Tag: Central Bank of Nigeria

‘Forex remittances quadruple to $1.3bn in February’ – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) has said overseas remittances into the country rose to $1.3 billion in February 2024 compared to $300 million in the preceding month. The Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed in a press briefing in Abuja. The CBN also reported a significant rise in foreign inflows in February 2024, driven by higher remittance payments from Nigerians living abroad and a spike in the purchase of naira assets by foreign portfolio investors. She noted foreign investors purchased over $1 billion of…

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Forex Crisis: CBN revokes operational licenses of 4,173 BDCs

Aminu Imam

The Central Bank of Nigeria, (CBN), has revoked the licenses of 4,173 Bureaux De Change (BDC) operators. According to the apex bank, in an issued statement by the Acting Director, Corporate Communications, Sidi Ali Hakama, the affected institutions failed to observe regulatory provisions. These, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines; rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing…

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“Relocation of CBN’s departments will weaken North, other regions” – Northern Elders Forum

Aminu Imam

The Northern Elders Forum, (NEF), has stated that the planned relocation of key Central Bank of Nigeria (CBN) departments to Lagos will only serve to further strengthen the already dominant position of Lagos, while potentially weakening the significance and role of Abuja. Recall that the apex bank had announced its plan to transfer some of its departments to the nation’s commercial nerve centre, Lagos State. However, the Forum, in an issued statement, signed by its Director of Publicity and Advocacy/Spokesperson, Abdul-Azeez Suleiman, asserted that the movement would involve increased costs,…

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Disquiet in CBN over plan to relocate key departments to Lagos, render Abuja headquarters ‘useless’

Aminu Imam

There is disquiet in the Central Bank of Nigeria, (CBN), over plans by the new management to fully relocate major departments from the Abuja headquarters to the former headquarters in Lagos. It was gathered that members of staff of the apex bank, especially married women, are grumbling over the decision. It was learnt that the departments pencilled down for relocation by the CBN governor Yemi Cardoso are: Banking Supervision; Other Financial Institutions Supervision; Consumer Protection Department; Payment System Management Department and Financial Policy Regulations Department. It was also gathered that…

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Alleged Illegal Acquisition: CBN sacks Titan Trust, Union Bank, Keystone Bank, Polaris Bank Boards

Aminu Imam

The Central Bank of Nigeria (CBN) has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone banks. CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, yesterday in Abuja. The action followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments. The report of the special investigation into the activities of the CBN had accused the immediate-past…

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CBN bans crypto bank account operators from cash withdrawal

Aminu Imam

The Central Bank of Nigeria, (CBN), has stated that cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions. According to the apex bank, which revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers’, withdrawals from these accounts will only be possible by transfer or through a manager’s cheque. In a December circular, titled, ‘Circular to all banks and other Financial Institutions guidelines on operations of bank accounts for Virtual Assets Service Providers, and signed by the Director,…

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CBN suspends application for new intervention loans

Aminu Imam

The Central Bank of Nigeria has announced a suspension of applications for new loans, under its development finance intervention funds programme. The suspension represents a significant shift in its approach to development finance intervention funds, which was previously considered a cornerstone of the central bank. The apex bank also charged Deposit Money Banks with the recovery of previously granted loans under the scheme. The CBN made this known in a circular, titled: “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme”,…

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CBN suspends 2% processing fee for deposits above N500, 000

Aminu Imam

The Central Bank of Nigeria, (CBN), has suspended a two percent processing fee for deposits above N500, 000 for individuals and N3m for corporate bodies. The apex bank’s Acting Director of Banking Supervision, announced the suspension in a letter to all financial institutions yesterday. The letter reads: “Please recall the processing charges imposed on cash deposits above N500, 000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non- Bank Financial Institutions”, issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042.…

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CBN to freeze accounts without BVN, NIN April 2024

Aminu Imam

Central Bank of Nigeria (CBN), has directed a “Post-no-Debit” restriction on all bank accounts without a Bank Verification Number (BVN) and National Identification Number (NIN), effective April 2024. This is according to a circular issued by the apex bank and sent to all deposit money banks yesterday, which instructed banks to place a “Post-no-Debit” restriction –which prevents customers from making withdrawals, transfers, or any other debits “for all existing Tier-1 accounts/wallets without BVN or NIN”. “Post-No-Debit” is a term used to describe a restriction imposed by banks on specific accounts, preventing customers…

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CBN appoints new spokesperson, Sidi-Ali

Aminu Imam

The Central Bank of Nigeria, (CBN), has appointed a professional Public Relations practitioner, Mrs. Hakama Sidi-Ali, as its new Acting Director of Corporate Communications. Mrs. Ali is a recognised member of the Nigeria Institute of Public Relations (NIPR), who served as Deputy Director in the same Department at the Bank before her latest appointment. The NIPR has for years sustained the campaign to stop government agencies, individuals and corporate organisations from the illegal practice of appointing non-professionals and quacks as spokespersons. It was gathered that the new CBN spokesperson is…

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