LAGOS APRIL 30TH (NEWSRANGERS)-Kuda Bank, Moniepoint, OPay and Palmpay have paused account opening for new customers following a directive from the Central Bank of Nigeria. The directive came two days after the EFCC blocked 1,146 bank accounts involved in unauthorised forex dealings. “We’ve temporarily paused new signups on our platform. This means that you’ll…
LAGOS MARCH 26TH (NEWSRANGERS)-The Central Bank of Nigeria has disclosed that it will be allocating $10,000 to each Bureau de Change operator at N1,251/$. This was contained in a circular made available to The PUNCH and signed by the bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud on Monday. The apex bank directed each…
LAGOS FEBRUARY 9TH (NEWSRANGERS)-The Nigerian Senate has uncovered $400 million in intervention funds domiciled in banks and other financial institutions for a couple of years. This was disclosed by the lawmaker representing Kogi Central and the Chairman of the Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan, during a session with the Nigerian Content Development…
LAGOS FEBRUARY 7TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has blamed the freefall of the naira on the huge sum of $39.6bn spent by Nigerians on foreign education and medical tourism in 10 years spanning 2010 to 2020. Giving a breakdown, the apex bank disclosed that the sum of $28.6bn was spent on foreign education…
LAGOS JANUARY 10TH (NEWSRANGERS)-The Central Bank of Nigeria has sacked the entire board of Polaris bank, Titan bank, and Keystone Bank. CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso. The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in…
LAGOS NOVEMBER 26TH (NEWSRANGERS)-Nigeria’s central bank pledged major changes to get a grip on inflation and steady the country’s battered currency, signaling tighter monetary policy ahead. The Central Bank of Nigeria will switch to inflation targeting instead of trying to control money supply in its battle to slow price increases, Governor Olayemi Cardoso said in…
LAGOS NOVEMBER 15TH (NEWSRANGERS)-The Central Bank of Nigeria has announced its intention to extend the validity of the old N200, N500, and N1,000 noted indefinitely. This is as the apex bank declared its desire to extend the validity of old naira notes beyond any expiry date. According to the bank, it is working with the…
LAGOS NOVEMBER 14TH (NEWSRANGERS)-Naira scarcity is biting harder across the country as banks have limited cash withdrawals, findings by Daily Trust have shown. 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…