Banks and other financial institutions are required by the Central Bank of Nigeria (CBN) to move cash and unclaimed balances from inactive accounts to accounts maintained by the central bank. In order to help beneficiaries and account holders recover money that has lain dormant for up to ten years, the CBN has also published regulatory…
Banks and other financial institutions are required by the Central Bank of Nigeria (CBN) to move cash and unclaimed balances from inactive accounts to accounts maintained by the central bank. In order to help beneficiaries and account holders recover money that has lain dormant for up to ten years, the CBN has also published regulatory…
All Nigerian banks are not allowed to utilize foreign currency as collateral for Naira loans; this is a directive from the Central Bank of Nigeria, or CBN. In a letter to all commercial banks on Monday, the apex bank made this disclosure. Adetona Adedeji, the director of its banking supervision department, signed the letter. The…
In an attempt to combat growing inflation, the Central Bank of Nigeria increased the monetary policy rate, often known as the interest rate, by 200 basis points, to 24.75 percent from 22.75 percent. This was revealed by CBN Governor Olayemi Cardoso on Tuesday at the press briefing for the 294th Meeting of the Monetary Policy…
President Bola Tinubu has urged the Senate to screen and confirm board members for the Central Bank of Nigeria, the National Hajj Commission, and the National Population Commission, respectively. This was stated in separate letters submitted to Senate President Godswill Akpabio, which were read aloud on the Red Chamber floor during plenary on Tuesday. The…
The Central Bank of Nigeria (CBN) said it has no intentions to convert domiciliary account balances worth $30 billion into Naira. On Saturday, Hakama Sidi-Ali, the CBN’s Acting Director of Corporate Communications, issued a statement in Abuja clarifying the situation. Mrs. Sidi-Ali’s comment came in response to a media allegation that the apex planned to…
The Nigeria Football Federation (NFF) has disputed accusations that the Central Bank of Nigeria (CBN) is withholding payment of match bonuses and allowances owed to the Super Eagles at the current 2023 Africa Cup of Nations (AFCON) in Ivory Coast. According to recent reports, the CBN is delaying payments of match bonuses and allowances to…