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FCCPC Endorses CBN’s 48-Hour Refund Policy for Failed ATM Transactions

The Federal Competition and Consumer Protection Commission (FCCPC) has endorsed the Central Bank of Nigeria’s (CBN) draft guidelines mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. In a statement issued in Abuja on Monday, the FCCPC’s Director of Corporate Affairs, Mr Ondaje Ijagwu, said the proposed guideline followed […]

CBN Mandates Geo-Tagging of All PoS Terminals by October 20

The Central Bank of Nigeria (CBN) has directed that all Point-of-Sale (PoS) terminals nationwide be geo-tagged within the next 60 days. In a statement dated 26 August 2025, the apex bank said the move is part of efforts to curb fraud and strengthen oversight of digital payments. It also forms part of a broader strategy […]

CBN Keeps Interest Rates Unchanged to Tame Inflation

The Central Bank of Nigeria (CBN) has left all key monetary policy parameters unchanged, citing the need to consolidate recent gains in reducing inflation. Following a two-day meeting, the Monetary Policy Committee (MPC) retained the Monetary Policy Rate (MPR) at 27.5 per cent, with the asymmetric corridor at +500/-100 basis points. The Cash Reserve Ratio […]

CBN Launches NRBVN to Ease Diaspora Access to Nigerian Banking Services

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, enabling Nigerians in the diaspora to obtain a BVN remotely without needing to be physically present in Nigeria. Unveiled on Tuesday in Abuja, the digital initiative aims to support the CBN’s […]

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. […]

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