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 […]
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 Blocks CBN allocation to Rivers State
Justice Joyce Abdulmalik of the Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to stop monthly financial allocations to the Rivers State Government. The judge ruled that Governor Siminalayi Fubara’s presentation of the 2024 budget before only four members of the Rivers House of Assembly defied constitutional requirements. Justice 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 […]
National Assembly Revives Push for 5% Excise Duty on Telecoms, Gaming, and Betting Services in Nigeria
Despite the previous exemption for the telecom sector from the 5% excise duty approved by former President Muhammadu Buhari, the National Assembly has revived efforts to implement it. They have proposed a 5% excise duty on telecommunications services, gaming, betting, and lottery activities throughout Nigeria. On July 6, 2023, President Bola Tinubu signed four executive […]
CBN Issues July 7 Deadline For PoS Operators’ Registration with Corporate Affairs Corporation
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. This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji, today in Abuja. Speaking at the event, the CAC boss said the […]
