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  • UPDATE: Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry

    . UPDATE: Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry

     Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa and in other parts of the country are expressing concerns over their inability to withdraw huge cash in their banks, raising fears of scarcity as experienced during the naira swap.This has also affected business transactions in local markets, especially in the northern part of Nigeria wh
  • Akwa Ibom Govt Shuts Down 3 Banks Over Failure to Remit N228.6m Debt

    . Akwa Ibom Govt Shuts Down 3 Banks Over Failure to Remit N228.6m Debt

     Three banks have been closed by the Internal Revenue Service of Akwa Ibom State for allegedly failing to pay N228.6 million in overdue taxes to the state government.In response to a Notice of Distraint issued by the Akwa Ibom State High Court, Eket Judicial Division, the banks were closed on Thursday during an exercise carried out by the board’s
  • Otukpo Robbery: CBN Directs Banks To Open From 8am To 2pm In Benue

    . Otukpo Robbery: CBN Directs Banks To Open From 8am To 2pm In Benue

     The Central Bank of Nigeria,CBN, has put precautionary measures in place against future attacks on commercial banks in Benue State. The development followed the attack on some banks in Otukpo town, Benue State, by armed robbers on Friday, October 20, 2023. The CBN took the measures at an emergency meeting with the management of the affected banks
  • PICS: Many Feared Dead As Armed Robbers Raid Banks In Otukpo, Benue

    . PICS: Many Feared Dead As Armed Robbers Raid Banks In Otukpo, Benue

     Many persons are feared dead after armed robbers attacked Otukpo, Benue State, and raided some banks. According to reports, the armed men stormed different banks in the area, shooting sporadically while carrying out their loot.Photos shared online showed some of the banks raided. Eyewitnesses claim the robbers carried out their attacks unhindered
  • BREAKING: CBN Stops Banks From Utilising Naira Devaluation Gains

    . BREAKING: CBN Stops Banks From Utilising Naira Devaluation Gains

     Nigeria's apex bank, the Central Bank of Nigeria (CBN) has instructed deposit money banks (DMBs) to refrain from using profits generated through the revaluation of the naira for dividend payouts or operational funding.CBN said a review of the foreign exchange (FX) regime change showed the banks are in a position to profit from the policy beca
  • Lagos Commercial Banks Shun NLC's Directives, Flop Strike

    . Lagos Commercial Banks Shun NLC's Directives, Flop Strike

     The call for withdrawal of service by the Nigeria Labour Congress, was defied by some commercial banks in Lagos, on Tuesday.The News Agency of Nigeria (NAN) reports that checks showed that Access Bank, First Bank, Guaranty Trust Bank (GTB), Zenith Bank, and Sterling Bank were among those that opened while customers were also seen at the various ba
  • Singer, Peter Okoye Blows Hot As He Calls Out Polaris And Access Banks Over Scam

    . Singer, Peter Okoye Blows Hot As He Calls Out Polaris And Access Banks Over Scam

     Nigerian singer, Peter Okoye otherwise known as Mr P has called out some Nigerian banks over scams.Recall that Mr P, runs a lottery programme which online fraudsters have been using to scam people using his name.Taking to his Instagram page, the singer, who stated that he is fed up with them, revealed that scammers have been opening accounts in hi
  • Online Gambling In Nigeria Poses Huge Financial Risks, As Banks Report N9.5Billion Loss In 2023

    . Online Gambling In Nigeria Poses Huge Financial Risks, As Banks Report N9.5Billion Loss In 2023

     According to the Nigeria Inter-Bank Settlement System (NIBSS), banks there have already lost roughly N9.5 billion in 2023. Premier Owoih, the managing director of NIBSS, said this at the third-quarter meeting of the Nigeria Electronic Fraud Forum (NeFF), which was held in Lagos.The MD, represented by Temidayo Adekanye, the NIBSS Chief Risk Officer
  • Enugu Govt Seals Two Banks, 107 Shops For Obeying IPOB’s Sit At Home Order

    . Enugu Govt Seals Two Banks, 107 Shops For Obeying IPOB’s Sit At Home Order

     Enugu State Government has sealed two commercial banks and 107 shops for allegedly observing an “illegal sit-at-home order” on Monday in the state.The sit-at-home is usually enforced by a faction of the outlawed Indigenous People of Biafra (IPOB) in Enugu and other South-east states.The Enugu Capital Territory Development Authority, led by the
  • How Nigerian Banks Shut Out Next of Kin From Money in Your Account After Death – Man Exposes

    . How Nigerian Banks Shut Out Next of Kin From Money in Your Account After Death – Man Exposes

     A Nigerian man known as @moderate_ustaz has shed light on the deceptive practices of some Nigerian banks concerning the inheritance of funds from deceased bank account holders and the role of next of kin.According to his revelations, the widely held belief among Nigerians that next of kin automatically inherit the money in the deceased’s account
  • Ban On Sit-At-home: Markets, Malls, Banks, Schools Open As Enugu Gov Mbah Monitors Compliance

    . Ban On Sit-At-home: Markets, Malls, Banks, Schools Open As Enugu Gov Mbah Monitors Compliance

     It was relatively a beehive of activities as the governor of Enugu State, Dr. Peter Mbah, toured various parts of the state capital on Monday to monitor compliance with the ban on the illegal sit-at-home declared by some non-state actors.This was even as Enugu traders and residents told the governor that they were tired of sitting at home, describ
  • Enugu Gov. Mbah Monitors Compliance With The Ban On Sit-At-Home After Markets, Malls,Banks Open

    . Enugu Gov. Mbah Monitors Compliance With The Ban On Sit-At-Home After Markets, Malls,Banks Open

     Activities picked up on Monday as the governor of Enugu State, Barr Peter Mbah, toured various parts of the state capital to monitor compliance with the ban on the illegal sit-at-home declared by some non-state actors.This was even as Enugu traders and residents told the governor that they were tired of sitting at home, describing it as a plague k
  • Be Wary Of Transactions From Cameroon, Vietnam - CBN Tells Banks

    . Be Wary Of Transactions From Cameroon, Vietnam - CBN Tells Banks

     The Central Bank of Nigeria (CBN) has issued a new directive to banks. The CBN asked banks and other financial institutions to pay particular attention when conducting transactions with businesses and individuals in certain countries. The countries specified by the apex bank include Cameroon, Croatia and Vietnam. The directive is contained in a ci
  • Banks Raise ATM Cash Withdrawal Limit To N200,000

    . Banks Raise ATM Cash Withdrawal Limit To N200,000

     Commercial banks in Nigeria have raised daily amount to be withdrawn from ATMs to N200,000. This comes months after the Central Bank of Nigeria had restricted withdrawals on automated teller machines, according to Leadership Newspaper. In an emailed notice to customers yesterday, Zenith Bank said customers can now ‘perform cash withdrawals of up
  • JUST IN: CBN Grants Banks Freedom To Trade Forex At Any Rate

    . JUST IN: CBN Grants Banks Freedom To Trade Forex At Any Rate

     The Central Bank of Nigeria has made a new announcement about forex trade, Daily Post reports. The apex bank announced that it has allowed commercial banks to freely trade foreign exchange at any rate. The announcement comes after Godwin Emefiele’s suspension as CBN’s governor.Naira to trade ‘freely’ against Dollar as CBN reportedly grants
  • UPDATE: Nigerians Can Now Get Debit ATM Cards That Double As NIN Cards From Banks

    . UPDATE: Nigerians Can Now Get Debit ATM Cards That Double As NIN Cards From Banks

     The Federal Government says Nigerians can now request their commercial banks to issue them with a debit card which doubles as their National Identity Card at no extra cost.The Minister of Communications and Digital Economy, Prof Isa Pantami, who disclosed this on Wednesday in Abuja, said the approval was obtained at the meeting of the Federal Exec
  • CBN Revokes Licences of 139 Microfinance, Primary Mortgage Banks (See Full List)

    . CBN Revokes Licences of 139 Microfinance, Primary Mortgage Banks (See Full List)

     The Central Bank of Nigeria (CBN) says it has revoked the operating licences of 132 microfinance banks, three finance companies, and four primary mortgage banks.Godwin Emefiele, governor of the apex bank, revoked the licences of the institutions on Monday, an official gazette of the federal government said.Emefiele revoked the licences in exercise
  • EFCC Warns Banks Compliance Officers Against Corrupt Practices

    . EFCC Warns Banks Compliance Officers Against Corrupt Practices

     The Economic and Financial Crimes Commission (EFCC) has warned financial institutions and compliance officers to be diligent and avoid being complicit in financial practices.The commission issued the warning during a meeting held with banks’ compliance officers from Kwara and Kogi States in Ilorin.Michael Nzekwe, the Zonal Commander of the Ilori
  • Dormant Accounts: CBN Slams N2m Fine On Erring Banks

    . Dormant Accounts: CBN Slams N2m Fine On Erring Banks

     The Central Bank of Nigeria, CBN, has slammed some banks with a fine. The CBN slammed a minimum fine of N2 million as penalty on banks that disobey its new guidelines on the management of dormant accounts, unclaimed balances and other financial assets in financial institutions in the country CBN defines a dormant account as a bank account that has
  • Trouble For Seyi Makinde As Court Blocks Oyo Govt’s Accounts In 4 Banks Over N3.4bn Debt

    . Trouble For Seyi Makinde As Court Blocks Oyo Govt’s Accounts In 4 Banks Over N3.4bn Debt

     A High Court of the Federal Capital Territory (FCT), Abuja, has issued an order attaching funds standing to the credit of the Oyo State Government and its agencies in four banks.Justice A. O. Ebong issued the order while ruling on a motion ex-parte for garnishee order filed by the ex-chairpersons and councillors led by Bashorun Majeed, Bosun Ajuwo
  • CBN Supplies More Cash To Banks For Dispense Through ATMs

    . CBN Supplies More Cash To Banks For Dispense Through ATMs

     The Central Bank of Nigeria (CBN) has increased its efforts to supply the economy with more cash by releasing more old notes to Deposit Money Banks (DMBs) after a prolonged cash crunch that has affected millions of Nigerians.The CBN released several billions of naira to DMBs over the weekend, prompting many bank branches in Lagos, Abuja, Ogun, and
  • CBN Orders Banks To Open On Saturday And Sunday For Massive Disbursement of Naira Notes

    . CBN Orders Banks To Open On Saturday And Sunday For Massive Disbursement of Naira Notes

     All Deposit Money Banks have been ordered to open on Saturday and Sunday for massive disbursement of naira notes by the Central Bank of Nigeria (CBN). CBN gave the order on Friday. The apex bank has also commenced massive deployment of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circ
  • Old Notes Circulation: CBN Begins Monitoring Today, Banks Set Two-Week Target

    . Old Notes Circulation: CBN Begins Monitoring Today, Banks Set Two-Week Target

     The Central Bank of Nigeria has moved to make more cash available tp Nigerians. The CBN, on Thursday began the disbursement of old naira notes to Deposit Money Banks as government authorities stepped up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide. The central bank had directed DMBs t
  • CBN To Flood Banks With Old Naira Notes Today

    . CBN To Flood Banks With Old Naira Notes Today

     The Central Bank of Nigeria (CBN) moved last night to end the biting cash scarcity. It plans to flood the banks with more old N1000 and N500 notes. Reliable sources in the apex bank said that headquarters of commercial banks had been contacted to collect the old notes they returned to the Central Bank for recirculation. “Banks have been instruc
  • Banks Lament Not Getting New Naira Notes From CBN

    . Banks Lament Not Getting New Naira Notes From CBN

     The Central Bank of Nigeria (CBN) may have halted the supply of new N200, N500 and N1,000 notes to Money Deposit Banks (DMBs), causing frustration for Nigerians eager to transact with them.Several banks reported not receiving new notes from the CBN, while others claimed that the old notes they had been given were insufficient to meet customers’
  • Relief As More Banks Disburse Old, New Naira Notes In Abuja

    . Relief As More Banks Disburse Old, New Naira Notes In Abuja

     Many Abuja residents are starting to find some relief from the horrors of naira notes shortage. The residents are beginning to heave a sigh of relief as more commercial banks began disbursing old and new naira notes in line with the directives of the Central Bank of Nigeria (CBN). A visit to some banks on Wednesday showed there were shorter queues
  • Nigerians React As CBN Orders Banks To Accept Old N500, N1000 Naira Notes

    . Nigerians React As CBN Orders Banks To Accept Old N500, N1000 Naira Notes

     Nigerians have reacted after the Central Bank of Nigeria finally bowed to Supreme Court order stating that old N500 and N1000 Naira notes are still legal tender. Recall that the CBN had released a statement saying the old notes are still legal tender hours after President Muhammadu Buhari insisted that he did not order the CBN Governor, Godwin Eme
  • Gov. Sanwo-Olu Threatens to Shut Businesses, Banks Rejecting Old Naira Notes in Lagos

    . Gov. Sanwo-Olu Threatens to Shut Businesses, Banks Rejecting Old Naira Notes in Lagos

     Lagos State Governor, Mr Babajide Sanwo-Olu, on Monday, directed residents of the State to go ahead and have transactions with the old Naira notes, saying Lagosians should feel free to use the old notes for commercial purposes.Governor Sanwo-Olu gave the directive in a letter he wrote and addressed to Lagosians.The Governor said his directive on t
  • BREAKING: Naira Crisis: CBN Authorizes Banks To Dispense & Accept Old Naira Notes

    . BREAKING: Naira Crisis: CBN Authorizes Banks To Dispense & Accept Old Naira Notes

     The Governor of Anambra State, Prof Charles Soludo confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits.It was reported that Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.He explained that the Governor of CBN, Godwin
  • Bank Customers Share Their Ordeal After Accepting Old Naira Notes From Banks

    . Bank Customers Share Their Ordeal After Accepting Old Naira Notes From Banks

     Some Nigerian bank customers have talked about their experiences after collecting the old naira notes.They say they regret collecting the old denominated N500 and N1,000 notes from commercial banks, after the Supreme Court judgment validating it as legal tender till Dec. 31.They told the News Agency of Nigeria (NAN) in separate interviews that it

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