Tag: CBN Cardoso

CBN limits mobile banking apps to one device per customer, to curb fraud

Aminu Imam
CBN on mobile banking

The Central Bank of Nigeria (CBN) has introduced new regulations aimed at strengthening the security of mobile banking and instant payment services, including a policy that restricts each banking application to a single device per customer. The new directive, which takes effect on July 1, 2026, was contained in a circular issued to banks, financial institutions, and payment service providers by the apex bank’s Payments System Policy Department, and signed by its Director, Musa Jimoh. Under the new framework, customers will no longer be able to operate the same mobile…

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CBN blacklists all loan defaulters from banking services

Aminu Imam
CBN blacklists

The Central Bank of Nigeria (CBN) has issued a directive to commercial banks to restrict access to credit facilities for large-ticket obligors who are in default. The CBN announced the development in a circular issued to banks. According to the circular, the restriction aims to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector. The circular reads: “In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN)…

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Nigeria’s foreign reserves hit 7-year high of $46.7bn – CBN

Aminu Imam
Cardoso

Nigeria’s foreign reserves have surged to their strongest level in seven years, hitting $46.7bn as of November 14, 2025, the Central Bank of Nigeria, (CBN) announced yesterday. The CBN Governor, Olayemi Cardoso, represented by the Deputy Governor in charge of Economic Policy, Dr. Muhammad Abdullahi, said the reserves had reached a new high level, the first time the country has attained such a level since 2018. Speaking in Abuja at the 20th Anniversary of the Monetary Policy Department yesterday, Cardoso said the reserves milestone reflected renewed investor confidence, improved oil…

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Nigeria’s economy still facing crisis, - CBN admits

Aminu Imam
CBN admits

Governor of the Central Bank of Nigeria, (CBN),Yemi Cardoso, has acknowledged that Nigeria remains in a financial and economic crisis, a situation inherited by the current CBN administration. Speaking at the 14th Annual Bankers’ Committee Retreat in Abuja, Cardoso explained that the role of the bankers’ committee remains critical towards addressing the challenge as well as reflating the economy. The apex boss said that the nation faces challenges in how to address poverty, rising inflation, infrastructure deficits, insecurity, and unemployment, among others. He called on members of the bankers’ committee…

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“Report banks with empty ATMs directly to CBN as from Dec. 1” – CBN tells Nigerians

Aminu Imam
CBN on banks ATMs

The Central Bank of Nigeria (CBN) has said that with effect from December 1, 2024, bank customers who are unable to make withdrawals from Automated Teller Machines (ATMs) will be able to report directly to it through designated phone lines and emails for their States.  The apex bank governor, Olayemi Cardoso, stated this in his address at the Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, on Friday. He said: “Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash…

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