CBN reduces Different Bank Charges

The Central Bank of Nigeria (CBN) has slashed withdrawal fees usually charged after the third withdrawal from Automated Teller Machines within the same month. In a new directive contained in the new Guide to Bank Charges released on Sunday, the CBN stated that the withdrawal fee charged for the use of other banks’ Automated Teller[...]

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CBN introduces BVN to Rural Dwellers in Shocking Move

The Central Bank of Nigeria together with the Bankers Committee has introduced a classification system for the bank verification number (BVN). Godwin Emefiele, the CBN governor, announced this on Saturday at a press briefing to mark the end of the 11th annual Bankers Committee retreat in Ogere, Ogun state. The classification announced were: BVN Premium[...]

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The Monetary Policy Rate as agreed by CBN stakeholders is 13.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 13.5 percent while other policy parameters remained constant. The CBN Governor, Godwin Emefiele, disclosed this after the MPC’s meeting in Abuja on Tuesday. Emefiele said all the 11 members of the committee attended the meeting[...]

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Is the Border Closure a Plus or Minus?

The Central Bank of Nigeria (CBN) has stated that the rise in inflation will drop in another three to four months. CBN Governor, Godwin Emefiele, told Channels Television on Tuesday that the effect of border closure cannot be ruled out. The latest report by the National Bureau of Statistics (NBS), showed inflation figures at a[...]

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CBN: Survey shows rise in Customer Confidence

Consumers’ overall confidence outlook rose in the third quarter of 2019, as more consumers were optimistic in their outlook. The Central Bank of Nigeria (CBN), stated this in its “Consumer Expectations Survey Report for Third Quarter 2019,” a copy of which was posted on its website. According to the report, the index at 3.8 points[...]

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Up to Seven Banks fail CBN Stability Test

The financial stability report signed by CBN Director, Financial Policy and Regulation Department, Kelvin Amugo, showed that in the less than 30-day period analysis, seven banks were not adequately funded, while in the 31 to 90-day period, nine banks had funding gaps. The report, however, said the cumulative position for the industry showed an excess[...]

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CBN emplores Nigerian Businesses to Utilise Technology to Succeed

Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Operations, Mr Ade Shonubi, has advised business owners to prepare for the present and future of digital business environment using big data and tech. He said this at a maiden thought leadership colloquium organised by Greenwich Registrars & Data Solutions Limited, with the[...]

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Deadline for new LDR for banks fast approaches

The Central Bank of Nigeria (CBN) has reviewed the loan to deposit ratio (LDR) for banks upwards to 65% from the present 60%. In a circular addressed to banks titled ‘Regulatory measures to improve lending to the real sector of the Nigerian economy’, the apex bank set a December deadline to meet the new LDR.[...]

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CBN and other banks initiate N22billion Creative Scheme, Here’s Why

The Central Bank of Nigeria (CBN), has said the N22 billion creative industry intervention is aimed at consolidating positive results already recorded in the struggle to reposition the economy, following the 2014 oil price volatility and 2016 recession. The Creative Industries and Financing Initiative (CIFI), was scripted by CBN and the Bankers Committee, following their[...]

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CBN as banks to increase security surveillance and its Reporting

Financial institutions in the country under the surveillance of the Central Bank of Nigeria (CBN) have been told to increase surveillance and report all transactions involving persons and entities designated under the United Nations Security Council Resolution. Banks were asked to carry out this action without any delay. The CBN stated this in a letter[...]

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Fresh insight on new Transaction Charges : CBN

The Central Bank of Nigeria (CBN) says the transaction charges on deposit and withdrawal in furtherance of implementation of its cashless policy is on the amount in excess of the set limits. The Director, Corporate Communication Department, Mr Isaac Okorafor, made the clarification in an interview with News Agency of Nigeria (NAN) in Abuja on[...]

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CBN raises the stakes to achieve q Cash-less Nigeria

Gives approval-in-principle to three payment service banks The race for the national roll-out of cash-less policy in the country has gained additional momentum, as the Central Bank of Nigeria (CBN), yesterday, gave an Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs). This immediately followed the circular to all banks in the country on the full[...]

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Henceforth loan defaulters deposits in banks will be used to settle their loans across all banks

The Central Bank of Nigeria (CBN) and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks. Addressing journalists after the Bankers Committee meeting on Monday, Aishah Ahmad,  CBN’s deputy governor, financial services system, said the directive is to encourage banks to increase lending. “We are not[...]

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The FCT Administration distributes N150m agro-inputs to Abuja farmers!

The Federal Capital Territory Administration (FCTA), on Tuesday, commenced distribution of agro-inputs worth N150 million to farmers affected by the 2018 flooding and erosion in the FCT. The FCT Permanent Secretary, Mr Chinyeaka Ohaa, at a ceremony to commence the distribution exercise, at Kuje Area Council, warned farmers against engaging in agricultural activities without recourse[...]

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CBN hunger games begins and only 9 Banks Qualify!

DIVIDEND pay-out in banks rose 12.6 percent for their financial year ended December 2018 despite the dividend restriction policy introduced by the Central Bank of Nigeria, CBN. About nine banks scaled the CBN hurdle while four were caught napping. Leading banks quoted on the Nigerian Stock Exchange, NSE, paid N259.4 billion to their shareholders, as[...]

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Imported Milk is Unacceptable; CBN takes action against imported milk!

Godwin Emefiele, governor of the Central Bank of Nigeria, has confirmed that the bank will restrict forex for the importation of milk. Emefiele made this known on Tuesday while addressing journalists at the end of the two-day meeting of the monetary policy committee of the bank. He said $1.2 billion to $1.5 billion is spent[...]

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CBN to Ban Milk Importation to Forster Home Grown Dairy!

The Central Bank of Nigeria (CBN) might have concluded plans to add milk and other dairy products to items on the foreign exchange restriction list with a view to boosting local production, and investment in ranches. Insiders told The Guardian that CBN Governor Godwin Emefiele expressly told operators that milk and other dairy products would[...]

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