Banks Blame CBN for Worsening Cash Shortage
The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has blamed the Central Bank of Nigeria (CBN) for the worsening cash shortage across the country. ASSBIFI President Olusoji Oluwole highlighted that the CBN’s failure to meet the cash demands of commercial banks, combined with retailers profiting from cash sales, has exacerbated the […]
Steps to Report Cash Scarcity at ATMs and Banks to CBN
The Central Bank of Nigeria (CBN) has introduced a public reporting system to enhance cash availability through Over-The-Counter (OTC) withdrawals and Automated Teller Machines (ATMs). In a circular dated November 29, 2024, effective December 1, the CBN provided contact details for its branches nationwide to enable Nigerians to report cash accessibility issues. The directive aims […]
CBN Plans to Retire 1,000 Staff with N50 Billion Severance Package
The Central Bank of Nigeria (CBN) is planning to retire around 1,000 employees as part of a strategic workforce realignment. The bank has allocated over N50 billion for severance packages for those affected. The voluntary Early Exit Package (EEP) has been offered to all staff, except those with less than a year of service or […]
House of Reps to Summons CBN, Banks Over unverified POS vendors.
The Nigerian House of Representatives has resolved to summon the Central Bank Governor, Olayemi Cardoso, and CEOs of commercial banks to address the lack of documentation for Point of Sale (POS) users across the country. The resolution followed a motion presented by John Okafor, representing Ehime/Mbano/Uboma/Obowo Federal Constituency, during Wednesday’s plenary. Okafor highlighted growing concerns […]
CBN Raises Interest Rate to 27.50% to Tackle Inflation
The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 27.50% from 27.25%, marking the sixth rate hike this year in its ongoing effort to curb rising inflation. The decision was announced by CBN Governor Yemi Cardoso at the conclusion of the Monetary Policy Committee (MPC) meeting held in Abuja. Cardoso […]
Court Stops CBN From Releasing Allocation To Rivers
The Federal High Court in Abuja has barred the Central Bank of Nigeria, from further disbursing monthly financial allocations to the Rivers State government. The ruling yesterday also extends to the Accountant-General of the Federation (AGF), as well as Zenith Bank and Access Bank, where the state holds accounts. In her judgment, Justice Joyce Abdulmalik […]
CBN Confirms Old Naira Notes Will Remain Legal Tender Indefinitely
The Central Bank of Nigeria (CBN) has confirmed that the old N200, N500, and N1,000 banknotes will remain legal tender indefinitely, dismissing claims that they would cease to be valid by December 31, 2024. In a statement on Thursday, the Acting Director of Corporate Communications, Sidi Hakama, emphasized that such reports are “false and calculated […]
CBN raises Interest Rate to 26.25% amid rising Inflation levels
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate for the third straight time by 150 basis points from 24.75 per cent to 26. 25 per cent. The CBN Governor Yemi Cardoso who is also the Monetary Policy Committee (MPC) chairman said the committee at its 295th meeting retained the Cash Reserve […]
CBN to withdraw ambiguous 0.5 per cent cybersecurity levy
Members of the House of Representatives have asked the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy According to the Green House, the CBN is to withdraw the initial circular, describing it as “ambiguous”, and “issue a more understandable one”. Honourable […]
TUC Threatens Nationwide Shutdown over Cybersecurity Levy
The Trade Union Congress (TUC) has threatened to shut down Nigeria’s economy if the Federal Government fails to reverse the cybersecurity levy introduced by the Central Bank of Nigeria. Reacting to the directive from the CBN to commercial banks and other financial institutions, the congress in a statement today signed by its president, Festus Osifo, […]
