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CBN Bows, Revises Cash Withdrawal Limits For Individuals, Corporates

Following over two weeks of sustained complaints across the broad spectrum of the Nigerian public, including lawmakers in the National Assembly, on the potential negative implications of its cash withdrawal limits policy for national development, the Central Bank of Nigeria (CBN) has backed down on the controversial policy. In a circular issued on the latest […]

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BVN Enrolment Increased By 3Mn From Jan-May 2022 – NIBSS

The Nigeria Inter-Bank Settlement System (NIBSS) has reported that three million bank account owners in the country enrolled for the Biometric Verification Number (BVN) from January to May 29 this year, raising the number of enrolments to 54.7 million so far. According to the data released by NIBSS, as of December 26, 2021, the total […]

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NDIC Pays Failed Banks’ Customers N11.76Bn, Cautions On Ponzi Schemes

The Nigeria Deposit Insurance Corporation (NDIC) on Tuesday disclosed that as at the end of the second quarter of this year it had paid a total of N11.67 billion in insured sums to 535, 815 depositors of failed banks over the years. The corporation’s Managing Director, Mr. Bello Hassan, made the disclosure during its special […]

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CBN Releases New Regulation On E-Payments, Collections For Private, Public Sectors

The Central Bank of Nigeria (CBN) has released a new regulatory template guiding all forms of electronic payments and collections for public and private sectors in the country. The apex bank stated that the monetary policy measure, which was taken furtherance of its powers under enabling Act 2007, was a revision of the Guidelines on […]