CBN/Commercial Banking

Jan
30
2025
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By Abia ThinkTank
CBN Clears Outstanding $7 Billion FX – CBN Gov, Cardoso Says

CBN Clears Outstanding $7 Billion FX – CBN Gov, Cardoso Says

CBN/Commercial Banking, Economy, FGN, News Flash
Outstanding $7 Billion n FX Cleared – CBN Gov, Cardoso Says Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has cleared the outstanding $7bn foreign exchange backlog to various firms following a successful verification exercise by forensic auditors. Cardoso disclosed this at the launch of Nigeria’s Regulatory Policy Framework organised by the Presidential Enabling Business Environment Council. The event, which was tagged the regulators’ forum, took place at the State House Conference Hall in Abuja. Addressing the audience, Cardoso explained that the bank was optimistic the clearance of the $7bn backlog would…
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Jan
24
2025
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By Abia ThinkTank
FG Approves N4 Billion Conditional Cash Transfer For Vulnerable Households

FG Approves N4 Billion Conditional Cash Transfer For Vulnerable Households

FGN, CBN/Commercial Banking, Economy, News Flash
The Federal Government has approved N4bn for conditional cash transfers to vulnerable households in Nigeria. During the launch of the 2025 Nigeria Humanitarian Needs and Response Plan at the United Nations House in Abuja on Thursday, the Minister of Humanitarian Affairs and Poverty Reduction, Professor Nentawe Yilwada, announced the interventions aimed at addressing the country’s deepening humanitarian crisis. This initiative is expected to support at least 10 million displaced households, primarily targeting the most vulnerable members of society. The cash transfer programme is set to commence in February and continue through April, focusing on alleviating the immediate needs of families…
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Jan
20
2025
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By Abia ThinkTank
Trump’s Cryptocurrency $TRUMP Meme Coin Skyrockets From $1.5 To $70 In 48 Hours

Trump’s Cryptocurrency $TRUMP Meme Coin Skyrockets From $1.5 To $70 In 48 Hours

Abia State, CBN/Commercial Banking, Economy, Foreign Affairs, Information Technology, Politics
Trump’s Cryptocurrency $TRUMP Meme Coin Skyrockets From $1.5 To $70 In 48 Hours The $TRUMP meme coin, launched by US President-elect Donald Trump on Friday with an initial price of $1.5, has seen a remarkable surge in value. The coin launched three days to his inauguration as the 47th President of the United States of America, boomed to as high as $70 on Sunday within two days. Trump launched his own cryptocurrency on Friday ahead of his takeover of office from President Joe Biden. By Sunday morning, the meme coin, $Trump, had quickly soared in market capitalization to $14.1 billion…
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Jan
17
2025
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By Abia ThinkTank
EFCC To Arraign Oba Otudeko, Former First Bank MD Onasanya On Monday For N12.3 Billion Alleged Fraud

EFCC To Arraign Oba Otudeko, Former First Bank MD Onasanya On Monday For N12.3 Billion Alleged Fraud

Crime, CBN/Commercial Banking, News Flash
EFCC To Arraign Oba Otudeko, Former First Bank MD Onasanya On Monday For N12.3 Billion Alleged Fraud The Federal High Court in Lagos has fixed Monday, January 20, 2025, for the Economic and Financial Crimes Commission (EFCC) to arraign the Chairman of Honeywell Group, Chief Oba Otudeko and a former First Bank Managing Director, Stephen Olabisi Onasanya, for allegedly looting N12.3billion from First Bank. Otudeko – former Chairman of First Bank of Nigeria (FBN) Holdings – and Onasanya are to be arraigned alongside a former board member of Honeywell Soji Akintayo and a firm, Anchorage Leisure Limited connected to Otudeko.…
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Jan
15
2025
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By Abia ThinkTank
CBN Fines Nine Banks N150m Each For ATM Cash Shortages

CBN Fines Nine Banks N150m Each For ATM Cash Shortages

CBN/Commercial Banking, Economy, News Flash
CBN Fines Nine Banks N150m Each For ATM Cash Shortages The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. The fines will be directly debited…
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Jan
10
2025
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By Abia ThinkTank
CBN Halts Extension Of Export Proceeds Repatriation For Exporters

CBN Halts Extension Of Export Proceeds Repatriation For Exporters

CBN/Commercial Banking, Economy, News Flash
CBN Halts Extension Of Export Proceeds Repatriation For Exporters The Central Bank of Nigeria (CBN) has issued a circular announcing the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. Dated January 8, 2025, the directive applies to both oil and non-oil export transactions, marking a significant policy shift aimed at ensuring compliance with existing regulations. The circular was signed by Dr W.J. Kanya, the acting Director of the CBN’s Trade & Exchange Department and released on Thursday. Key provisions of the circularIn the circular titled “Suspension of Extension of Export Proceeds on Behalf…
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Jan
09
2025
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By Abia ThinkTank
China Approves $254 Million Loan For President Tinubu Government’s Kano-Kaduna Railway Project

China Approves $254 Million Loan For President Tinubu Government’s Kano-Kaduna Railway Project

Business, CBN/Commercial Banking, FGN, Infrastructure, News Flash
China Approves $254 Million Loan For President Tinubu Government’s Kano-Kaduna Railway Project The China Development Bank (CDB) has approved a $254.76 million loan to support the construction of the Kano-Kaduna railway project in Nigeria by the President Bola Tinubu-led government. In a statement released on Tuesday, the bank said the funding would facilitate the smooth implementation of the infrastructure project. The construction is being handled by the China Civil Engineering Construction Corporation (CCECC) with financial backing from the CDB. “The Kano-Kaduna railway spans a total of 203 kilometers and is designed as a standard-gauge railway,” the statement noted. “Upon completion,…
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Jan
03
2025
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By Abia ThinkTank
Fintech For All: Inclusive Finance For Africa’s Underserved – By Dr. Chukwuemeka Ifegwu Eke

Fintech For All: Inclusive Finance For Africa’s Underserved – By Dr. Chukwuemeka Ifegwu Eke

Business, CBN/Commercial Banking, Columns/Opinions/Letters, Economy
Fintech for All: Inclusive Finance for Africa's Underserved Fintech has revolutionized financial inclusion in Africa, providing access to financial services for millions of unbanked and underbanked individuals. Mobile money services, such as M-Pesa, have enabled people to store, send, and receive money using their mobile phones. This has been particularly transformative for rural communities, where traditional banking infrastructure is often lacking. Fintech has also increased convenience and accessibility for financial services. With the rise of mobile banking apps and online platforms, individuals can now access a range of financial services, including payments, transfers, and loans, from the comfort of their…
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Dec
19
2024
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By Abia ThinkTank
Nigerian SEC Proposes New Law For Crypto Influencers, Defaulters Face Up To 3 Years Imprisonment

Nigerian SEC Proposes New Law For Crypto Influencers, Defaulters Face Up To 3 Years Imprisonment

CBN/Commercial Banking, Crime, Economy, Judiciary, News Flash
Nigerian SEC Proposes New Law For Crypto Influencers, Defaulters Face Up To 3 Years In  Jail  The Nigerian Securities and Exchange Commission (SEC) under Emomotimi Agama has proposed a new law aimed at combating the issue of crypto influencers using their influence to promote dubious crypto projects. The new law requires every crypto platform or Virtual Assets Service Provider (VASP) to be registered with a license from the Nigerian SEC before carrying out any promotion on social media, TV, or Print. The law is set to take effect on June 30th, 2025. Crypto influencers must also disclose to their community…
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Dec
18
2024
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By Abia ThinkTank
Senate Moves To Ban Foreign Currencies In Nigeria, Insist On Naira-Only Transactions

Senate Moves To Ban Foreign Currencies In Nigeria, Insist On Naira-Only Transactions

CBN/Commercial Banking, FGN, National Assembly, News Flash
Senate Moves To Ban Foreign Currencies In Nigeria, Insist On Naira-only Transactions A new bill aimed at banning the use of foreign currencies, including the US Dollar and British Pound Sterling, for domestic transactions in Nigeria has passed its first reading in the Senate. The bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” was introduced by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation. The proposed legislation seeks to make the Naira the…
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