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Nigeria’s external reserves have climbed to $53.11 billion, reaching their highest level in more than 17 years and providing a significant boost to the country’s external financial position. The latest figure, recorded as of August 24, 2026, represents a continued upward trajectory in Nigeria’s reserves and brings the country within striking distance of the level…
The Central Bank of Nigeria (CBN) has introduced a new set of operational guidelines for Bureau De Change (BDC) operators, unveiling a centralized electronic platform that will monitor foreign exchange purchases in real time as part of efforts to strengthen transparency and compliance in the retail foreign exchange market. The new framework, contained in a…
Read More “CBN Tightens BDC Forex Rules, Launches Digital Tracker to Monitor Dollar Purchases” »
The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning Nigerians, businesses, financial institutions and other economic operators against refusing to accept it for transactions. The clarification followed reports that some traders, transport operators and members of the public had begun rejecting the standard ₦100…
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country in a fresh regulatory action aimed at strengthening the stability and integrity of Nigeria’s financial system. The decision, which took effect on July 1, 2026, was approved by CBN Governor Olayemi Cardoso under the powers conferred on…
Read More “CBN Tightens Oversight, Withdraws Operating Licences of 46 Microfinance Banks” »
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine (ATM) transaction fees.” The CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside…
Read More “SERAP Drags CBN To Court Over ‘Unlawful, Unjust ATM Charges Hike’” »
Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, to use his “leadership position to immediately withdraw the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine (ATM) transaction fees.” SERAP urged him to “ensure that the exercise of CBN statutory powers and…
Read More “SERAP To CBN: Reverse ‘Unlawful, Unfair Hike in ATM Transaction Fees’ In 48Hrs” »
The Central Bank of Nigeria (CBN) has announced that charges will now apply anytime customers use the Automated Teller Machines (ATMs) of banks other than theirs. The new development was contained in a circular dated February 10, 2025, and addressed to all banks and financial institutions by the apex bank’s acting Director of Financial Policy…
The Central Bank of Nigeria, CBN, has issued fines to at least nine Deposit Money Banks for failing to ensure cash availability via automated teller machines, ATMs, during the festive season. The fines total is N1.35bn, with each of the banks fined N150m. The banks were found culpable after spot checks revealed non-compliance with the…
Read More “Non-availability Of Cash In ATMs: CBN Fines 9 Banks N150m” »
The Central Bank of Nigeria said it sold foreign currency worth $20,000 to each eligible Bureau de Change operator at N1,450 per dollar. A.A. Mahdi, the apex bank’s acting Director of Trade and Exchange Department, disclosed this in a notice on Thursday. According to the notice: “To this end, the CBN has approved the sales…
Read More “BDCs Buy Dollar At N1450 In Fresh Central Bank Intervention” »
The Chairman of Dangote Group, Aliko Dangote, has condemned the increase of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). Dangote at the Banquet Hall of the State House, Abuja, during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), on Tuesday. He…
Read More “Dangote Condemns CBN’s Interest Rate, Urgess FG To Protect Existing Businesses” »