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CBN Stops Foreign Currency As Collateral For Naira Loans

The Central Bank of Nigeria (CBN) has directed all banks to ban the use of foreign currency denomination as collaterals for naira loans. This was contained in a circular directed…

President Tinubu Appoints New MD Of CREDICORP

President Bola Tinubu has approved the appointment of Mr. Uzoma Nwagba as the Managing Director/Chief Executive Officer of the Nigerian Consumer Credit Corporation, CREDICORP. Before his appointment, Mr. Nwagba served…

FG Requests Google To Remove 18 Loan Applications

Federal Competition and Consumer Protection Commission (FCCPC) has instructed Google to promptly eliminate 18 digital lending firms from its Play Store and associated platforms. According to a statement by Mr.…

CBN Raises Monetary Policy Rate To 18.75%

Central Bank of Nigeria has raises the monetary policy rate from 18.5 to 18.75 percent. The hike in rate was announced by the Bank’s Acting Governor, Mr. Folashodun Shonubi, at…

CITAD Commends Suspension Of Social Media Handles Collection

Centre for Information Technology and Development (CITAD), has commended the House of Representatives, for suspending the collection of customers social media handles by commercial banks. This was contained in a…

Reps Halts CBN Implementation Of “Know Your Customer” Directive

House of Representatives has urged the Central Bank of Nigeria CBN, to halt the implementation of the “Know Your Customer” KYC directive. This was sequel to the adoption of a…

CBN Lifts Restriction On FX Withdrawal, Deposit

Central Bank of Nigeria (CBN) has issued further guidance on operational changes to foreign exchange market allowing Domiciliary account holders to use cash deposits or electronic transfer up to $10,000…

IMF Supports Nigeria’s Forex Reform

The International Monetary Fund has expressed support for the newly announced policy reform in the Nigeria’s foreign exchange management. IMF Resident Representative in Nigeria, Ari Aisen in a statement on…

Taraba Residents Hail Supreme Court As Cash Flows

Residents of Jalingo in Taraba State, have commended the judiciary over its ruling on the extension of the validity of old naira notes. Those who spoke to our reporter in…

Banks Operate At The Weekend In Bauchi

Many Banks in Bauchi State, at the weekend,Operated as directed by the Central Bank of Nigeria (CBN) to ease Naira Scarcity. Following the new directives Trading activities began to take…