Simple Guide to Understanding Interest Rates in Nigeria
Interest rates are important to any nation’s economic framework. It affects personal finances, business operations, and the overall economy. This is also true in Nigeria. However, not many understand how interest rates are determined. For many, interest rates are arbitrarily determined by individual banks. But nothing can be farther from the truth than that. […]
Central Bank of Nigeria (CBN) Lifts Ban on Opay, Kuda, and Others
You may recall that the Central Bank of Nigeria (CBN) had in April placed a ban on the onboarding of new customers by Opay, Kuda and the other Fintechs in Nigeria over what it said was to address regulatory concerns and ensure compliance. Read more about FinTech The good news is that as of […]
Nigeria Lifts FX Restrictions, Allows Milk and Dairy Imports
The Central Bank of Nigeria (CBN) recently made a significant decision regarding the import of milk and dairy products. Initially, on February 11, 2020, the CBN imposed restrictions on these items, adding them to the list of products ineligible for forex. This move aimed to regulate foreign exchange allocation and stimulate domestic production. Read […]
Naira Rebounds as CBN Clears Forex Debt Backlog
 The naira has surged to N1,120 against the dollar in response to the Central Bank of Nigeria’s action to clear some of its FX backlog on Thursday. This marks an increase of N50 or 4.27 per cent compared to the N1,170 it traded for on Wednesday. Read more about Finance Currency traders, also known […]
Exhibit for Free at the CBN-Backed International Financial Inclusion Conference 2023
If you are a FinTech and you’d like to secure greater visibility for your startup, here’s an opportunity you can take advantage of. The second edition of the International Financial Inclusion Conference (IFIC) is set to be held this October. Besides the many attractions and highlights of this event, financial technology businesses are being […]
How to Protect Your Business from the Naira Devaluation
Earlier in June, the Central Bank of Nigeria announced that it was doing away with the long-standing fixed exchange rates for the naira. In a disclosure that grabbed headlines nationwide, the apex bank said that it would now float the local currency, i.e. allow market forces (demand and supply) to determine the rates for […]
How the New CBN Customer Due Diligence Regulations Will Affect You
The Central Bank of Nigeria recently introduced new rules for due diligence and Know Your Customer processes. In a circular dated June 20, it said that financial institutions in the country are expected to comply with the guidelines when verifying the identities and financial transactions that their customers have with them. They are also […]
Central Bank of Nigeria (CBN) Refutes Claims of Naira Devaluation
In a recent development, the Central Bank of Nigeria (CBN) has vehemently denied the circulating news that it has devalued the Nigerian naira. Speculations had been rampant, claiming that the official exchange rate of 465 Naira to a dollar had been revised to a concerning 630 naira to a dollar. However, the CBN has come […]
A Summary of the CBN’s New Operational Guidelines for Open Banking
On Tuesday, March 7, the Central Bank of Nigeria released operational guidelines for Open Banking in Nigeria. The new rules were written up to enable banks and third-party firms to share customer data with each other, subject to customers’ consent. Musa Jimoh, Director of the Payments System Department at the apex bank, explained this […]
Old N200 Note Remains Legal until April 10, 2023
On Thursday morning, Nigeria’s President, Muhammadu Buhari, revealed in a national broadcast that: “I have given approval to the CBN that the old ₦200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, ₦500, and ₦1000 banknotes for 60 days […]
Nigeria’s Central Bank Launches AfriGo
 Nigeria’s central bank, the Central Bank of Nigeria (CBN), has launched a national domestic card scheme called AfriGo. The scheme was announced in October 2022 at the Bankers’ Committee and aims to drive financial inclusion and control card financial data within Nigeria. The CBN governor, Godwin Emefiele, stated that this move will also serve […]
The Impact of the New CBN Withdrawal Policy
 On the 6th of December, the Central Bank of Nigeria (CBN) announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000 respectively per week. Read more about Finance Several experts and observers have […]
CBN Releases New Policies on Cash Withdrawal
The Central Bank of Nigeria (CBN) has announced a new policy that requires deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week. Read more about Finance According to a new memo to banks issued […]
CBN Imposes ₦100,000 And ₦500,000 Limit on Cash Withdrawals
The Central Bank of Nigeria (CBN) has introduced new limits on cash withdrawals over-the-counter, as well as for Automated Teller Machines (ATM) and Point of Sale (PoS). This was disclosed by the CBN in a circular made public on Tuesday. Read more about Finance The statement, signed by Haruna Mustapha, the CBN’s Director of […]
4 Reasons Why CBN Redesigned the Naira Notes
 Following the launch of the newly redesigned Naira notes (1000, 500, and 200), many Nigerians have expressed scepticism about such a move, questioning the logic and wisdom behind such an ambiguous project. However, several monetary and security experts have pointed out the merits behind the government’s move.  Read more about Finance To Curb Inflation […]
Nigerians React to Naira Redesign
 Following the release of newly redesigned 200 Naira, 500 Naira and 1,000 Naira notes by President Muhammadu Buhari and the governor of Central Bank of Nigeria, Godwin Emefiele, thousands of netizens have reacted. Read more about finance The much-touted naira redesign has sparked controversies among thousands of social media users on Twitter NG and […]