Senate Bill to Ban Use of Dollars, Foreign Currencies in Nigeria Passes First Reading
A bill seeking to ban the use of foreign currencies, including the dollar and pound sterling, for transactions in...
CBN
Nigeria’s Inflation Rate Soars to 34.60% in November, Deepening Economic Hardship
Nigeria’s inflation rate surged to 34.60% in November 2024, up from 33.88% in October, signaling heightened economic hardship for...
CBN Plans Strategic Workforce Reduction, 1,000 Employees Set to Retire with ₦50bn Package
The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees by December 31, 2024, as part...
BREAKING: CBN Increases Nigeria’s Interest Rate to 27.50% Amid Rising Inflation
The Central Bank of Nigeria (CBN) has raised the country’s Monetary Policy Rate (MPR) by 25 basis points, moving...
Tinubu Seeks N1.77tn External Loan to Address 2024 Budget Deficit Amid Rising Debt Servicing Costs
President Bola Tinubu has formally requested the National Assembly’s approval for a new external borrowing plan amounting to N1.767...
House of Representatives Calls on CBN to Withdraw Old Notes, Circulate New Currency Ahead of 2025 Deadline
The Nigerian House of Representatives has urged the Central Bank of Nigeria (CBN) to accelerate the withdrawal of old...
Nigerian Banks Face Widespread Disruptions Amid Simultaneous System Upgrades
The recent wave of core banking system upgrades across Nigeria’s financial sector has left many customers grappling with service...
CBN Raises Interest Rate to 27.25%, Tightens Monetary Policy Further
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has raised the country’s benchmark interest rate to 27.25%, marking...
Presidency Debunks Rumors: Tinubu Did Not Ask CBN Governor Cardoso to Resign
The Presidency has dismissed reports claiming that President Bola Tinubu asked Yemi Cardoso, the Governor of the Central Bank...
CBN Orders Payment Providers to Begin Tracking PoS Transactions, Issues 30-Day Compliance Deadline
The Central Bank of Nigeria (CBN) has directed all Payment Service Providers (PSPs) to begin tracking Point of Sale...
CBN Refutes License Revocation Rumors for Unity, Polaris, and Keystone Banks
The Central Bank of Nigeria (CBN) has firmly denied circulating rumors about revoking the licenses of Unity Bank, Polaris...
NDIC Begins Refunds for Heritage Bank Depositors
The Nigerian Deposit Insurance Commission (NDIC) has initiated the liquidation process for the failed Heritage Bank, beginning with verification...
Private Sector Fears Loan Repayment Crisis Amid 26.25% Interest Rate
Members of the Organised Private Sector (OPS) and economists have expressed concerns over the recent hike in Nigeria’s benchmark...
EFCC Directs Foreign Missions and Nigerian Embassies to Transact in Naira
The Economic and Financial Crimes Commission (EFCC) has issued a directive to foreign missions and Nigerian embassies, prohibiting them...
CBN releases list of licensed Deposit Money Banks in Nigeria
The Central Bank of Nigeria has announced 44 lists of licensed deposit money banks in Nigeria. The apex bank...
Banks Close 2 Million Accounts Due to BVN, NIN Compliance
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024 to comply with regulatory...