CBN/Commercial Banking

99.9% Households Yet To Receive FG’s Cash Transfer –The World Bank has reported that approximately 99.9% of targeted poor and vulnerable households are yet to receive the Federal Government’s recently announced N25,000 per month cash handout. According to The Times, data from the World Bank’s Lead Economist for Nigeria, Alex Sienaert, was presented last week in Abuja during the Nigeria Development Update, December 2023 edition. The Federal Government intends to provide cash transfers to low-income households, paying N25,000 per month for three months, according to his presentation material. President Bola Tinubu introduced the Conditional Cash Transfer Program on October 17,…

CBN Warns Nigerians On Circulation Of Counterfeit Naira Notes Amid Currency Shortage The Central Bank of Nigeria has warned Nigerians to be wary of counterfeit naira notes in circulation amid reports of currency shortage in the country. In a statement released on Friday titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ the apex bank advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions. The Central Bank assures the public that it is working with law enforcement operatives to apprehend those responsible for circulating counterfeit currency. The statement, in part, said,…

Opay, Palmpay, Other Non-deposit Financial Institutions To Be Pulled Down From Fund Transfer Channels According to a circular from the Nigeria Interbank Settlement System Plc (NIBSS), banks in Nigeria have been directed to take down every non-deposit taking financial institution from their NIP fund transfer channels. The non-deposit-taking financial institutions include switching companies, payment solution service providers, and super agents. The NIP fund transfer channels include USSD, mobile banking apps, POS, ATMs, plus web and internet platforms. According to the circular released by NIBSS, “listing non-deposit taking financial institutions such as switching companies (switches). Payment Solution Service Providers (PSSP), and…

Reps issue warrant of arrest on CBN Governor, AGF, others The House of Representatives Committee on Public Petitions has issued a warrant of the arrest on the Central Bank Governor, Mr Olayemi Cardoso, the Accountant General of the Federation, Mrs Oluwatoyin Madein and 17 others for refusing to appear before it to answer questions on their operations. This followed the adoption of a motion by Rep Fred Agbedi (PDP-Bayelsa) at the committee’s hearing on Tuesday. Moving the motion, Agbedi said that the arrest warrant had become inevitable following the attitude of the invitees. He said that the parliament worked with…

FG Announces Disbursement Of N150 Billion Grants And Loans To Business Owners, Lists Conditions The federal government has announced the disbursement of N150 billion small grants and loans to business owners in Nigeria. The two disbursement programmes are the Presidential Conditional Grant and the Presidential Palliative Loan. The programmes, according to a statement signed by the Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, are targeted at alleviating the impact of the fuel subsidy removal which came into effect on June 1. The statement reads: “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum…