The Central Bank of Nigeria has announced a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, other Financial Institutions and Non-Bank Financial Institutions. Punch reports that this was confirmed in a circular released on Friday by the apex bank’s Director, Financial Policy and Regulation Department, Chibuzor Efobi, ...

Barely two weeks ago, Justice Nnamdi Dimgba of the Federal High Court of Nigeria sitting in Awka, Anambra State delivered a landmark Judgment in the suit filed by Chijoke Ifediora against the Central Bank of Nigeria (CBN). The suit challenged the constitutionality of certain CBN circulars relating to cashless policy in selected areas in Nigeria. ...

Nigeria is to establish the Nigerian International Financial Centre (NIFC) modelled after New York, London and Singapore financial powerhouses, as a round-the-clock financial centre. This financial house, to be established and driven by the Central Bank of Nigeria (CBN), will come on stream in the next 12 months. The CBN Governor, Mr. Godwin Emefiele, made ...

As part of the digital currency initiative, Nigeria’s central bank has made clear that NIBSS and other switching platforms will still be relevant, existing infrastructure can be integrated and leveraged in the e-Naira implementation.

In response to the CBN's instruction, banks have begun to identify and deactivate accounts of people having cryptocurrency exchange inflows/outflows. It is unclear if impacted customers will be able to reestablish accounts with their banks in the future.

Generally, FCs are required to comply with the provisions of the Code of Corporate Governance for Finance Companies in Nigeria 2018 ('the Code') issued by the CBN.

“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (as amended) stipulates that ‘spraying of, dancing or matching on the naira or any note issued by the bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the naira or such note, and shall be ...

The CBN Act 2007’s declaration of the naira’s abuse as verboten, however, goes beyond jurisprudential worries. As law, the act has a fundamental design flaw. Intriguingly, this is not because parts of the Act are written in pidgin English. Section 21 of the CBN Act, the most prominent of these, prescribes imprisonment for six months ...