Tag: CBN

Emefiele, 15 Others To Face Trial Over N26.6 Trillion Fraud At CBN – Reports

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Emefiele, 15 Others To Face Trial Over N26.6 Trillion Fraud At CBN – Reports

Embattled former Central Bank Governor, Godwin Emefiele, a minister and 14 others are to face trial over various misappropriation of funds, abuse of office and official privileges at the Central bank of Nigeria. This information was brought to the public domain yesterday. After a five-month probe, Godwin Emefiele, the minister and 14 others have been…

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Financial Crimes

Charges On Bulk Cash Deposit Suspended For 143 days – CBN

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Charges On Bulk Cash Deposit Suspended For 143 days – CBN

The Central Bank of Nigeria (CBN) yesterday suspended previously charged processing fees on cash deposits for 143 days. According to the CBN, the suspension was with immediate effect. The CBN also stated that it was meant to curb the cash scarcity being experienced in some parts of the country and enhance financial transactions by individuals…

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Money and monetary policies

Nigerians Witnessing Naira Scarcity Again Despite The Apex Court Judgement

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Nigerians Witnessing Naira Scarcity Again Despite The Apex Court Judgement

About this time last year, a wave of Naira notes scarcity blew across the country having been occasioned by the ill-fated reprint of New Naira notes. Again, the scarcity of cash rears it’s head across the country as bank customers are unable to make huge withdrawals from various commercial banks. This is despite the Supreme…

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Money and monetary policies

CBN To Freeze Accounts With No BVN, NIN March 2024

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CBN To Freeze Accounts With No BVN, NIN March 2024

Bank accounts with no attached Bank Verification Number (BVN) and National Identity Number (NIN) will be frozen by the Central Bank of Nigeria (CBN) with effect from March next year. This is part of the sweeping amendments unveiled by the CBN to the regulatory framework for BVN operations and watch-list for the Nigerian banking industry….

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News

All CBN Issued Banknotes Remain Legal Tender, Says Apex Bank

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All CBN Issued Banknotes Remain Legal Tender, Says Apex Bank

. Reassures Of Adequate Supply Of Old/New Naira Notes Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has reiterated that old and redesigned notes issue by it remains legal tender and must not be rejected by anyone in the country. This was contained in a statement issued by the Director, Corporate Communications, at the…

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News

Experts Predict How CBN’s Lifting Of Ban On 43 Items Will Affect Food Inflation

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Experts Predict How CBN’s Lifting Of Ban On 43 Items Will Affect Food Inflation

Recently, the Central Bank of Nigeria (CBN) announced the lifting of foreign exchange restrictions on 43 items, a step which has sparked debate among financial experts on what are its expected impact especially on rising food inflation in the country. The CBN imposed the restrictions in June 2015 to conserve foreign exchange reserves and promote…

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Finance and Economy

BDCs Take Center Stage Again As CBN Issues New Guidelines For Sale Of Dollar

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BDCs Take Center Stage Again As CBN Issues New Guidelines For Sale Of Dollar

The Central Bank of Nigeria has announced it’s plans to reintroduce Bureau de Change Operators in Nigeria into the foreign exchange market a few days after threatening speculators. The bank announced its reintroduction in a circular addressed to BDCs and the public titled, ‘Operational Mechanism For Bureau De Change Operations In Nigeria.’ The development is…

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Finance and Economy

Request Social Media Handles Of Customers, CBN Directs Deposit Banks

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Request Social Media Handles Of Customers, CBN Directs Deposit Banks

The Central Bank of Nigeria, CBN has directed banks to request the social media handles of customers as part of enhanced Customer Due Diligence, CDD, regulations. The directive was contained in the CBN, Customer Due Diligence Regulation 2023 issued over the weekend via a circular signed by the Director, Financial Policy and Regulation Department, CBN,…

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Finance and Economy

CBN Denies Devaluation Of The Naira – Official

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CBN Denies Devaluation Of The Naira – Official

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has denied report that the naira has been devalued contrary to a news report on June 1, 2023, titled “CBN Devalues Naira To 630/$1”. In a statement signed by the Acting Director, Corporate Communications, Dr Isa AbdulMumin, the CBN described the report as replete with outright…

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Finance and Economy