THE Central Bank of Nigeria, CBN, has cut its interest rate to 23 per cent from 26.5 per cent. The CBN Governor, Olayemi Cardoso, disclosed this during a briefing after the 307th…
Tag: CBN
Full List: CBN revokes operating licenses of 46 Microfinance Banks
THE Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks (MfBs) with effect from July 1. This is contained in a statement issued by the Acting Director…
PoS geo-fencing deadline for Nigerians extended
THE Central Bank of Nigeria has extended the enforcement deadline for the geo-fencing of Point-of-Sale (PoS) terminals to August 1, 2026, giving banks, fintech companies, mobile money operators and other payment service…
CBN retains interest rate at 26.5% amid rising inflation
News Update The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Wednesday retained all major monetary policy parameters at its 305th meeting, keeping the benchmark interest rate unchanged. According…
Central Bank of Nigeria Increases Fees For ATM Cards
News Update The Central Bank of Nigeria, CBN, has raised the cost of issuing and replacing Automated Teller Machine, ATM, debit and credit cards by 50 per cent, increasing the fee from…
CBN Unveils New Rules on Instant Payments, BVN, Dormant Accounts
The Central Bank of Nigeria (CBN) has issued new directives to banks and financial institutions aimed at strengthening electronic payment security, tightening oversight of the Bank Verification Number (BVN), and improving the…
CBN cuts interest rate — lowest since May 2024
THE monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate (MPR) from 27 percent to 26.5 percent. Olayemi Cardoso, CBN’s governor, announced the rate…
Government Bans Money Bouquet
The Central Bank of Nigeria (CBN) has classified “money bouquets” as a form of naira abuse, adding it to offences such as spraying, squeezing, selling, and defacing banknotes. Money bouquet is when…
CBN reveal :Payment downtime spiked in Detty December
The Central Bank of Nigeria, CBN, has disclosed that payment system downtime and service interruptions increased significantly during the December festive season, popularly known in Lagos as “Detty December,” exposing coordination gaps across…
CBN Grants National Licences to Opay, Moniepoint, PalmPay, Others
The Central Bank of Nigeria (CBN) has upgraded the licenses of major FinTech companies and Microfinance Banks, including Opay and Moniepoint, to national status, allowing them to operate across the country following…