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…
The Federal High Court sitting in Ikoyi, Lagos has granted the interim forfeiture of $4,719,054, N830,875,611, and other assets linked to the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The order was issued on Friday, 24th May by Justice Yellim Bogoro after an ex-parte motion by the Economic and Financial Crimes…
The governor of Central Bank of Nigeria asserts that the Securities and Exchange Commission is in charge of overseeing cryptocurrency regulations. The governor did, however, state that the central bank will work with the authorities in charge of the Nigerian cryptocurrency industry and law enforcement. The governor of the Central Bank of Nigeria, CBN, Yemi…
By Mo Isa The Second Prosecution Witness, PW2, in the ongoing trial of former governor of Central Bank of Nigeria, CBN, Godwin Emefiele, Boss Gida Mustapha, on Tuesday, February 13, 2024, told Justice Hamza Muazu of the Federal Capital Territory, FCT, High Court, Maitama, Abuja, that neither former President Muhammadu Buhari nor himself raised a…
By Frank Ulom The Central Bank of Nigeria (CBN) has said the old 200, 500 and 1000 naira notes remained as legal tender forever. CONVERSEER reports that the CBN introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease…