Bank customers have thronged their banks to reactivate their dormant accounts in line with the Central Bank of Nigeria (CBN) guidelines on the management of dormant accounts and unclaimed balances. Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday,...
CBN
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market (NFEM). The CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Saturday. Mrs. Sidi-Ali...
The stock market’s performance index closed 0.08 per cent weaker on Tuesday as investors reacted negatively to the Central Bank of Nigeria’s (CBN) hike in the Monetary Policy Rate (MPR). The News Agency of Nigeria (NAN) reports that CBN’s Monetary Policy Committee (MPC) earlier announced another increase in...
The Monetary Policy Committee (MPC), on Tuesday announced another increase in the country’s Monetary Policy Rate (MPR), known as the baseline interest rate, to 26.75 per cent from 26.25 per cent. The MPC also adjusted the Asymmetric Corridor to +500/-100 basis points from +100/-300 basis points around the...
The Central Bank of Nigeria (CBN) has implemented stricter regulations for managing dormant accounts and unclaimed financial assets in banks and other financial institutions. These new guidelines, effective immediately, supersede previous policies issued in 2015. This is made known in a circular signed by John Onojah, Acting Director, Financial...
The Central Bank of Nigeria (CBN) on Thursday directed Bureau De Change (BDCs) operators to sell forex at a maximum profit margin of 1.5 per cent, aiming to correct market distortions. The bank, in a circular to BDC operators and the public, which was signed by Aliyu Mahdi,...
The Central Bank of Nigeria (CBN), has sold the sum of 122,671 million dollars to 46 authorised dealers. According to a statement issued by the apex bank’s Director in charge of Financial Markets, Dr Omolara Duke, the move is aimed at promoting stability as well as to reduce market...
A Deputy Director at the Central Bank of Nigeria (CBN), Mr Olubukola Akinwumi, on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions. Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s 2nd prosecution witness (PW-2) in the ongoing trial...
The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN). Also included in the probe is the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the...
The Nigeria Deposit Insurance Corporation (NDIC) has said the account names discrepancies in Bank Verification Number (BVN) linked alternate account of some defunct Heritage Bank customers is delaying the payment of their insured deposits. Mr Bello Hassan, the Managing Director of NDIC told the News Agency of Nigeria...
By EZEKIEL OBI, Abuja – Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which...
The Central Bank of Nigeria (CBN) has said it would continue to implement more policies to tackle cybersecurity challenges, foster innovation to ensure stability and integrity of the financial system. The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, said this during a two-day Financial Institutions...
Customers of the liquidated Heritage Bank Plc gathered at the bank’s headquarters in Lagos on Wednesday, to seek clarification on the beginning of their deposit payments. A visit by a News Agency of Nigeria (NAN) correspondent on Wednesday revealed that security personnel stationed at the bank’s entrance prevented...
The Nigeria Deposit Insurance Corporation (NDIC), has said it would begin payment of insured sum to 2.3 million depositors of Heritage Bank in-liquidation this week. The Managing Director of NDIC, Mr Bello Hassan, said this while briefing newsmen in Abuja on Wednesday. Hassan said the bank had preliminary deposits...
The Central Bank of Nigeria (CBN) has debunked reports alleging that it plan to revoke the licences of more Deposit Money Banks (DMBs). Some reports making the rounds on social media have alleged that the Apex bank plans to revoke the licences of Unity, Keystone and Polaris...
An Economist, Mr Abba Adaudu, has decried the revocation of the licence of Heritage Bank by the Central of Nigeria (CBN) due to a breach of banking regulations. Adaudu, who is also a financial consultant, spoke with the News Agency of Nigeria (NAN) on Tuesday in Abuja. He...
By MBAFAN ADE, Abuja – c The Central Bank of Nigeria (CBN), has announced revocation of the licence of Heritage Bank Plc with immediate effect. The Acting Director, Corporate Communications Department, Hakama Sidi-Alion, disclosed this in a statement issued on Monday in Abuja. Sidi-Ali said the action was in...
Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has said the pains of ongoing reforms would soon be over if the citizens can support the monetary and fiscal policies of the government. Cardoso represented by Dr Blaise ljebor, Director, Risk Management, said this while participating in a panel...