Category: CBN

CBN Sets Baseline Standards for Anti-Money Laundering Solutions

Shidali Khadijat Ajechi

The Central Bank of Nigeria (CBN) has introduced a draft framework titled “Baseline Standards for Automated Anti-Money Laundering (AML) Solutions” to push financial institutions toward adopting advanced technologies for real-time detection and reporting of suspicious transactions. Dr. Olubukola Akinwunmi, Director of Banking Supervision, signed and sent the draft standards in a letter to all financial institutions, calling for feedback before finalizing the document. In the letter, CBN reaffirmed its commitment to maintaining the integrity and stability of Nigeria’s banking system. Acknowledging the financial sector’s increasing digitalization and the rapid emergence…

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BREAKING: GTBank Orders Arrest Of Social Media Influencer VeryDarkMan For Complaining About Alleged Unauthorised Debits

Favour George

In a dramatic turn of events, GTBank reportedly ordered the arrest of influencer Martins Vincent Otse, aka VeryDarkMan. The move followed his public complaints about alleged unauthorized ₦500,000 debits from his GTBank account. Soon after, widespread outrage erupted online, igniting debates about consumer rights and freedom of speech in Nigeria’s banking sector. According to sources close to the case, GTBank submitted a formal complaint to the Nigerian Police earlier today. They accused VeryDarkMan of cyberbullying and defamation over viral videos posted on Instagram and TikTok. Notably, those videos quickly amassed…

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EFCC Accuses Former CBN Governor Emefiele of Illegally Printing Naira in Fresh Charge

oluwatobi enitan

The Economic and Financial Crimes Commission (EFCC) has taken legal action against the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, filing a fresh charge at the High Court of the Federal Capital Territory. Emefiele faces accusations related to the printing of Naira notes amounting to N684,590,000, allegedly approved at the rate of N18.96 billion. According to documents seen by PUNCH Online on Tuesday, the EFCC asserts that Emefiele violated the law during his implementation of the naira swap policy under the administration of former President Muhammadu…

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Naira Appreciates In Parallel Market

oluwatobi enitan

Yesterday, the Nigerian naira saw an uptick in value, appreciating to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday. Similarly, within the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,382.95 per dollar. Data sourced from FMDQ revealed a decline in the indicative exchange rate for NAFEM to N1,382.95 per dollar from N1,408.04 per dollar the previous Monday, marking a N25.09 appreciation for the naira. Consequently, the disparity between the parallel market rate and NAFEM widened to N32.95 per dollar from N21.96 per dollar…

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Central Bank of Nigeria Takes Decisive Action, Revokes Licences of 4,173 Bureaux De Change Operators

oluwatobi enitan

Regulatory Violations Prompt CBN to Revoke Licences In a significant move, the Central Bank of Nigeria (CBN) has taken the drastic step of revoking the licences of 4,173 Bureaux De Change (BDC) operators, citing their failure to adhere to regulatory provisions. The announcement was made through a statement released on Thursday by Sidi Ali Hakama, the Acting Director of Corporate Communications at the apex bank. Failure to Comply with Guidelines and Regulations The CBN clarified that the affected BDC operators faced licence revocation due to their non-compliance with various regulatory…

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CBN Takes Aggressive Stance, Raises Interest Rate to 22.75%

oluwatobi enitan

Cash Reserve Ratio Also Adjusted as CBN Addresses Inflation and Exchange Rate Pressures The Central Bank of Nigeria (CBN) has announced an upward adjustment of its benchmark interest rate, the Monetary Policy Rate (MPR), to 22.75%. The decision was disclosed by the CBN Governor, Mr. Olayemi Cardoso, following the conclusion of the Monetary Policy Committee (MPC) meeting held in Abuja. Cardoso revealed that the asymmetric corridor around the MPR has been modified to +100 – 700 basis points from +100 – 300 basis points. Additionally, the Cash Reserve Ratio (CRR)…

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CBN Urges Patience Amid Economic Challenges, Assures Ongoing Efforts for Naira Strengthening

oluwatobi enitan

The Central Bank of Nigeria (CBN) has implored Nigerians to exercise patience as it tirelessly works to strengthen the Naira amidst prevailing economic challenges. This reassurance was given during the 2024 public lecture titled “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward,” organized by the Nigerian Economic Society at the CBN Centre of Excellence Hall, University of Ibadan. Dr. Usman Opanachi, representing CBN Governor Dr. Olayemi Cardoso at the event, emphasized that whenever the Naira faces challenges, the CBN is simultaneously undergoing scrutiny. He conveyed…

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Nigeria Anticipates Significant Reduction in Inflation Rate to 21% by 2024, Announces CBN Governor Yemi Cardoso

oluwatobi enitan

The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, delivered optimistic news on Tuesday, projecting a notable decrease in the country’s inflationary pressure from 28.92% to 21.4% in 2024. Addressing the House of Representatives in Abuja, Cardoso attributed this anticipated decline to the implementation of inflation-targeting policies by the federal government. Cardoso emphasized that the collaborative efforts between the CBN and fiscal authorities, as part of the inflation-targeting framework, aim to achieve price stability, potentially resulting in a lowered policy rate. He highlighted key contributing factors to…

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Former CBN Governor Godwin Emefiele Pleads Not Guilty to 20-Count Charges Including Corruption and Forgery, Trial Set for February 2024

oluwatobi enitan

On Friday, the former Governor of the Central Bank of Nigeria, Godwin Emefiele, faced arraignment at the High Court of the Federal Capital Territory, Maitama, Abuja, on a 20-count charge related to corruption and forgery. Emefiele, attired in ash-colored trousers and a dark jacket, arrived at the court accompanied by his legal team and associates. Initially accused by the Economic and Financial Crimes Commission (EFCC) of six counts involving N1.2 billion procurement allegations, Emefiele’s charges were later amended by the EFCC with the court’s approval. During the reading of the…

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CBN Issues Warning and Threatens Sanctions Over Naira Scarcity

oluwatobi enitan

The Central Bank of Nigeria (CBN) has issued a stern warning to banks and Point of Sale (PoS) operators implicated in the current Naira scarcity crisis, threatening sanctions for those found complicit. In a statement released on Thursday, the apex bank urged the public to report any infractions, particularly instances of Naira hoarding by banks and PoS operators, to the nearest CBN branch. The statement, signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, addressed the alleged collusion between some Deposit Money Banks (DMBs) and PoS operators, which…

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Reps Committee Issues Arrest Orders for Cardoso, Accountant-General, and Others

oluwatobi enitan

The House of Representatives Committee on Public Petition expressed strong displeasure at the non-compliance of Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), Oluwatoyin Madein, the Accountant General of the Federation, and 17 other individuals who failed to honor the committee’s invitation. In response, the committee, led by Fred Agbedi (PDP/Bayelsa), moved to order their arrest during a session on Tuesday. The list of individuals slated for arrest includes the heads of the National Petroleum Investment Management Services (NAPIMS), Ethiop Eastern Exploration and Production Company Ltd, and…

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Former CBN Governor Emefiele Remanded in Kuje Correctional Centre as Trial Resumes

oluwatobi enitan

The High Court in the Federal Capital Territory has issued an order for the remand of Godwin Emefiele, the former Governor of the Central Bank of Nigeria, in the Kuje Correctional Centre. This decision comes as Emefiele stands trial on charges of alleged procurement fraud. The trial, which had faced delays on three previous occasions, finally proceeded on Friday. Initially facing 20 charges of procurement fraud amounting to N6.5 billion, the Federal Government reduced the charges to six, totaling over N1 billion, for which Emefiele was arraigned on Friday. During…

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