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 […]
CBN appoints new executives for Union, Keystone, and Polaris Bank
The Central Bank of Nigeria has announced a new appointment of executive officers for Union Bank, Keystone Bank, and Polaris Bank following the dissolution of the board of the banks on Wednesday. The acting director of Corporate Communication, Sidi-Ali Hakama, made this disclosure in a circular dated January 10, 2024. According to the CBN, the […]
CBN sacks boards of Union Bank, Keystone Bank, and Polaris Bank over breaches of Institutions Act
The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank and Keystone Bank. The apex bank in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, said “this action became necessary due to the non-compliance of these banks and their respective boards with some sections of the […]
CBN disburses $61m to foreign airlines to settle mature foreign exchange backlog
The Central Bank of Nigeria (CBN), says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). According to a statement issued by its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of pending matured […]
CBN suspends processing fees on cash deposits till April
The Central Bank of Nigeria (CBN), on Monday, announced the immediate suspension of the processing fees on cash deposits charged banks and other financial institutions till April, 2024. The suspension is contained in a circular signed by Dr Adetona Adedeji, the Director, Banking Supervision, and addressed to “all banks, other financial institutions and non-banking financial […]
CBN says there is adequate supply of the naira notes amidst complaints about scarcity
Amidst complaints by some Nigerians about scarcity of Naira notes, the CentralBank of Nigeria (CBN) says there is adequate supply of the currency. The News Agency of Nigeria (NAN) reports that CBN gave the assurance against the backdrop of complaints by some bank customers on scarcity of Naira notes at the counters, Automated Teller Machines […]
CBN Directs Banks to Issue, accept Old, Redesigned Banknotes
The Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, both old and redesigned ones, to and from deposit money banks (DMBs). The directive followed the order of the Supreme Court of Nigeria on Wednesday, granting the prayer of the minister of justice […]
CBN plans new round of recapitalisation for banks and New Foreign Exchange Laws to stabilize Naira
The Governor of Central Bank of Nigeria (CBN), Mr Yemi Cardoso has pledged that the Apex bank will soon introduce new foreign exchange laws and guidelines to achieve price stability, ensure tightening of monetary policies aimed at curbing rising inflation, encourage borrowing and real sector investment. Speaking at the 58th annual bankers’ dinner organised by […]
