Banking and Finance

16 Bank Transactions Exempted From CBN’s New Cyber Security Charges

In a significant move, the Central Bank of Nigeria (CBN) has issued a directive for all banks to implement a 0.5% cybersecurity levy on all electronic transactions to bolster cyber defences. However, in a bid to mitigate the impact on essential services…

07/05/2024

CBN Directs Banks To Charge 0.5% Cybersecurity Levy

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions. This was contained in a circular dated May 6, 2024 by the apex bank to all commercial, merchant, non-interest and payment…

07/05/2024

CBN Issues July 7 Deadline For PoS Operators’ Registration With CAC

The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC). This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini…

07/05/2024

Cardoso Breaks Silence Over Depleting Foreign Reserves

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has said the bank is not strengthening the Naira with the country’s foreign reserves. Speaking at the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank, Cardoso said the Naira…

18/04/2024

CBN Reduces Banks’ Loan to Deposit Ratio to 50%

The Central Bank of Nigeria, CBN has reduced the Loan to Deposit Ratio, LDR of banks to 50 per cent from 65 percent. The reduction was announced via a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the…

18/04/2024

Nigeria’s Central Bank Fires 50 More Staff

The Central Bank of Nigeria (CBN) has sacked 50 more staff across 29 departments on Monday, adding to the list of ongoing disengagements in the apex bank. This brings the number to a total of 117 in the last 20 days. The dismissal cuts…

12/04/2024

CBN Bans Foreign Currency Collateral For Naira Loans

The Central Bank of Nigeria, (CBN), has banned the use of foreign denominated collaterals for naira loans. However, Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit, are exempted from the ban. The Central Bank…

09/04/2024

CBN Doles Out $10,000 To Over 1,000 BDCs

The Central Bank of Nigeria (CBN) said it has sold a total of $10, 000 to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible invisible transactions. A statement by the apex bank on Monday said the $10,…

08/04/2024

GTBank Customers Groan Over Network Downtime

Nigerian customers of the Guaranty Trust Bank (GTB) are grappling with network downtime, rendering transactions impossible via the bank’s app, USSD or Point of Sale terminals. As observed, the network problem, which started on April 4, 2024, persisted without resolution as at yesterday. Customers…

07/04/2024

BDCs’ Recall To Forex Market Boosts Naira Recovery – Operators

The Association of Bureaux de Change Operators of Nigeria (ABCON) has lauded the decision of the Central Bank of Nigeria (CBN) to recall Bureaux De Change (BDCs) into the mainstream forex market, describing the move as a major factor in ongoing exchange…

01/04/2024

Banking and Finance

16 Bank Transactions Exempted From CBN’s New Cyber Security Charges

CBN Directs Banks To Charge 0.5% Cybersecurity Levy

CBN Issues July 7 Deadline For PoS Operators’ Registration With CAC

Cardoso Breaks Silence Over Depleting Foreign Reserves

CBN Reduces Banks’ Loan to Deposit Ratio to 50%

Nigeria’s Central Bank Fires 50 More Staff

CBN Bans Foreign Currency Collateral For Naira Loans

CBN Doles Out $10,000 To Over 1,000 BDCs

GTBank Customers Groan Over Network Downtime

BDCs’ Recall To Forex Market Boosts Naira Recovery – Operators

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