CBN Confirms Old Naira Notes Will Remain Valid Indefinitely, Denies December 2024 Deadline
The Central Bank of Nigeria (CBN) recently issued a statement reassuring the public that the old Naira banknotes, specifically the N200, N500, and N1,000 denominations, will remain valid and in circulation indefinitely. This clarification comes in response to growing concerns and confusion about the potential withdrawal of these banknotes by December 31, 2024, as previously […]
Lawmakers Urge CBN to Start Gradual Removal of Old Naira Notes Before December Deadline
The Nigerian House of Representatives has called on the Central Bank of Nigeria (CBN) to begin withdrawing old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. This action follows a motion presented by Hon. Afam Ogene, urging the CBN to act quickly in informing the public about the upcoming […]
Ex-CBN Deputy Governor Claims Emefiele Ignored Procedures for Currency Redesign
The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has brought significant attention to the governance and accountability within Nigeria’s financial system. As the trial progresses, key testimonies reveal potential misconduct during the controversial currency redesign process. Godwin Emefiele, who served as the Governor of the CBN from 2014 until his suspension […]
CBN Implements 0.005% Cybersecurity Levy on Electronic Transactions to Strengthen National Security
The Central Bank of Nigeria (CBN) has confirmed the implementation of a 0.005% cybersecurity levy on all electronic transactions. This move comes as part of the bank’s updated Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025. The levy is designed to support Nigeria’s efforts to strengthen its cybersecurity infrastructure in […]
CBN Sticks to 5% Limit for Ways and Means Advances, Overriding National Assembly’s Decision
In a recent development, the Central Bank of Nigeria (CBN) has announced it will maintain its Ways and Means Advances limit at 5% for the fiscal years 2024-2025. This decision comes despite a recent bill passed by the National Assembly, which raised the borrowing limit from 5% to 10%. Ways and Means Advances are short-term […]
CBN Offers Dollars to BDCs at N1,580/$ to Increase Market Liquidity
The Central Bank of Nigeria (CBN) has introduced a new policy to increase the availability of foreign exchange in the market. As part of this effort, the CBN is selling dollars to Bureau De Change (BDC) operators at the rate of N1,580 per dollar. This was announced in a circular signed by W.J. Kanya, acting […]
CBN Faces Legal Challenges Over Recent Staff Layoffs
The Central Bank of Nigeria (CBN) is in hot water, facing over 100 lawsuits from employees who were recently laid off. On May 24, 2024, the bank dismissed over 200 staff as part of a reorganization plan put into effect by the current administration under President Bola Tinubu. The affected employees are not taking the […]
CBN Sells $876.26 Million at N1,495 per Dollar in Latest Retail Dutch Auction
In a significant move to manage the rising demand for dollars and stabilize the naira, the Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction on Wednesday. During this auction, the CBN sold a total of $876.26 million at a cut-off rate of N1495 per dollar. This auction was held under the Retail Dutch […]
How Next-of-Kin Can Claim Funds in Dormant Accounts: New CBN Guidelines
The Central Bank of Nigeria (CBN) has introduced new rules that make it easier for next-of-kin, legal representatives, and beneficial owners to claim funds from dormant accounts. According to the recent update, these individuals can now submit applications to banks to recover unclaimed money. To claim these funds, you’ll need to provide legal proof of […]
Nigeria’s Foreign Reserves Rise to $35.77 Billion – CBN
Nigeria’s external reserves have increased to $35.77 billion, up from $33.09 billion at the end of 2023. This information comes from the Central Bank of Nigeria’s (CBN) latest data on the country’s reserve movements. On July 8, Nigeria’s foreign reserves crossed the $35.05 billion mark and continued to rise, reaching $35.77 billion by Thursday. However, […]