CBN Removes cash deposit Limits, Raises Weekly Withdrawal Amount
The CBN has scrapped cash deposit caps while setting new weekly withdrawal limits for individuals and corporates under revised cash policies.
CBN
CBN Issues New Directives to Banks on Refund Policy for Failed ATM Transactions
The CBN has issued directives mandating deadline for banks to refund customers for failed ATM transactions, introducing new rules for consumer protection.
CBN dragged to Court over ATM fee hike
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its recent decision to increase Automated Teller Machine (ATM) transaction fees. SERAP argues that the fee hike is “unlawful, unfair, unreasonable, and unjust” and seeks a court order to stop its implementation. The suit, filed at … Read more
Nigerians to Pay N500 per Withdrawal as CBN releases New ATM Transactions Charges
The Central Bank of Nigeria has announced that Nigerians using Off-site ATMs, which are positioned outside bank premises such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction. This was contained in an announcement that includes withdrawal of less than N20,000 from another bank’s … Read more
CBN announces Increased Rate for ATM Withdrawal Charges
The Central Bank of Nigeria (CBN) has announced plan to increase transaction fees for automated teller machines (ATMs). The increment affect transactions across the country, taking effect from March 1, 2025. This was contained in a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday. According to … Read more
CBN: Both Old and New Naira Notes Remain Legal Tender Indefinitely
The Central Bank of Nigeria (CBN) has reaffirmed that all denominations of Naira banknotes, including old and new designs, will remain valid as legal tender indefinitely. This clarification comes amidst circulating misinformation regarding the validity of old Naira notes. In a statement released on Friday by the CBN’s Acting Director of Corporate Communications, Mrs. Sidi … Read more
No deadline for old naira notes circulation — CBN
The Central Bank of Nigeria (CBN) has dismissed reports suggesting that the old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. In an official statement issued on October 24, 2024, and signed by Sidi Ali Hakama, the Acting Director of Corporate Communications, the CBN clarified that these claims … Read more
We are addressing balance of FX backlog – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said the apex bank is addressing the long outstanding balance from the $7 billion foreign exchange transaction backlog it inherited from the previous administration. Speaking at the 2024 Nigerian Economic Summit dinner in Abuja, Cardoso stated: “We had a situation where there … Read more
Access Bank announces temporary shut down of services
Access Bank has announced that it will temporarily shut services for a system upgrade aimed at optimising its offerings to customers. This was contained in an email sent to its customers on Tuesday, October 7, 2204. According to the bank, the upgrade will take place in phases, starting on Saturday, October 12, at 10 pm … Read more
ASUU Accuses CBN of ‘Neglecting Varsity Funding’
The Academic staff union of universities has accused the apex bank of not executing any project in public universities since 2014 after the tenure of the now-Emir of Kano, Sanusi Lamido Sanusi. Sanusi was CBN governor between June 2009 and February 2014. ASUU President, Emmanuel Osodeke, made this startling revelation on the Sunday edition of … Read more