Business

Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) today, June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation wishes to announce to depositors of…

The NNPC Ltd has reiterated its commitment to sustain the Company’s march towards process improvement, regulatory compliance and performance excellence. NNPC’s Executive Vice President, Business Services, Mr. Inuwa Danladi, disclosed this while speaking on the recent certification of the International Ship and Port Facility Security (ISPS) Code Compliance obtained by…

The Director of Banking Services, Central Bank of Nigeria (CBN), Hamisu Abdullahi, highlighted the merit-based selection of Remita to provide an electronic platform essential for facilitating payments from Ministries, Departments, and Agencies (MDAs) to beneficiary accounts across commercial banks. He said this when officials of the Central Bank of Nigeria…

Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international…

The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims. This was disclosed by the Bank’s Acting Director, Corporate Communications, Mrs.…

The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors. Speaking with newsmen in Abuja,  the Bank’s Acting Director of Corporate Communications,…

The Central Bank of Nigeria (CBN), has announced revocation of operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions. According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, the move is in exercise of the powers conferred on…

Story by: Abiodun Folarin   The Monetary Policy committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday increased interest rate- the Monetary Policy Rate (MPR) by 400 basis points from 18.75 per cent to 22.75% saying that the  hike in policy rate will help tame inflation pressure. The…

The Central Bank of Nigeria (CBN) on Tuesday approved allocation of 20,000 dollars to all eligible Bureau De Change (BDC) operators across the country as part of its on-going reforms. Dr Hassan Mahmud, Director, Trade and Exchange Department, CBN, in a circular, said the move was aimed at tackling distortions…

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services…