Nigerians to Pay Reduced Cybersecurity Levy on Electronic Transactions
Nigerians will soon face a reduced cybersecurity levy of 0.005% on all electronic transactions, as announced by the Central Bank of Nigeria (CBN). This follows a significant backlash earlier this…
CBN Warns Against Fake SWIFT Messages, Clarifies Role in Foreign Payments
The Central Bank of Nigeria (CBN) has issued a strong warning against the use of fraudulent SWIFT messages, clarifying that it does not provide correspondent banking services for Nigerian banks…
CBN Approves CFA Franc Listing on Nigeria Export Proceeds Forms
CBN has approved the inclusion of the CFA Franc on Nigeria Export Proceeds (NXP) forms. The approval is expected to boost trading and facilitate the repatriation of export proceeds. The…
Breaking: Nigeria Bans Cryptocurrencies, Orders Banks to Close Accounts of Traders
The Central Bank of Nigeria (CBN) has ordered banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions. In a circular making the…
Banks Begin Deduction of Loans from Chronic Debtors Accounts
Findings have revealed that the Deposit Money Banks are recovering debts been owed by chronic debtors through their accounts in other banks to cub the further increase of non-performing loans…
CBN, NIBSS to Unify Payments Through National Domestic Card Scheme
The Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), including the Bankers Committee, will introduce a national card scheme in 2023 to enhance the payment system…
Politicians Move to Mobilise Lawmakers Against CBN, Naira Redesign
Top Nigeria politicians are reportedly mobilizing against the Central Bank of Nigeria over the apex bank's move to redesign Naira notes. The aggrieved politicians are believed to be those who…
Again, Senate Asks CBN To Extend Old Naira Notes Deadline
Abuja— The Senate on Tuesday asked the Central Bank of Nigeria (CBN) for the second time to extend the use of old Naira notes. The Upper Chamber on December 28,…
N200 Notes Will Be Circulated Immediately — CBN
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has met with 15 heads of commercial banks to ease the ongoing cash crunch in the country. This follows…
BREAKING: CBN Distributes Naira Notes, Orders Banks To Open Weekends
The Central Bank of Nigeria (CBN) has commenced distribution of old naira notes to commercial banks. The apex bank also ordered for commercial banks to open for operation on Saturdays…