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 […]
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 […]
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and Payment Service Providers (PSBs) to separate all transactions that would normally be categorised as bulk payment upon transactions. The apex bank gave this order in a circular signed by the Director, Payments System Management Department, Musa Jimoh, and published on its website. […]
The Central Bank of Nigeria (CBN) has issued a Supervisory Framework for Payment Service Banks (PSBs) in furtherance of its sustained efforts to improve the efficiency of the nation’s banking system operations. The apex bank, in the framework published on Thursday, directed that the PSBs must operate mostly in the rural areas and unbanked locations […]
The Central Bank of Nigeria (CBN) on Thursday announced the resumption of sale of foreign exchange (forex) to licensed Bureau De Change (BDC) operators on Mondays and Wednesdays for now. The apex bank, in a circular dated August 27 addressed to all authorised dealers, BDC operators and members of the public, and signed by its […]