CBN - ProbitasNews

SERAP asks CBN to account for N100bn dirty notes

5 months ago945 min

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Central Bank of Nigeria “over the failure to account for and explain the whereabouts of the over N100bn ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.” In a suit marked FHC/L/MSC/441/2024 filed last week at the Federal High Court in Lagos, SERAP is asking the court to “direct and compel...

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News

BREAKING: Anti-Graft Commission, EFCC To Arraign CBN Ex-Governor Emefiele In Lagos Monday

9 months ago954 min

The Economic and Finnacial Crimes Commission, EFCC, will arraign embattled former Central Bank of Nigeria governor, Godwin Emefiele at the Ikeja State High Court in Lagos for alleged abuse of office over allocation of billions of United States dollars. Emefiele, alongside his co-defendant, one Henry Isioma Omole, will be arraigned on 26-count before Justice Rahman Oshodi, on Monday. The charge, marked ID/23787c/2024, dated April 3, 2024. was filed by Mr. Rotimi...

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News Nigeria

Nigeria’s monthly debt servicing hits $112.35m

2 years ago624 min

According to the Central Bank of Nigeria (CBN), the Federal Government spent $112.35 million servicing external debt in January 2023. According to the CBN’s Weekly International Payments data, the amount spent in January was 146.17 percent higher than the $45.64m spent in December 2022. This occurred as the federal government struggled to increase its revenue base despite its revenue generation efforts. In January 2023, the Federation Account Allocation Committee distributed N750.17 billion among the three...

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Business & Economy News Nigeria

CBN prohibits foreign banks’ rep offices from engaging in banking activities

2 years ago1054 min

According to the Central Bank of Nigeria (CBN), foreign banks’ representative offices in Nigeria are not permitted to engage in various financial-related services, including those classified as banking businesses in Nigeria. This was stated in a circular sent to all banks and Other Financial Institutions (OFIs) outlining the financial requirements for licensing representative offices, which include an N5 million non-refundable application fee and an N10 million non-refundable licensing fee. An approved representative office of a...

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Business & Economy News Nigeria

CBN places 7,552 BVN on watchlist as eNaira transactions hit 1.4m

2 years ago5989 min

The Central Bank of Nigeria (CBN) has placed 7,552 Bank Verification Numbers (BVN) on its watchlist for fraudulent transactions, despite the fact that the Central Bank Digital Currency (CBDC), known as eNaira, has recorded 1.4 million transactions to date, a 100% increase from 700,000 transactions in November 2022. Similarly, for seamless financial transactions in the country, Nigeria is moving towards cardless and other contactless payment options, such as QR Codes and NFC. The governor of...