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External Debt: High Cost of Servicing Straining Revenue – CBN

The Central Bank of Nigeria (CBN) has revealed that external debt servicing cost the country approximately $5.47 billion between January 2024 and February 2025, exacerbating the strain on national revenue, foreign reserves, and fiscal stability. Additionally, total foreign exchange direct remittances rose by 1.3% year-on-year (YoY) to $180.03 million in the first two months of […]

CBN Imposes Charges on ATM Withdrawals from Other Banks

The Central Bank of Nigeria (CBN) has announced the discontinuation of the three free monthly withdrawals previously allowed for customers using Automated Teller Machines (ATMs) of banks other than their own. This directive was contained in a circular dated 10 February 2025, issued by the apex bank’s Acting Director of Financial Policy and Regulation, John […]

CBN Tightens Oversight, Limits BDCs to $25,000 Weekly Forex

The Central Bank of Nigeria (CBN) has issued new guidelines limiting Bureau de Change (BDC) operators to purchasing a maximum of $25,000 per week from a single Authorised Dealer Bank (ADB) to meet retail market demand. In a circular signed by Dr W. J. Kanya, Acting Director of the Trade & Exchange Department at the […]

CBN Faces Lawsuits as Ex-Employees Challenge Cardoso-Led Restructuring

Disengaged staff of the Central Bank of Nigeria (CBN) have accused the bank’s management, led by Governor Yemi Cardoso, of high-handedness, unfair treatment, and discrimination in its ongoing staff rationalisation exercise. Over 200 employees, including senior executives, were reportedly affected by the exercise, which the staff claim was conducted in a discriminatory and unjust manner. […]

Banks Face ₦1.35bn Total Fines Over Yuletide ATM Cash Scarcity

In a decisive move against cash distribution failures, the Central Bank of Nigeria (CBN) has penalised nine Deposit Money Banks (DMBs) for failing to ensure the availability of naira notes via automated teller machines (ATMs) during the festive season. Each bank was fined ₦150 million for breaching the CBN’s cash distribution guidelines. The penalties were […]

CBN Reports Sharp Rise in Money Supply as FG Credit Grows by 54%

Nigeria’s Broad Money Supply (M2) has risen by 51% year-on-year (YoY) to ₦108.96 trillion in November 2024, driven by the Federal Government’s domestic borrowings from the private sector, according to data from the Central Bank of Nigeria (CBN). The CBN’s Money and Credit Statistics report, released on Monday, indicates an increase from ₦72.03 trillion recorded […]

Old Naira Notes to Remain Legal Tender Indefinitely -CBN

The Central Bank of Nigeria (CBN) has refuted reports claiming that old series N200, N500, and N1,000 banknotes will be withdrawn as legal tender by December 31, 2024. In a statement issued on Thursday by Acting Director of Corporate Communications, Sidi Hakama, the CBN clarified that the Supreme Court’s ruling on November 29, 2023, to […]

Adaora Re-Appointed Zenith Bank DMD

Zenith Bank Plc has officially announced the re-engagement of Dr. Adaora Umeoji as the Deputy Managing Director of the bank. The Nigerian Exchange Limited (NGX) and shareholders were informed about this decision. The Central Bank of Nigeria (CBN) has granted its approval, indicated by the “No objection” given to the re-engagement, which will be effective […]

CBN Partners with Egypt’s Central Bank to Establish Nigeria-Egypt Fintech Bridge

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have formalized their collaboration by signing a Memorandum of Understanding (MoU) to create the Nigeria-Egypt Fintech Bridge. The MoU was signed during the Seamless North Africa Conference 2023 in Cairo, Egypt, as both apex banks engaged in discussions on crucial matters related […]