Tag: CBN
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CBN Introduces Daily N100,000 Cash-Out Limit for POS Agents
The Central Bank of Nigeria (CBN) has announced new stringent regulations for Point-of-Sale (POS) agents, introducing a daily cash-out transaction limit of N100,000 per individual customer as part of its ongoing cashless policy initiative. The circular, dated December 17, 2024, and signed by Oladimeji Taiwo, applies to Deposit Money Banks, Microfinance Banks, Mobile Money Operators,…
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CBN Slams N150 Million Fine on Banks Aiding Naira Currency Hawkers
The Central Bank of Nigeria (CBN) has escalated its battle against currency mismanagement, imposing a hefty N150 million fine on Deposit Money Banks (DMBs) found complicit in facilitating the illicit flow of mint Naira banknotes to currency hawkers and unscrupulous economic agents. In a strongly worded circular dated December 13, 2024, the CBN’s acting director…
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Naira Continues Rapid Gain Against the Dollar as Rate Drops to N1,535
The Nigerian naira has experienced a remarkable appreciation, closing at N1,535 to the dollar on Friday, December 6, 2024, in an unprecedented market transformation driven by the Central Bank of Nigeria’s Enhanced Foreign Exchange Market System (EFEMS). The trading day revealed extraordinary market dynamics, with an intra-day high of N1,575 and a low of N1,510,…
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Naira Gains Three Days of Consecutive Appreciation
The Nigerian naira has shown significant gains in recent days as trading data reveals a steady appreciation of the naira across both official and parallel markets. On the Nigerian Autonomous Foreign Exchange Market, the currency closed at 1,567/$ on Thursday, a notable improvement from 1,608/$ the previous day and a substantial leap from 1,660/$ on…
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CBN Governor Signals Easing of High Interest Rates as Inflation Cools
In a recent address at the Bankers’ Night hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, gave a clear signal that high interest rates would be eased in the coming months if inflation pressures cool as expected. Cardoso emphasized that…
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CBN Raises Interest Rate to 27.5% to Combat Surging Inflation
In a move to tackle the surging inflation in the country, the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 27.50 per cent from 27.25 per cent. The decision was announced by the CBN governor, Yemi Cardoso, following a meeting of the Monetary Policy Committee (MPC) at the apex bank’s…
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CBN Warns Against Use of Fraudulent SWIFT Messages
The Central Bank of Nigeria (CBN) has issued a stern warning to bank customers who utilize unreliable SWIFT messages for dubious purposes, threatening legal action against those making unsubstantiated foreign currency transfer claims. In a statement signed by Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank revealed it has been overwhelmed with…
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CBN Cracks Down on Banks: Empty ATMs and Cash Hawking Draw Heavy Penalties
The Central Bank of Nigeria (CBN) has launched a severe crackdown on banks that fail to maintain functional ATMs or are caught selling ‘mint’ cash to currency hawkers, following widespread public outcry over empty ATMs while Point of Sale (POS) merchants maintain steady cash supplies. Steep Penalties for Non-Compliance “For the avoidance of doubt, it…