LAGOS FEBRUARY 12TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025. A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and…
LAGOS JANUARY 15TH (NEWSRANGERS)-In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank was fined ₦150 million for non-compliance, in line with the CBN’s…
LAGOS DECEMBER 15TH (NEWSRANGERS)-The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents. The apex bank disclosed this in a circular issued on Friday, December 13, 2024,…
LAGOS DECEMBER 14TH (NEWSRANGERS)-The Court of Appeal sitting in Abuja has overturned a judgement that barred the Central Bank of Nigeria, CBN, from releasing monthly federal allocations to Rivers State. The appellate court justices had a split ruling on Friday as two ruled in favour of Rivers State government while one objected. Governor Siminalayi Fubara…
LAGOS OCTOBER 7TH (NEWSRANGERS)-The Central Bank of Nigeria has released updated saving deposit interest rates for various Deposit Money banks (DMBs). According to CBN, banks now offer an average savings deposit rate of 8.03% compared to the previous average rate of 7.88%. A savings rate is the interest rate Nigerian banks pay their customers to…
LAGOS JULY 15TH (NEWSRNAGERS)-Nigeria’s naira extended its losing streak to a fourth day, slipping to the weakest level since March despite central bank intervention amid seasonal demand for dollars and continuing investor skepticism. The naira stood at 1,563.8 per dollar at its official close on Friday, according to FMDQ. That’s the weakest since March 18,…
LAGOS JULY 2ND (NEWSRANGERS)-Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has said the removal of fuel subsidy and devaluation of naira by President Bola Tinubu were right policies wrongly implemented. The Professor of Political Economics said both the petrol (fuel) subsidy and defence of naira by the previous administration…
LAGOS JUNE 3RD (NEWSRANGERS)-In a move aimed at safeguarding the integrity of Nigeria’s financial system, the Central Bank of Nigeria (CBN) has taken the decisive step of revoking the banking license of Heritage Bank PLC. The action, effective immediately, comes in response to the bank’s persistent failure to improve its financial performance, posing a threat…