Tag: Central Bank of Nigeria

Banks must repay excess charges with interest, says CBN
May 8, 2018 No Responses

Banks must repay excess charges with interest, says CBN

The Central Bank of Nigeria (CBN), said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest. Mr Fada David, Consumer Complaints Management, Consumer...
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Foreign Reserve May Hit $50bn by December — CBN
April 9, 2018 No Responses

Foreign Reserve May Hit $50bn by December — CBN

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Monday expressed optimism that the nation’s foreign reserves would grow to 50 billion dollars before the end of the year. Emefiele said this at the 25th Seminar...
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CBN Lends Banks N27.6tr in Six Months
March 28, 2018 No Responses

CBN Lends Banks N27.6tr in Six Months

Banks borrowed N27.46 trillion from the Central Bank of Nigeria (CBN) in six months, according to the apex bank’s half year report on financial sector performances released Tuesday. The 2017 half-year Financial Markets Activity Report, said loans came in the...
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Revealed! Banks Lose Two Million Customers in 77 Days over Illegal Charges
March 18, 2018 No Responses

Revealed! Banks Lose Two Million Customers in 77 Days over Illegal Charges

Bank customers reduces despite CBN’s campaign for financial inclusion Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion, the Nigeria Inter-Bank Settlement System (NIBSS) banking industry statistics has shown that the number of c...
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Don’t Investment in Crypto Currencies, CBN Warns
February 28, 2018 No Responses

Don’t Investment in Crypto Currencies, CBN Warns

The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in crypto currency as they are virtual currencies that are not legal tender in Nigeria. The Bank’s Acting Director, Corporate Communications, Mr Isaac Okoroafor, in...
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Sale of 9Mobile Bidding Process Faulty, Group Alerts CBN, NCC
February 28, 2018 No Responses

Sale of 9Mobile Bidding Process Faulty, Group Alerts CBN, NCC

A concerned group – Business Renaissance Group (BRG), has called for the review of the entire bidding process leading to the sale of 9Mobile. The group said it is high time the Central Bank of Nigeria (CBN) and the Nigeria...
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CBN Injects $250m into Forex Market
August 28, 2017 No Responses

CBN Injects $250m into Forex Market

The Central Bank of Nigeria (CBN) has again intervened in the Inter-Bank Foreign exchange Market to the tune of 250 million dollars. The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, said the Apex Bank also sold 100 million...
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Skye Bank Admits Hiding $793.2M TSA Funds… UBA, Sterling, Fidelity Deny
July 21, 2017 No Responses

Skye Bank Admits Hiding $793.2M TSA Funds… UBA, Sterling, Fidelity Deny

 IN RESPONSE TO THE COURT DIRECTIVE TO REMIT $793.2 MILLION ALLEGEDLY HIDDEN IN SEVEN COMMERCIAL BANKS, UBA, FIDELITY BANK AND STERLING BANK HAVE DENIED HAVING ANY MONEY IN THEIR POSSESSION. Although Skye bank admitted holding money, it denied hiding it...
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SAVE MTN, AIRTEL, ETISALAT, GLO, FROM DISTRESS, ALTON URGES NCC, CBN
July 3, 2017 No Responses

SAVE MTN, AIRTEL, ETISALAT, GLO, FROM DISTRESS, ALTON URGES NCC, CBN

Telecommunications operators have urged Nigerian Communications Commission (NCC) and the Central Bank of Nigeria(CBN) to re-priotise its foreign excahnge regime policy and the industry suspended data floor price in order to save operators from economic distr...
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Hakeem Bello-Osagie Told to Step Aside as France Telecoms, Vodafone Pitch for Etisalat Nigeria
June 30, 2017 No Responses

Hakeem Bello-Osagie Told to Step Aside as France Telecoms, Vodafone Pitch for Etisalat Nigeria

Sources in the know have hinted that plans are in the advance stage in the bid to swiftly restructure Etisalat Nigeria by setting a new management and appoint a new board. This is coming in the wake of the resignation...
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