CBN Orders BDCs to Demand for BVN For Forex Transactions
The Central Bank of Nigeria (CBN) has directed all bureaux de change operators (BDCs) in the country to demand for customers’ bank verification number (BVN) for all forex transactions from November 1, 2015. The central bank gave this directive in a circular posted on its website on Wednesday. It stated that “All banks and licenced […]
CBN Revises Policy on Oversees Corporate Card Transactions
According to an official statement by Stanbic IBTC Bank, following a revised policy from the Central Bank of Nigeria (CBN) on cards issued by Nigerian Banks to corporate organizations, it will no longer be possible to carry out overseas transactions on Naira denominated corporate cards with immediate effect. Corporate entities with FOREX receivables however can […]
CBN Officially Prohibits Acceptance of Foreign Currency by Banks
The Central Bank of Nigeria published a public circular yesterday, Wednesday, August 5th, stating that all banks have been prohibited from accepting foreign cash deposits henceforth. It stated, “The Central Bank hereby prohibits from the date of this circular the acceptance of foreign cash deposits by Deposit Money Banks.” This was in line with the Banks’ […]
CBN’s Name and Shame Directive Gains Momentum
Central Bank of Nigeria (CBN)-initiated name and shame campaign of banks’ delinquent debtors gained further momentum yesterday as First City Monument Bank Limited and Ecobank Nigeria published their lists, according to the Punch. MRS Oil & Gas, a major player in the downstream sector of the oil and gas industry, topped FCMB’s list of delinquent […]
BVN Registration to End Tomorrow
The Bank Verification Number (BVN) registration is set to close tomorrow, 30th June, 2015 and all bank users have been mandated by the Central Bank of Nigeria to register in order to continue making bank transactions within the country. We hereby urge our readers who haven’t registered to do so today as failure to do […]
CBN Prohibits Loan Defaulters From Getting Further Credit
A circular has been issued to all deposit banks, development finance institutions and the Asset Management Corporation of Nigeria by the Central Bank of Nigeria, prohibiting them from granting credit facilities to loan defaulters. It stated, “The Central Bank of Nigeria (CBN) has noted with concern the impunity with which some borrowers default on […]
New CBN Governor Redeploys Deputy Governors
The newly appointed Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has redeployed the Deputy Governors in the bank. According to the bank, the exercise is to realign his vision of entrenching a more professional and people-focused Central Bank. With the new changes, Suleiman Barau, who was the Deputy Governor, Corporate Services […]
Nigeria’s Revenue Hits N922 Billion in April
The Central Bank of Nigeria has revealed that the country’s federally collected revenue in April stood at N922.08 billion which exceeded the receipts in March. According to the Apex Bank, the growth was attributed to increase in non-oil revenue. At N622.90 billion, gross oil receipts, which constituted 67.6 per cent of the total revenue, was […]
CBN Wants Financial Literacy Taught in Nigerian Schools
Nigeria’s apex bank, Central Bank of Nigeria, CBN, said it would partner with the Federal Ministry of Education to develop a financial literacy curriculum. The Director, Consumer Protection Department of the bank, UmmaDutse, said this at a news conference in Abuja. Ms. Dutse said the bank would also collaborate with other relevant stakeholders to develop […]
Godwin Emefiele, Zenith Bank MD, Appointed New Central Bank Governor
The managing director of Zenith Bank Plc, Mr Godwin Emefiele has been appointed the new Governor of Central Bank of Nigeria by President Goodluck Jonathan. His name was forwarded to the Nigerian Senate for screening and approval by the Nigerian president a few hours after the removal of Mallam Sanusi Lamido Sanusi from office. If […]
Women Entrepreneurs to Get 60 Percent of SME Fund – CBN
The Central Bank of Nigeria (CBN) has earmarked 60 percent (N132 billion) of its N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) to women entrepreneurs in the country. Mr Onoriode Olotewo, the Branch Controller of the apex bank in Ilorin, Kwara State, spoke on behalf of the CBN Governor at an organized workshop […]
Tunde Lemo Retires from CBN on January 15
Mr. Tunde Lemo, Deputy Governor, Central Bank of Nigeria (CBN), is scheduled to retire from the apex bank on January 15 after a decade of service, according to reports by Leadership Newspaper. Lemo was appointed deputy governor on January 1, 2004 and is reputed to be the longest serving member on the board till date. […]
MSMEs, Solution to Unemployment – CBN
Mr. Tunde Lemo, Central Bank of Nigeria Deputy Governor, has highlighted the need for focus on the development of Micro, Small and Medium-scale Enterprises (MSMEs) in Nigeria, noting that the sector holds the key to solving the rising unemployment in the country. Lemo stated that MSMEs are key in generating employment, creating wealth, alleviating poverty, […]
e-Business Fair Gathers Thousands of SMEs With Industry Experts
Connectnigeria.com hosted over two thousand visitors at the Orchid Hall, Expo Center, Eko Hotel and Suites on Saturday 26th October 2013 to its annual business fair, which was themed “E-Business and the Growth of Your Enterprise.” Present at the event were representatives from different financial and service institutions such as the Central Bank of Nigeria, […]
Importing Foreign Currencies Without Our Authorization Now Illegal – CBN
“Importing foreign currencies without our authorization is now illegal,” says The Central Bank of Nigeria (CBN), in a move following the withdrawal of operating licenses of 20 Bureaux de Change (BSCs). In a statement by the CBN, signed by its Director of Corporate Communications, Mr Ugo Okoroafor, it states that, “BDCs purchased and sold huge […]
CBN To Award Winner of Football Competition N2 Million
The Central Bank of Nigeria (CBN) has announced that the winner of its 2013 All Financial Institutions Football Competition (AFIFC) will receive a prize money of N2million. The competition, jointly organized with the Nigeria Football Federation, NFF, will have the prizes to motivate participants, says CBN’s Director of Corporate Communications, Ugochukwu Okoroafor. He also said, […]