Tag: CBN
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SERAP wants court to stop CBN from ‘implementing ‘unlawful, unjust ATM fee hike’
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine (ATM) transaction fees.” The CBN recently announced that ATM withdrawals made at a
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CBN lavished $8bn to shore up Naira against Dollar at FX Market
The Chief Executive Officer of Financial Derivatives, Bismark Rewane, has revealed that the Nigerian government, through the Central Bank of Nigeria, has lavished almost $8 billion defending the naira at the foreign exchange market in the last months. Rewane, a renowned economist, disclosed this at the weekend in an interview with Channels Television.
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CBN retains all monetary policy parameters in first MPC meeting for 2025
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Thursday voted unanimously to retain the Monetary Policy Rate (MPR), which is the baseline lending rate, at 27.50 per cent. The MPC took the decision at the end of its 299th meeting and the first for 2025.
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Insider loans: CBN issues sweeping directive to banks
The Central Bank of Nigeria (CBN), Nigeria’s banking regulator has issued a sweeping directive asking many banks to comply with stricter insider lending limits or risk regulatory sanctions. This was contained in a letter to banks, where the Central Bank of Nigeria (CBN) set a 180-day deadline for financial institutions to regularize all insider-related credit…
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Court restrains CBN, others from withholding Kano LG allocation
A Kano State High Court, on Monday, issued an order of perpetual injunction restraining the Central Bank of Nigeria (CBN) from withholding funds from the Federation Account to the 44 Local Governments of the state. The applicants are the Chairman of NULGE, Ibrahim Muhd, Ibrahim Uba Shehu, Ibrahim Shehu Abubakar, Usman Isa, Sarki Alhaji Kurawa…
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CBN introduces new ATM transaction fees
The Central Bank of Nigeria (CBN) has introduced new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025. In a circular dated February 10, 2025, the apex bank directed all banks and financial institutions to implement new ATM withdrawal charges from March 1, 2025.
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CBN issues new FX guidelines to BDC operators
The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators to purchasing foreign exchange from a single authorised dealer per week.
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Senate threatens to fire heads of FIRS, NNPCL, NCS, CBN, others
The Senate has expressed concern over consistent failure of some critical revenue generating agencies to respond to expenditure queries raised by Office of Auditor-General for the Federation, (OAGF).
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Naira depreciates, operators react as CBN extends FX sale period to BDCs
The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators until May 30. This aims to better serve retail market demands.
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Nigeria’s inflation rate could have risen to 42.81% – Cardoso
The Central Bank of Nigeria has said that without its policy interventions, inflation could have risen to 42.81 per cent in December 2024.