ABUJA (CONVERSEER) – The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Interbank Settlement System (NIBSS), has unveiled a new digital platform that allows Nigerians living abroad to obtain their Bank Verification Number (BVN) remotely. The move is aimed at enhancing financial inclusion and increasing diaspora remittances to an ambitious target of $1…
Abuja, Nigeria – The Central Bank of Nigeria (CBN) has announced a review of Automated Teller Machine (ATM) transaction fees, set to take effect from 1st March 2025. The revision, aimed at improving efficiency and boosting ATM deployment, updates the charges outlined in the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial…
The Central Bank of Nigeria (CBN) said on Tuesday the forensic verification of the $7 billion FX backlogs is nearing completion. The CBN Governor, Olayemi Cardoso, disclosed this at the launch of the Nigeria Foreign Exchange (FX) Code in Abuja. Cardoso stressed the importance of this milestone in restoring transparency and trust in the market….
In response to circulating rumours suggesting the discontinuation of old naira notes, ₦200, ₦500, ₦1,000, by December 31, 2024, the Central Bank of Nigeria (CBN) has issued a strong rebuttal, labelling such claims as false and designed to create confusion within the nation’s payment system. Acting Director of Corporate Communications, Mrs Sidi Ali Hakama in…
In the first half of 2024, Nigerians living abroad sent over $1.5 billion to their relatives and businesses back home, providing a significant boost to the country’s foreign exchange reserves. A record $553 million was remitted in July alone, according to an analysis conducted by The Whistler, marking a promising recovery in diaspora remittances, which…
The Central Bank of Nigeria (CBN) has revoked the licence of Heritage Bank Plc, one of the depositing banks, with immediate effect. This was contained in a press release signed by Mrs Hakama Sidi Ali, Acting Director, Corporate Communications, CBN, on Monday, 3rd June 2024. The press release titled ‘CBN REVOKES THE BANKING LICENCE OF…
