CBN/Commercial Banking

CBN Fines Nine Banks N150m Each For ATM Cash Shortages

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…

Jan

2025

CBN Halts Extension Of Export Proceeds Repatriation For Exporters

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…

Jan

2025

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,…

Jan

2025

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…

Dec

2024

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…

Dec

2024

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…

Dec

2024

CBN Sets Daily Withdrawal Limit On POS To N100k Per Customer

CBN Sets Daily Withdrawal Limit On POS To N100k Per Customer The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer. This was contained in a circular to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’. The apex bank of Nigeria, CBN, said the restriction is in line with the apex bank’s ongoing efforts to advance a cash-less economy. CBN had announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of…

Dec

2024

CBN Imposes N150m Fine On Banks Releasing New Notes To POS Operators, Others

CBN Imposes N150m Fine On Banks Releasing New Notes To POS Operators, Others The Central Bank of Nigeria (CBN) has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation. A statement signed by Sidi Ali Hakama, acting director of corporate communications, reaffirmed that these denominations remained valid legal tender in line with a Supreme Court ruling issued on…

Dec

2024

Nigeria Raises $2.2 Billion From Latest Eurobond Auction