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CBN Issues One-Month Deadline For Dual PoS Connectivity
The Central Bank of Nigeria (CBN) has instructed all financial institutions, acquirers, and payment service providers to implement mandatory dual connectivity for Point of Sale (PoS) transactions within one month. This was disclosed in a statement signed by the Director of the Payments System Supervision Department, Rakiya Yusuf, updating a September 2024 policy. “Under the […]
Reps Move to Amend CBN Act, Push for Stronger Oversight and Transparenc
The House of Representatives on Thursday opened debates on a landmark bill seeking sweeping amendments to the Central Bank of Nigeria, CBN Act, in a move aimed at tightening governance, enhancing transparency, and improving oversight of the apex bank. The bill co-sponsored by House Leader Julius Ihonvbere and Jesse Onakalausi sailed through second reading […]
House Orders CBN Governor to Explain ₦16 trillion Missing Government Funds
The House of Representatives has directed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before its Public Accounts Committee and explain why more than ₦16 trillion in government revenue was not remitted into federal accounts. The order followed revelations from an ongoing investigation into the CBN’s handling of revenue collected […]
CBN Lifts Cash Deposit Limit, Raises Weekly Withdrawal Threshold To N500,000
The Central Bank of Nigeria, CBN, has unveiled significant changes to its cash management policies, including new nationwide withdrawal limits and the removal of the deposit cap for bank customers. In a circular issued on December 2, 2025, and signed by Rita I. Sike, Director of the Financial Policy & Regulation Department, the CBN […]
CBN: Naira Abuse Increases Printing Costs
The warning was announced at the flag-off of a nationwide sensitisation campaign on proper naira handling, held in Abuja. The Deputy Governor, Operations Directorate, Bala Bello, was represented by Dr Adedeji Adetona, Director of Currency Operations and Branch Management Department, who delivered the speech on his behalf. “The Naira is more than a means of […]
BREAKING: CBN Cuts Interest Rate To 27%
The Monetary Policy Committee of the Central Bank of Nigeria has reduced the country’s interest rate to 27.00 per cent for the first time in 2025. The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing after the 302nd MPC meeting in Abuja. “The Committee decided as follows: (1) reduce the monetary policy […]
UBA Clarifies Lagos Fire Incident, Customers Safe
The incident caused panic in the busy commercial area after thick smoke was seen coming from the building, prompting the urgent evacuation of occupants. Eyewitnesses described scenes of chaos, with people smashing windows for air and others jumping from upper floors to escape the smoke. According to the Lagos State Fire and Rescue Service, the […]
CBN retains interest rate at 27.5%
It was reported that the MPR is used to benchmark interest rates in the country and the decision is the third time the regulator is retaining the MPR in 2025. The Governor of the apex bank, Olayemi Cardoso, announced this at the end of the committee’s 301st meeting in Abuja. He asserted that the CBN […]
CBN insists BVN remains free locally
This clarification comes in response to recent speculations and reports suggesting that new charges had been introduced following the launch of the Non-Resident Bank Verification Number, NRBVN, platform for Nigerians abroad. The Bank’s Acting Director of Corporate Communications, Hakama Sidi Ali, noted the fee mentioned in some media outlets is tied exclusively to the new […]
Naira appreciates to N1,575 per dollar
The local currency had recorded a N25 appreciation against the dollar since the beginning of the week, when it traded at N1,600 per dollar in the parallel market. Naira appreciated to N1,537 per dollar in the Nigerian Foreign Exchange Market, NFEM.Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for […]