Last month, Access Bank became the first financial institution in Nigeria to successfully issue the first live card of Nigeria’s national card scheme, AfriGO Card. AfriGOpay, a financial services company linked with the Nigeria Inter-Bank Settlement System (NIBSS), created the card system to satisfy the needs of the Nigerian paymentContinue Reading
The Central Bank of Nigeria (CBN), will impose a penalty of N400 on deposit money banks (DMBs) for every mutilated N100 sent to the apex bank. The penalty took effect from April 1. The CBN, in a circular issued by the director of Currency Operations, Ahmed Umar, the apex bankContinue Reading
The International Monetary Fund has advised the Central Bank of Nigeria to anticipate the threats that eNaira may pose to the stability of the country’s financial and economic sector. Asides from this anticipate risk, the IMF also highlighted the benefits eNaira, especially for Nigerians in the diaspora, noting the lowContinue Reading
The Central Bank of Nigeria (CBN) has announced the appointed new directors for its various departments. In the announcement announced on Wednesday, the apex bank announced Mr. Osita Nwanisobi as its Director, Corporate Communications Department, with effect from August 25, 2021. The appointment of Nwanisobi who had acted in anContinue Reading
The Central Bank of Nigeria (CBN), has formally announced global Fintech Company, Bitt Inc., as the Technical Partner for its digital currency, eNaira, which is billed for unveiling October 1, this year. The bank’s Director, Corporate Communications, Osita Nwanisobi, made this known in a statement on Monday in Lagos, butContinue Reading
The detailed presentation sent to Nigerian banks on the e-Naira project mentioned that it will have a transaction limit for customers, non-interest-bearing CBDC status, and an account value limit. There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1st deadline. As a means toContinue Reading
According to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source ofContinue Reading
CBN has listed the 47 approved International Money Transfer Operators in the country. The Central Bank of Nigeria (CBN) has listed the approved 47 International Money Transfer Operators in the country. This was disclosed by the apex bank on via its Twitter handle on Monday. The money transfer operators, accordingContinue Reading