Banks’ assets rise to N73tn – CBN

Total assets of the banking industry grew by N14.36tn or 24.24 per cent from N59.24tn at the end of December 2021 to N73.59tn in the corresponding period of 2022. The Central Bank of Nigeria disclosed this in the personal statement made by…

BREAKING: CBN orders banks to collect old N500, N1,000 notes

The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies…

BREAKING: Parties threaten election withdrawal if CBN shifts new naira deadline

Thirteen political parties out of the 18 political parties in Nigeria on Monday threatened to withdraw from participating in the 2023 general elections slated for February 25 and March 11 if the Central Bank of Nigeria extends the deadline of February 10…

CBN threatens to prosecute new naira note sellers

The Central Bank of Nigeria has threatened to prosecute anyone caught selling or abusing the new naira notes.This was according to a statement on Thursday by the bank’s Director of Corporate Communications, Osita Nwanisobi.In the statement, the CBN expressed concerns over the…

Breaking: CBN directs banks to pay redesign naira notes over-the-counter

The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.Director Corporate Communication, CBN, Osita Nwanisobi disclosed this in a statement…

CBN recovers N1.9tn in two months after naira redesign

The Central Bank of Nigeria said it recovered N1.9 trillion worth of currency in two months outside of the banking system following its naira notes redesign and cash swap policy. This was disclosed by the CBN governor Godwin Emefiele on Sunday, January…

CBN launches domestic card, to cut forex charges

The Central Bank of Nigeria on Thursday launched the Nigerian National Domestic Card Scheme to boost the electronic payment system in the country. During the launch which was done virtually, the Central Bank Governor, Godwin Emefiele, said the card would help to…

House summons CBN gov over new cashless policy

The House of Representatives has summoned the governor of the Central Bank of Nigeria ( CBN), Godwin Emefiele, to appear before it on Thursday, next week, over the new cashless policy introduced by the apex bank. This followed the adoption of a…

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