The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include; Fidelity Bank … Read more
Except there is any other intervention, telecommunication companies (Telcos) have issued an ultimatum to suspend Unstructured Supplementary Service Data (USSD) services due to unpaid bank debts amounting to N250 billion. There are indications emerging on Monday that the telecoms operators have concluded plans to suspend the Unstructured Supplementary Service Data (USSD). This is as a … Read more
The Naira has significantly appreciated in value against the US Dollar following the Central Bank of Nigeria’s (CBN) implementation of a new policy. The Central Bank of Nigeria’s (CBN) directive mandating banks operating in the interbank FX market to adopt the Bloomberg BMatch trading platform has begun yielding positive outcomes. The Naira, which had experienced … Read more
The Central Bank of Nigeria has published a directory of its branches across the country. This directory provides contact information and email addresses for each branch. The purpose of this directory is to make it easier for Nigerians to report issues with cash access at Over-The-Counter withdrawals or Automated Teller Machines of Deposit Money Banks. … Read more
Nigeria’s economy showed resilience in the third quarter of 2024, recording a GDP growth rate of 3.46% year-on-year, an improvement from 3.19% in Q2 2024 and significantly higher than the 2.54% recorded in Q3 2023. This growth was driven primarily by the Services sector, which expanded by 5.19%, contributing over 53.58% to the aggregate GDP. … Read more
The Central Bank of Nigeria says it will heavily penalise banks with empty ATMs and those selling ‘mint’ cash to naira hawkers. Solaja Olayemi, CBN’s acting director for the currency operations department, said this in a memo to DMBs on Friday. Mr Olayemi said that the CBN would engage in “mystery shopping” exercise and periodic … Read more
The Nigeria Deposit Insurance Corporation (NDIC) has launched a national auction of landed properties and physical assets belonging to the defunct Heritage Bank, marking a critical step towards settling liquidation dividends owed uninsured depositors. In a statement released this morning Monday, NDIC’s Director of Communications, Bashir Nuhu, confirmed the commencement of the sales process in … Read more
It is important for Point of Sale, POS, operators in Nieria to stay informed, especially with the recent demand from the Corporate Affairs Commission, CAC. The CAC now requires that all POS operators and fintech merchants in Nigeria register their businesses according to Central Bank of Nigeria, CBN, guidelines by July 7, 2024. Failure to … Read more
The CAC through the registrar-general and chief executive officer (CEO) Hussaini Magaji had issued a two-month registration deadline to PoS operators to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the CBN. Going by directives from the Central Bank of Nigeria (CBN) based on the … Read more
The National Association of Nigerian Students (NANS) has vehemently rejected the Central Bank of Nigeria’s (CBN) recently announced cybersecurity levy and called for its immediate retraction. In a communiqué issued by NANS President, Pedro Obi, the union expressed deep concern over the introduction of yet another policy that burdens the already-strained populace, particularly amidst prevailing … Read more
