Tag: CBN

License Revocation: CBN Finally Speak On Fidelity, Wema, Polaris, Unity Banks

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License Revocation: CBN Finally Speak On Fidelity, Wema, Polaris, Unity Banks

The Central Bank of Nigeria has said there is no plan to revoke the licenses of Fidelity, Wema, Polaris and Unity Banks. The acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, on Monday, made this clarification in a statement. Recall that a circular made the round on Monday suggesting that the apex…

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Finance and Economy

CBN Announce Revocation Of Heritage Bank’s License

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CBN Announce Revocation Of Heritage Bank’s License

The Central Bank of Nigeria (CBN) has announced that it has revoked the banking licence of Heritage Bank. Ag. Director, Corporate Communications, Mrs Hakama Sidi Ali, said the revocation was done in accordance with its mandate to promote a sound financial system in Nigeria. She said: “The Central Bank of Nigeria (CBN), in accordance with…

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Finance and Economy

CBN Governor Clarifies Revocation of Moniepoint, Opay, Other Fintech Banks Licenses

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CBN Governor Clarifies Revocation of Moniepoint, Opay, Other Fintech Banks Licenses

The governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech banks operating in Nigeria. Cardoso disclosed this in a communiqué arising from Tuesday’s Monetary Policy Committee meeting in Abuja. He noted that CBN is not against fintechs. His reaction…

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Finance and Economy

Central Bank Issues Fresh Circular Stoping Directive To Implement Cybersecurity Levy

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Central Bank Issues Fresh Circular Stoping Directive To Implement Cybersecurity Levy

The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing commercial banks, mobile money operators, and other financial institutions to implement the National Cybersecurity Levy. The circular, issued May 6, 2024, with reference PSMD/DIR/PUB/LAB/017/004, mandated the institutions to collect a 0.5 percent levy on all electronic transactions. The move was primarily informed by…

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Finance and Economy

The New Cyber Security Levy To Be Paid By Nigerians On All E-Transactions

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The New Cyber Security Levy To Be Paid By Nigerians On All E-Transactions

The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions. According to the circular, the implementation of the levy would start in two weeks. The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and…

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Finance and Economy

Reps Public Accounts Committee Accuses CBN, Banks of Sharing VAT on Remita

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Reps Public Accounts Committee Accuses CBN, Banks of Sharing VAT on Remita

The public accounts committee of the House of Representatives on Thursday, March 28, accused the Central Bank of Nigeria (CBN) and commercial banks collecting revenue for the government of colluding to share the money made from Value Added Tax paid on Remita by customers. Chairman of the committee, Bamidele Salam (PDP, Osun) who made the…

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Finance and Economy, Legislation and Legislature

CBN Asks Nigerian Banks To Increase Capital Base In 24 Months

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CBN Asks Nigerian Banks To Increase Capital Base In 24 Months

The Central Bank of Nigeria (CBN) on Thursday announced an increase in the capital base for different categories of banks in the country. A statement by the CBN’s Acting Director of Corporate Communications, Hakama Ali, said the capital base of banks with international authorisation had been increased to N500 billion while that of national banks…

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Cryptocurrencies

CBN Raises Deposit Interest Rate

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CBN Raises Deposit Interest Rate

The Central Bank of Nigeria (CBN), on Tuesday, raised deposit interest rate by 200 basis points from 22.75 per cent to 24.75 per cent. This was made known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday. According to the National Bureau of Statistics, the country’s latest annual inflation rate jumped…

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Finance and Economy

CBN Sells Dollar To BDCs At N1,251/$, Prescribes Regulated Sales Margin

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CBN Sells Dollar To BDCs At N1,251/$, Prescribes Regulated Sales Margin

The Central Bank of Nigeria on Monday said it sold $10,000 to each Bureau De Change operators at a rate of N1,251 per U.S. dollar. This was made known in a circular addressed to the President of the Association of Bureau De Change operators of Nigeria. In the circular, signed by Hassan Mahmud, the Director…

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Exchange and Forex

N193bn Intervention Loans Declared Lost By CBN

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N193bn Intervention Loans Declared Lost By CBN

A report by the Central Bank of Nigeria (CBN) has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost and another N418.9 billion remains doubtful. According to the report, which was last updated in September 2023, detailed the breakdown of the bank’s intervention funds over…

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Finance and Economy