MONEY MARKET

  The Managing Director and Chief Executive Officer of the First Bank of Nigeria, Mr Adesola Adeduntan, has said that the new technology and digital service experience introduced into the banking system of the bank will go a long way to curb forgery, fraud and other forms of vices in...

The Central Bank of Nigeria (CBN) has directed that microfinance banks and primary mortgage banks that provide banking services to the economically active poor be exempted from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks. The circular with reference...

  The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR), which measures interest rate from 18.5 to 18.75 per cent. Acting CBN Governor, Folashodun Shonubi, announced this to journalists on Tuesday after the bank’s Monetary Policy Committee (MPC) meeting at...

The Central Bank of Nigeria (CBN) has revoked the licenses of 2,698 of Bureau de Change (BDC) dealers. On Wednesday, the CBN published a list of approved BDC’s which means the licenses of the approved operators and they were 2,991 from the over 5,689 earlier approved, meaning that 2,698 BDCs...

  The Central Bank of Nigeria (CBN) has increased the tenure of the Managing Director/Chief Executive of banks from maximum from 10 years of 12 years. This was disclosed in a circular on the new, “Corporate Governance Guidelines for Commercial, Merchant, Non-interest and Payment Service Banks in Nigeria.” The circular...

The Central Bank of Nigeria (CBN) said a total of N115.45 billion and about $22.7 million have been refunded to customers of banks in the last 10 years after receiving complaints over failed transactions. The apex regulator of banks in the country said it received 35,453 complaints from bank customers...

    The Central Bank of Nigeria (CBN) says cash deposits into domiciliary accounts will not be restricted, and customers “shall have unfettered and unrestricted access to funds in their accounts”. The directive is contained in a statement issued by the apex bank after a meeting with the bankers’ committee...

The Central Bank of Nigeria (CBN) has announced the unification of all segments of the Nigerian forex market. The apex bank, in a statement Wednesday, announced the collapse of all windows into the Investors & Exporters (I&E) window. This move is part of the Nigerian government’s efforts to improve liquidity...

The Central Bank of Nigeria (CBN) has revoked the licences of 139 microfinance banks in the country, as well as four primary mortgage banks and three finance companies. This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday....

The Central Bank of Nigeria (CBN) has debunked reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a 10-year after issued. The bank in a statement issued by Isa AbdulMumin, the Acting Director, Corporate Communications, on...