Tag Archives: CBN Directives

  “Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand” PEGASUS REPORTERS, LAGOS | JANUARY 15, 2025 The Central Bank of Nigeria has slammed 9 ...

  “The central bank pointed out that the Board and Management of the bank had not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability. This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline” PEGASUS REPORTERS, LAGOS | JUNE ...

  “I can confirm that 90% of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10% are with fintechs. Why then has the CBN not extended this directive to the commercial banks? We face a widespread issue here, and targeting fintechs seems like an unfair focus on the more vulnerable targets,” PEGASUS REPORTERS, LAGOS ...

  “The arrogance begins when these bankers who own a tiny percentage of the total capital at the bank’s disposal think they own the bank. They do not. And the Central Bank is not there to protect the rich and powerful shareholders and management but the poor and vulnerable depositors who trusted us and kept their savings in these institutions. ...

  “Higher-value contactless payments are transactions that exceed the above stated limits and shall require appropriate verification and authorisation. For these transactions, existing Know Your Customer (KYC) requirements and limits on the electronic payment channels shall apply.” PEGASUS REPORTERS, LAGOS | JUNE 30, 2023 The Central Bank of Nigeria, CBN, has placed a N50,000 daily limit on contactless payments either ...

  “One does not need any Nostradamus before he knows the intention of Atiku. When Tinubu spoke against this draconian policy in Abeokuta, Atiku was the first person to oppose and rebuke Tinubu. Thereafter, he issued a statement that Emefiele should not extend the time. “The mere fact that people are suffering is not a good excuse to extend the ...

  “Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes…All new notes have tracking numbers to trace them back to State, Bank and Bank branches. So notes confiscated at parties and other locations can be traced back to the Bank and applicable branch” PEGASUS REPORTERS, LAGOS | ...