As the Central Bank of Nigeria (CBN) prepares for its next Monetary Policy Committee (MPC) meeting on January 27th, the Governor (Yemi Cardoso) and his team need to reconsider the continuous hike in the minimum rediscount rate (MRR) The current rate of 27.5% is stifling the manufacturing and productive sectors, endangering production, jobs, and growth. […]
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Olayiwola Oshunrinade First Bank of Nigeria (FBN) has laid off about 100 senior staff members in a major organisational shakeup. According to a report by Nairametrics on Monday, sources familiar with the matter said the bank’s top executives were asked to leave — as part of its corporate restructuring and repositioning plan for 2025 — […]
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Olayiwola Oshunrinade The Central Bank of Nigeria (CBN) has introduced a daily withdrawal limit of N100,000 per customer for point-of-sale (PoS) terminals. In a circular sent to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents, titled ‘Cash-out limits for agent banking transactions,’ CBN stated that the restriction aligns with the apex […]
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Olayiwola Oshunrinade The Central Bank of Nigeria (CBN) says banks facilitating illicit flow of mint naira notes will face N150 million fine per branch. In a circular signed by Solaja Olayemi, the acting director of currency operations department, the CBN expressed concern over the illicit flow of mint banknotes to currency hawkers and unscrupulous economic […]
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Olayiwola Oshunrinade In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024, sources with direct knowledge of the matter told TechCabal. While several other fintech companies were also penalized, […]
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Olayiwola Oshunrinade Court papers filed by the Economic and Financial Crimes Commission (EFCC) have linked the immediate-past Governor of the Central Bank of Nigeria, Godwin Emefiele, to the massive Abuja property with 753 duplexes and other apartments located in the Cadastral Zone area of the capital city. The anti-graft agency on Monday announced the recovery […]
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Olayiwola Oshunriande The Central Bank of Nigeria (CBN), on Friday, advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1. CBN Governor, Olayemi Cardoso, said this during the 2024 annual bankers dinner in Lagos organised by the Chartered Institute of Bankers of Nigeria (CIBN) […]
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Olayiwola Oshunrinade Governor Siminalayi Fubara of Rivers has “some persons who have decided to be enemies” of the state wanted us to experience a black Christmas”. Fubara spoke in Port Harcourt, the capital of Rivers state, on Thursday during the launch of the 2025 armed forces remembrance emblem appeal fund. The governor’s comment comes on […]
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Olayiwola Oshunrinade The Federal High Court in Abuja, on Wednesday, restrained the Central Bank of Nigeria, CBN, from further releasing monthly financial allocations to Rivers State government. The order also affected the Accountant-General of the Federation, AGF, Zenith Bank and Access Bank where the state government also banks. Justice Joyce Abdulmalik, in a judgment, held […]
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by Olayiwola Oshunrinade Edward Adamu, fourth Prosecution Witness (PW4) in the trial of the former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele on Wednesday, October 9, 2024 told Justice Maryanne Anenih of the Federal Capital Territory, FCT, High Court, Maitama, Abuja, that Emefiele did not did have the approval of either former […]
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