News

Ways and Means: Senate blames CBN for frustrating efforts

DailyTimesNGR DailyTimesNGR 26 February 2025 0

By Patrick Wemambu The Senate Ad-hoc Committee investigating Ways and Means facility granted to the federal government between 2015 to 2023 has taken a swipe at the Central Bank of Nigeria for frustrating its efforts to uncover how the loans were spent. Speaking after receiving an interim

Economy

27.5% Monetary policy rate adjustable – CBN

DailyTimesNGR DailyTimesNGR 21 February 2025 0

By Tunde Opalana The Central Bank of Nigeria’s (CBN) has raised the hope that the 27.5% Monetary Policy Rate (MPR) recently declared is adjustable. Though the CBN Monetary Policy Committee (MPC) insisted it will hold all key rates steady as it monitors inflation and exchange rate dynamics. The MPC has signaled that it will “remain […]

Business

CBN insists banks, others must publish details of dormant account

Ihesiulo Grace 20 February 2025 0

BY BABATUNDE OPALANA The Central Bank of Nigeria (CBN) insisted that banks and other financial institutions in the country must publish the names of individuals whose bank accounts have gone dormant on their websites and national newspapers in line with the Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks […]

Business

ABCON congratulates FG, CBN over measures to strengthen Naira

DailyTimesNGR DailyTimesNGR 17 February 2025 0

…as market closed between N1540/$1 and N1545/$1 on Friday. By Tunde Opalana The Federal Government through the strict monetary policy of the Central Bank of Nigeria CBN, has been commended for measures put in place to stem the downward slide of the Naira against major international currencies, particularly the American Dollar. The apex bank in […]

Business

CBN waives 2025 licence renewal fee for BDC operators

DailyTimesNGR DailyTimesNGR 28 January 2025 0

BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all existing Bureau De Change (BDC) operators, with immediate effect. This decision is part of the ongoing implementation of the regulatory and supervisory guidelines for bureau de change operations in nigeria, 2024, and the transition to a revised […]

Features

Leading Nigerian economic reform; reflecting on CBN successes

DailyTimesNGR DailyTimesNGR 16 January 2025 0

By Isah Aliyu Chiroma In 2024, the Central Bank of Nigeria (CBN) experienced a pivotal transformation under the innovative leadership of Governor Yemi Cardoso. Faced with a myriad of economic challenges that have hindered growth and stability for years, Governor Cardoso introduced a series of comprehensive reforms designed to rejuvenate Nigeria’s economy, stabilize

Money

CBN suspends extension of export proceeds repatriation

DailyTimesNGR DailyTimesNGR 12 January 2025 0

BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) said, it has suspended the extension of approvals for the extension of export proceeds repatriation on behalf of exporters, taking effect from Wednesday, January 8, 2025. The suspension was announced in a circular dated January 8, 2025, issued on the website of the apex bank on […]

Headlines

Retrenched CBN staff ask court to award N30bn compensation

DailyTimesNGR DailyTimesNGR 8 January 2025 0

BY ANDREW OROLUA Thirty three staff members of the Central Bank of Nigeria (CBN), who were among 1000 staff relieved of their jobs in a mass layoff last year have dragged the bank before the National Industrial Court of Nigeria in Abuja asking for N30bn compensation. In an originating summons, filed on July 4, 2024, […]

News

CBN staff voluntarily left service with benefits, Gov insists

DailyTimesNGR DailyTimesNGR 3 January 2025 0

By Tom Okpe Governor, Central Bank of Nigeria, CBN, Olayemi Cardoso has said staff of the bank who left in December, resigned voluntarily, with full payment of benefits. He reiterated that the 1,000 members of staff, disengaged were not forced to quit. Cardoso made this disclosure in Abuja on Friday, during resumed investigative hearing to […]

Headlines

Despite CBN’s cashless Policy, currency in circulation soars to N4.8trn

DailyTimesNGR DailyTimesNGR 31 December 2024 0

..As Nigerians struggle with Cashless Economy BY TEMITOPE ADEBAYO Despite the Central Bank of Nigeria’s (CBN) cashless policy, which has been in place for over a decade, currency in circulation has surprisingly surged to N4.8 trillion. Contrary to the policy’s aim, the cash outside the banking system rose significantly by 41 per cent to N4.87 […]

Money

CBN, NCC enforce N250bn USSD debt repayment amid declining usage

DailyTimesNGR DailyTimesNGR 25 December 2024 0

BY MOTOLANI OSENI The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have mandated banks to clear a cumulative N250 billion debts owed to telecom operators for Unstructured Supplementary Service Data (USSD) services, setting strict timelines for compliance. This directive comes as USSD usage for financial transactions sees a steep decline,

Money

CBN’s N100,000 withdrawal limit sparks concern among POS operators

DailyTimesNGR DailyTimesNGR 21 December 2024 0

The Central Bank of Nigeria’s (CBN) recent directive imposing a N100,000 daily withdrawal limit for individuals has elicited strong reactions from Point-of-Sale (POS) operators nationwide. While the policy aims to drive a cashless economy and combat illicit financial activities, many operators view it as a threat to their businesses, especially during the bustling Yuletide

Headlines

HoR C’ttee probing over 1000 CBN staff retirement, promises fair hearing

DailyTimesNGR DailyTimesNGR 21 December 2024 0

By Tom Okpe An adhoc committee of the House of Representatives, probing retirement of over 1000 staff of the Central Bank of Nigeria, CBN, has promised fair hearing to all parties involved. Chairman of the Committee, Rep Bello Kumo, made this known at the commencement of hearing on the matter at the National Assembly Complex […]

Money

CBN confirms old, new Naira notes remain legal tender indefinitely

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) has reiterated that both the old and redesigned naira notes of N1,000, N500, and N200 denominations will remain legal tender indefinitely, putting to rest rumours of a 31 December deadline for the phasing out of the old notes. The Apex Bank in a statement signed by […]

Headlines

Several innovations ongoing in banking industry-CBN

DailyTimesNGR DailyTimesNGR 15 October 2024 0

Innovations are currently ongoing in the banking industry across the world, Dr. Adetona Adedeji, the Acting Director, Banking Supervision Department at the Central Bank of Nigeria (CBN) says. Adedeji, who said this at the 30th Nigerian Economic Summit (NES) in Abuja on Monday, said that these innovations would add value to the consumers’ experience by […]

Headlines

CBN introduces electronic foreign exchange matching system to curb speculation

DailyTimesNGR DailyTimesNGR 4 October 2024 0

The Central Bank of Nigeria (CBN) has announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM). According to a statement issued by Omolara Duke, the Director, Financial Markets Department , the EFEMS will be implemented latest by Dec.1. Duke said that […]

Headlines

CBN partners MFBs to promote financial inclusion

DailyTimesNGR DailyTimesNGR 29 September 2024 0

The Central Bank of Nigeria (CBN), says it is partnering with Microfinance Banks (MFBs), to enhance financial inclusion to stimulate growth of Micro, Small and Medium Enterprises (MSMEs) in the country. Mr Sah Nyashi, CBN Controller, Yola Branch, said this on Saturday at the inauguration of Dabtikir Microfinance Bank Limited in Hong, headquarters of Hong […]

Headlines

CBN refutes reinstatement of cybersecurity levy

Ihesiulo Grace 21 September 2024 0

BY TEMITOPE ADEBAYO Following reports that the Central Bank of Nigeria (CBN) had reintroduced the controversial cybersecurity levy, the apex bank has said the levy remains suspended, even as it recalled the biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024. News reports had quoted the publication which

News

CBN Africa celebrates 30 years anniversary in grand style

DailyTimesNGR DailyTimesNGR 12 September 2024 0

By Nsikak Ekpenyong The Christian Broadcasting Network Africa Africa (CBN), has earmarked activities to celebrate its 30th year anniversary on the continent of Africa in grand style. Regional Director of CBN Felix Oisamajo, at a press conference and unveiling of a logo on Wednesday in Abuja, said in the coming days and months, the organisation […]

Money

Naira outside banks hits record high of 93.6%, reaching N4.04trn – CBN

DailyTimesNGR DailyTimesNGR 12 August 2024 0

BY TEMITOPE ADEBAYO A striking 93.6 per cent of Nigeria’s currency is now held outside the banking sector, according to recent data from the Central Bank of Nigeria (CBN). This unprecedented figure, which surged to N4.04 trillion in June 2024, reflects a dramatic increase in the amount of money circulating beyond the banks. The CBN’s […]