Tag: Central Bank of Nigeria

CBN warns of risks to Nigeria’s International Financial System

Aminu Imam

The Central Bank of Nigeria (CBN) has urged banks and other financial institutions to be vigilant and alert to possible emerging risks resulting from the circumvention of measures taken to protect the international financial system. The CBN stated this in an administrative circular dated June 6, 2023, and signed by CBN Director, Financial Policy and Regulations Department, Chibuzo Efobi, which was addressed to banks and Other Financial Institutions (OFIs) following the outcome of the Financial Action Task Force (FATF) plenary held between June 21-23, 2023. The CBN further alerted the…

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CBN’s directive on customers’ social media handles illegal – NDPC

Aminu Imam

The Nigeria Data Protection Commission (NDPC) has said the Central Bank of Nigeria (CBN)’s directives to commercial banks to collect their customers’ social media handles is illegal. The National Commissioner of NDPC, Dr. Vincent Olatunji, who stated this in a statement issued by the Head of Media, Itunu Dosekun, in Abuja yesterday, said it was currently engaging with the CBN on the issue. Recall that the CBN on June 26, directed banks to obtain the social media handles of customers as part of enhanced Customer Due Diligence (CDD) regulations. However,…

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CBN pegs daily limit on contactless payments at N50, 000 daily

Aminu Imam

The Central Bank of Nigeria (CBN) has pegged daily transaction limits to N50, 000 for contactless payment. The apex bank, in a circular on Tuesday, signed by its Director, Payments System Management Department, Musa Jimoh, said due to the risks associated with contactless payments, “verification and authorisation would be required for transactions above the limits”. “Following the issuance of the guidelines on contactless payments in Nigeria and in cognisance of the risks associated with contactless payments, the bank, hereby, defines transaction limits above which verification and authorisation are required,” the…

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CBN lifts cash deposit restriction on domiciliary accounts

Aminu Imam

…Allows $10, 000 withdrawals daily The Central Bank of Nigeria (CBN) issued a press statement on June 18, 2023, providing further guidance to Deposit Money Banks (DMBs) on the operational changes to the foreign exchange market announced on June 14, 2023. The statement followed an extraordinary Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public. According to the CBN, the policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage…

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‘No plans to phase out redesigned Naira notes’ – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) said no plans to phase out the redesigned Naira notes from circulation. CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement in Abuja yesterday. The statement was a reaction to viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned N1,000 N500 and N200 currency banknotes from circulation. “We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.…

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CBN takes custody of dormant account funds from banks

Aminu Imam

The Central Bank of Nigeria (CBN) has said that accounts that remain dormant will be moved to its “Unclaimed Balances Trust Fund Pool Account”. To this effect, the apex bank has released an exposure draft of guidelines for the management of dormant accounts, unclaimed balances and other financial assets in banks and other financial institutions in Nigeria. The draft guidelines are being issued in response to requests from banks and other stakeholders for further clarification on the procedures for managing dormant and inactive accounts. The guidelines mandate that the CBN…

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‘Emefiele not involved in Lagos State politics’ – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has no involvement in politics, especially as regards the March 18 governorship election in Lagos State, the bank stated yesterday, in Abuja. Its acting Director, Corporate Communications, Mr Isa AbdulMumin, made the declaration in reaction to a newspaper report, titled: “Emefiele launches fresh plot against President-elect, Tinubu’’. According to the newspaper report, Emefiele gave money to a certain candidate in the Lagos State governorship election to spite the president-elect, Sen. Bola Tinubu. However, AbdulMumin said the story is completely false and…

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CBN debunks statement on N500, N1, 000 notes

Aminu Imam

The Central Bank of Nigeria (CBN) has debunked online reports making rounds, claiming the apex bank has approved the circulation of old naira notes till December 31, 2023. Acting Director Corporate Communications, Isa AbdulMumin, who spoke with newsmen on Wednesday, declared the report as ‘fake news’. The report quoted him as saying he confirmed the development, saying both the old and new notes are legal tender and banks are currently issuing to customers. However, the apex bank’s spokesman urged Nigerians to disregard it and avoid purveyors of ‘fake news’. Some…

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CBN makes U-turn, directs banks to collect old N500, N1, 000 notes

Aminu Imam

… Confusion as customers reject bank’s old Naira notes The Central Bank of Nigeria, (CBN), has ordered banks to start collecting the old N500 and N1, 000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500, 000. A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank. A CBN official said, “Go to your bank but fill out the…

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CBN replaces Nwanisobi with Isa AbdulMumin as spokesperson

Aminu Imam

The Central Bank of Nigeria, (CBN) has announced the appointment of Isa AbdulMumin as its Acting Director of Corporate Communications Department. AbdulMumin, a Deputy Director, takes over from Osita Nwanisobi following his retirement from service on Friday. AbdulMumin has been in the Corporate Communications Department of the CBN since he joined the apex bank. Nwanisobi took over from Isaac Okorafor in 2020. Before then, he was a special assistant to the Deputy Governor, Financial System Stability (FSS), between 2009 and 2011.

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