Nigeria’s banking industry is undergoing a major shake-up following new capital requirements introduced by the Central Bank of Nigeria (CBN). In March 2024, the apex bank directed commercial lenders to significantly increase their paid-up capital by March 31, 2026. The policy aims to build stronger, more resilient financial institutions capable of funding large-scale projects, stabilising…
The Central Bank of Nigeria (CBN) has dismissed reports claiming it has introduced new N5,000 and N10,000 banknotes, labeling them as false. In a statement shared on its official Instagram page on Wednesday, the apex bank clarified that it had not issued any such currency denominations and urged the public to disregard the misinformation. “The…
The Central Bank of Nigeria (CBN) is reportedly planning to retire approximately 1,000 staff members by December 31, 2024, as part of a strategic workforce realignment. The initiative, which includes a ₦50 billion payout plan, was revealed in a report by Daily Trust. Under the leadership of Governor Olayemi Cardoso, the apex bank has described…
The Central Bank of Nigeria (CBN) has imposed fines totaling ₦15 billion on 29 financial institutions for breaching Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. This revelation was made by the CBN Governor, Olayemi Cardoso, during the 2024 Bankers’ Night hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. Governor Cardoso…
Moniepoint, Africa’s rapidly growing financial institution, has been honoured with the title of Financially Inclusive Fintech of the Year at the 2nd International Financial Inclusion Conference (IFIC), hosted by the Central Bank of Nigeria (CBN). The prestigious recognition was awarded at an event that gathered key figures from the financial services industry, including Philip Ikeazor,…
The Central Bank of Nigeria (CBN) has once again raised the country’s interest rate, bringing it up by 50 basis points to 27.25%. This marks the fifth consecutive hike since February 2024, as part of the Monetary Policy Committee’s (MPC) ongoing efforts to stabilize the economy. The CBN Governor, Olayemi Cardoso, made the announcement during…
The Central Bank of Nigeria (CBN) has granted financial support to facilitate the proposed merger between Unity Bank Plc and Providus Bank Limited. This crucial endorsement aims to enhance the stability of Nigeria’s financial sector and mitigate potential systemic risks. In a statement released on Tuesday, Hakama Sidi Ali, the CBN’s acting Director of Corporate…
President Bola Tinubu has taken decisive action in the fight against corruption by appointing a Special Investigator to look into the activities of the Central Bank of Nigeria (CBN) and Related Entities. In a letter addressed to Jim Osayande Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), Tinubu named him…
The Central Bank of Nigeria (CBN) recently announced the closure of 31 banks in Lagos as part of a larger effort to strengthen the banking sector in Nigeria. This action was taken as a result of the banks’ inability to meet minimum regulatory requirements, and the CBN has emphasized that the closures are necessary to…
