The Central Bank of Nigeria (CBN) has announced its plan to implement a Retail Dutch Auction System (DAS) in an effort to address the increasing unmet foreign exchange (FX) demand from end users. This strategic initiative, as reported by Nairametrics, is set to commence next Wednesday and aims to alleviate the mounting pressure in the…
These initiatives include addressing institutional deficiencies, restoring corporate governance, strengthening regulations, and enforcing prudential guidelines and policies.
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has announced a significant increase in the benchmark lending rate, raising it to 27.65 percent. This decision was revealed by CBN Governor Olayemi Cardoso following the 296th MPC meeting held in Abuja on Tuesday. The MPC has consistently adopted a stringent approach to control inflation since…
These new directives stipulate that any accounts which have remained inactive for a period of 10 years or more must be transferred to the custody of the apex bank.
This initiative comes shortly after the apex bank sold $123 million to authorized dealers, a transaction from which the Association of Bureau De Change Operators of Nigeria (ABCON) claimed they were excluded.
The Central Bank of Nigeria (CBN) has retracted its directive for banks and payment service providers to collect and remit the proposed 0.5% cybersecurity levy outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024. This decision was communicated through a revised circular dated May 17, which the CBN released on Monday, 20th May,…
The Central Bank of Nigeria (CBN) has issued a directive instructing banks and various financial institutions to apply a 0.5 percent levy on electronic transfers for cybersecurity measures. This mandate was communicated through a circular signed by Chibuzor Efobi, the director of payments system management, and Haruna Mustafa, the director of financial policy and regulation,…
The Central Bank of Nigeria has issued directives preventing several microfinance institutions, including Moniepoint, Opay, and Kuda, from initiating the process of opening new accounts and welcoming fresh clientele. This decision stems from allegations suggesting that these institutions have been implicated in activities involving the channeling of cryptocurrency transactions and exerting undue influence on the…
