What CBN’s new policy on diaspora remittances means for naira to dollar exchange — Gwadabe
The Central Bank of Nigeria has introduced new rules on diaspora remittances, aimed at improving the foreign exchange system. According to Aminu Gwadabe, the policy will help make the market more transparent and efficient. The new directive requires International Money Transfer Operators to route funds through naira settlement accounts. It also mandates the use of […]
US Treasury announces plan to feature Trump’s signature on currency
The United States Department of the Treasury has announced plans to include the signature of Donald Trump on future US currency. The move is part of a broader update to currency design and documentation, reflecting administrative changes within the government. Officials explained that signatures on US banknotes typically represent serving treasury authorities, but new policy […]
CBN didn’t place N500,000 limit on ATM payments in Nigeria – FG
The Federal Government has denied reports claiming that the Central Bank of Nigeria has placed a N500,000 limit on card payments made through ATMs in the country. According to the government, Nigerians are free to make card payments above that amount where necessary, and no policy exists restricting total card spending. The clarification was made […]
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 […]