 24-hour refunds for wrong airtime, data transfers
CBN and NCC propose 24-hour refunds for wrong airtime and data purchases Framework covers wrong-number transfers and over-purchases Banks, telcos to face strict timelines and accountability The Central Bank of…
Over 25% of Nigeria’s E-Payments Routed Through NIBSS Instant Platform — CBN
NIBSS NIP handles over 25% of all electronic payment transactions in Nigeria E-transactions surged to nearly 11 billion in 2024, up from 5 billion in 2022 Growth aligns with CBN’s…
Emefiele Trial: Witness Tells Court $6.23m Was Withdrawn from CBN with Forged Documents
Prosecution witness alleges $6.23m cash withdrawal from CBN using forged approvals Witness links withdrawal to election-related expenses, says documents were fraudulent Court hears how cash was allegedly shared after withdrawal…
IMF urges CBN, others to tread cautiously on interest rate cuts
IMF warns against premature rate cuts amid persistent inflation pressures. Says monetary easing should be gradual and data-driven. Stresses need for price stability and central bank independence. The International Monetary…
CBN moves to tighten debit card issuance, tackle ATM congestion
CBN debit card rules to link card issuance with banks’ ATM capacity New policy targets ATM congestion, cash shortages and downtime nationwide Policy expected before Q2 2026 ends, says CBN…
CBN mandates multi-factor authentication for foreign card transactions
CBN mandates multi-factor authentication for foreign card withdrawals and online payments above set thresholds. Foreign card transactions to be settled strictly in naira under enhanced monitoring rules Banks, fintechs face…
CBN Revokes Licenses of Aso Savings, Union Homes Plc
CBN revokes licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc due to regulatory breaches. Violations include failure to meet minimum paid-up capital and other…
CBN Approves 82 New BDCs, Warns Against Unlicensed Forex Operators
CBN grants final operating approval to 82 Bureau De Change operators. Licences take effect under the revised 2024 BDC regulatory guidelines. Nigerians urged to verify BDC status and avoid unregistered…
CBN Reviews Cash Withdrawal Rules, Enforces New Fees in January 2026
CBN increases weekly withdrawal limits to N500,000 for individuals, N5 million for corporates. Excess deposit charges removed, but excess withdrawal now attracts new fees. Cash withdrawal rules apply across ATMs,…
CBN Lifts Cash Deposit Limit, Raises Weekly Withdrawal Ceiling to N500,000
CBN removes cash deposit cap and raises weekly withdrawal limit to N500,000 for individuals, N5m for corporates. Excess withdrawal charges set at 3% for individuals and 5% for firms under…