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Sanction Banks Over Casual Workers, Reps Urge CBN

The House of Representatives has urged the Central Bank of Nigeria (CBN) to penalize commercial banks that fail to convert all casual workers to permanent staff without delay. The Green Chamber urged all commercial banks to convert all casual workers to permanent staff Daily Post reports. The resolutions followed the consideration of motion moved by... Continue Reading →

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‘We Made No Demand For USSD Charges’- Banks Reveals As They Disown MTN

Nigerian banks have denied asking MTN to impose a new charge on customers for using the telecom firm’s access codes to conduct financial transactions. MTN on Sunday announced a N4 charge for every 20 seconds of using USSD bank codes, claiming it took the decision as requested by the banks Daily Post reports “Yello, as... Continue Reading →

Suspend Cashless Policy – House Of Reps Orders CBN

The House of Representatives has asked the Central Bank of Nigeria to suspend the charges imposed on cash deposits in the implementation of its cashless policy. The suspension, according to the federal parliament, should remain until the apex had made due consultations with all relevant stakeholders. Call for the suspension was contained in a motion... Continue Reading →

“Nigerians Will Begin To Pay For Deposits And Withdrawals in the Year 2020”- CBN

Starting from yesterday September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals. This comes after the Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020. The apex bank said that implementation of the policy would signal the... Continue Reading →

“Don’t Give Anybody Money To Import Food Into The Country, We Have Enough Food” – Buhari Orders CBN

President Muhammadu Buhari has on Tuesday directed the Central Bank of Nigeria (CBN) not to give money to anybody for food importation. He noted that the country has sufficient food, enough for its citizens. Don’t give a cent to anybody to import food into the country,’’ he said. The President, who hosted All Progressives Congress... Continue Reading →

You Can’t Run CBN Like Ministry – Moghalu Hits Buhari Over Forex Order

Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN), has criticised President Muhammadu Buhari over his directive to the apex bank to halt foreign exchange for food importation. The president on Tuesday told the apex bank not to give a cent to anybody to import food into the country, saying this would... Continue Reading →

CBN To Soon Ban Milk Importation ― CBN Governor, Godwin Emefiele Reveals

Governor of Central Bank of Nigeria (CBN) Godwin Emefiele Tuesday declared the bank’s intention to add milk to forex restriction list sooner than expected. The announcement came on a day that Monetary Policy Committee (MPC) of the apex bank unanimously voted to retain all the base rates at their levels for the third time since... Continue Reading →

CBN Grants Licenses To 3 New Banks

Nigeria’s Central Bank has approved licenses for three new financial institutions in the country. According to updated records for financial institutions posted on its website, the apex bank has approved TAJ Bank Limited as a non-interest bank on July 3, 2019, to bring the number of non interest banking institutions to two after Jaiz Bank... Continue Reading →

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