CBN to withdraw ambiguous 0.5 per cent cybersecurity levy
Members of the House of Representatives have asked the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy According to the Green House, the CBN is to withdraw the initial circular, describing it as “ambiguous”, and “issue a more understandable one”. Honourable […]
TUC Threatens Nationwide Shutdown over Cybersecurity Levy
The Trade Union Congress (TUC) has threatened to shut down Nigeria’s economy if the Federal Government fails to reverse the cybersecurity levy introduced by the Central Bank of Nigeria. Reacting to the directive from the CBN to commercial banks and other financial institutions, the congress in a statement today signed by its president, Festus Osifo, […]
CBN Issues July 7 Deadline For PoS Operators’ Registration with Corporate Affairs Corporation
The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation. This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji, today in Abuja. Speaking at the event, the CAC boss said the […]
CBN prohibits use of foreign currency collateral for Naira loans
The Central Bank of Nigeria (CBN) has banned the use of foreign currency-denominated collaterals for naira loans, with exceptions to foreign currency collateral which are Eurobonds issued by the Federal Government or guarantees of foreign banks, including Standby Letters of Credit. According to the new regulation directed to all banks by CBN’s Acting Director of […]
Senate Directs Police To Employ 10 Persons Each From 774 LGAs
the Senate, has directed the Police Service Commission and the Nigeria Police Force to recruit a minimum of 10 candidates from each of the 774 local government councils in Nigeria. The directive, according to the Upper Chamber, should form part of its annual recruitment processes. The resolution was reached as a result of a motion […]
CBN raises interest rate to 22.75% in a bid to curb inflation
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 400 basis points to a record 22.75% from 18.75 percent. Addressing journalists at the end of the two-day first MPC meeting of the year in Abuja, CBN Governor, Olayemi Cardoso, disclosed that the committee voted to adjust […]
EFCC declares former CBN Governor’s wife wanted for alleged money laundering
The Economic and Financial Crimes Commission (EFCC) has declared Mrs Margaret Emefiele, wife of the former governor of the CBN, Mr Godwin Emefiele wanted for alleged money laundering. EFCC’s spokesman, Mr Dele Oyewale, stated in Abuja that three other persons: Mr Eric Odoh, Mrs Anita Omoile, and Mr Jonathan Omoile, had been declared wanted alongside […]
CBN clears the air on conversion of foreign currencies in domiciliary accounts to naira
The Central Bank of Nigeria (CBN) has clarified that there is no plan to convert $30bn domiciliary deposits to naira. Some media reports emerged at the weekend announcing that the Federal Government and the apex banks were considering the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise Nigeria’s currency, which […]
Senate summons CBN Gov on state of economy, Summons Security chiefs, for Stop to Kidnappings, Banditry
The Senate, through its committee on Banking, Insurance and other Financial Institutions has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before it. Chairman of the Committee, Sen. Adetokunbo Abiru made this known while speaking to journalists on Wednesday in Abuja, after a closed-door session, said the CBN Governor is […]
FG says relocating FAAN headquarters to Lagos will reduce operational costs
The Federal Government has said the relocation of the headquarters of the Federal Airports Authority of Nigeria (FAAN), and some departments of the Central Bank of Nigeria (CBN) to Lagos will increase operational efficiency and reduce operating costs. In a statement yesterday, the Minister of Information and National Orientation, Mohammed Idris, dismissed claims that the […]
