Archives Tag: CBN
Restrictions on the Use of Naira ATM Cards for Foreign Transactions
April 19, 2022
As the foreign exchange crisis continues to bite, more banks are imposing increasingly severe restrictions on the use of Naira ATM cards. While some banks have suspended the use of Naira ATM cards for any non-local use, others have maintained varying degrees of restrictions on the use of debit and credit cards. The scarcity of … Continue reading Restrictions on the Use of Naira ATM Cards for Foreign Transactions
#CNHighlights: Unforgettable Moments in Nigeria in 2015
April 19, 2022
There have been tremendous highs and some lows for Nigeria in 2015. For me, the biggest news and the top highlight of the year would be the Presidential election conducted by Attahiru Jega led INEC on March 28th 2015. The election saw a sitting President and ruling party losing an election for the first time … Continue reading #CNHighlights: Unforgettable Moments in Nigeria in 2015
CBN Reduces Interest Rate Benchmark to Stimulate Economic Growth
April 19, 2022
For the first time in six years, Central Bank of Nigeria has reduced the benchmark for its interest rate, cutting it from a record high of 13% to 11%, differing from other countries in Africa that have tightened their monetary policies because of their weak currencies. No one, not even the 20 economists surveyed by … Continue reading CBN Reduces Interest Rate Benchmark to Stimulate Economic Growth
By mary-odunuga
4 More Days to Register for BVN
April 19, 2022
According to media reports, a total of 21 million customers in the country have obtained their BVN so far. Also, about 12,000 bank customers in the diaspora have taken advantage of the BVN registration centres created outside the country by the Central Bank of Nigeria (CBN) and the bankers’ committee. This is great news but … Continue reading 4 More Days to Register for BVN
By ejura
JP Morgan Vs Naija
April 19, 2022
I’m in torn about JP Morgan’s decision to remove Nigeria from its Government Bond Index. The selfish part of me is naturally concerned about the negative impact it will have on business and my pocket. After all, the long line of foreign investors heading towards the nearest “Exit Nigeria” door is an inevitable consequence. And … Continue reading JP Morgan Vs Naija
By guestwriter
CBN Directs Against Naira Substitution and Dollarization of the Economy
April 19, 2022
According to a statement by Skye Bank Plc., The Central Bank of Nigeria (CBN) recently issued a directive to all Nigerian Banks in April 2015, stating that “it is illegal to price or denominate the cost of any product or service (visible or invisible) in any foreign currency in Nigeria. No business offer or acceptance … Continue reading CBN Directs Against Naira Substitution and Dollarization of the Economy
Nigeria Today: Top Ten News Stories You Shouldn’t Miss
April 19, 2022
1.CBN Governor, Mr. Godwin Emefiele has disclosed plans by the bank to collaborate with the Ministry of Industry, Trade and Investment, Ministry of Agriculture as well as the National Youth Service Corps (NYSC) to promote import-substitution policies in the country. Emefiele said this in a keynote address presented at the 48th annual bankers’ dinner organised … Continue reading Nigeria Today: Top Ten News Stories You Shouldn’t Miss
By elizabeth
Benefits of Having Your Bank Verification Number
April 19, 2022
The bank verification number was introduced majorly to solve identity management challenges in the banking sector. The Central Bank of Nigeria CBN introduced the Bank Verification Number in collaboration with all other commercial banks operating in Nigeria due to the increase in compromise in the security system in the banking sector. There is a great … Continue reading Benefits of Having Your Bank Verification Number
Nigeria Today: Top Ten News Stories You Shouldn’t Miss
April 19, 2022
1. There are 16,911 cases of Ebola worldwide and despite missing its own target on burials, the World Health Organization is confident it can still catch up with the virus, even on such a large scale. Only Liberia and Guinea met a WHO target set for December 1 to safely bury 70% of the people … Continue reading Nigeria Today: Top Ten News Stories You Shouldn’t Miss
Nigeria Today: Top Ten News Stories You Shouldn’t Miss
April 19, 2022
1. Restoration of the oil-devastated Ogoniland will begin in January next year, says the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke. Speaking Tuesday in Geneva, Switzerland, during the follow-up meeting of technical working groups on environment restoration of Ogoniland, Alison-Madueke stressed that the Federal Government is in a hurry to begin the implementation of … Continue reading Nigeria Today: Top Ten News Stories You Shouldn’t Miss
By elizabeth
Unveiling of the Commemorative 100 Naira Banknote Happens Today, Nov. 5th 2014
April 19, 2022
Ibrahim Mu’azu, CBN’s Director, Corporate Communications released a statement on Monday saying that the choice of the 100 Naira denomination was part of CBN’s contribution to the centenary celebration. The unveiling ceremony will start off with a brief presentation by the CBN Governor, Mr. Godwin Emefiele, giving detailed information on the aesthetic and security features … Continue reading Unveiling of the Commemorative 100 Naira Banknote Happens Today, Nov. 5th 2014
By mary-odunuga
CBN Release 2,442 Bureau de Change Operators
April 19, 2022
Following the 35 million naira recapitalization directive by the Central Bank of Nigeria, CBN, to Bureau de Change operators, the apex bank has released a list of 2,442 operators that have satisfied the new guidelines on recapitalisation. In a statement released by the CBN, the Financial Policy and Regulation Department said the names of the … Continue reading CBN Release 2,442 Bureau de Change Operators
CBN Reintroduces N65 Charges on Cash Withdrawals on ‘Other Banks’ ATMs
April 19, 2022
Nigeria’s apex bank, Central Bank of Nigeria, CBN, yesterday directed commercial banks in the country to re-introduce a charge of N65 per transaction on remote-on-us Automated Teller Machines (ATMs) cash withdrawals. The policy takes effect from September 1, 2014. Remote-on-us are transactions done by a card holder on another bank’s ATM. The central bank stated … Continue reading CBN Reintroduces N65 Charges on Cash Withdrawals on ‘Other Banks’ ATMs
F.G Marks N220 Billion for MSMEs
April 19, 2022
To boost production, create jobs, reduce poverty and ensure inclusive economic growth and development in the country, the Central Bank of Nigeria, CBN, has signed a Memorandum of Understanding, MoU with the 36 State governments on “MSMEs Development Fund’’. Micro, Small and Medium Enterprises, MSMEs, the CBN says can drive Nigeria’s economy if adequately … Continue reading F.G Marks N220 Billion for MSMEs
Cashless Society: POS Transaction to Hit N24 Billion Per Month
April 19, 2022
Point of Sales, (POS) transaction has grown significantly from N38 million per month in 2012 to N24 billion monthly in June 2014 the Central Bank of Nigeria, CBN, has announced. The CBN stated this in a report published on the monitoring of e-payment transactions since the introduction of the cashless policy in the country. … Continue reading Cashless Society: POS Transaction to Hit N24 Billion Per Month
