fine

On: April 7, 2022

The Central Bank of Nigeria has fined three Nigerian commercial banks a total of N800 million for failing to comply with regulations prohibiting consumers from transacting in cryptocurrencies. Stanbic IBTC Bank, Access Bank Plc, and United Bank for Africa are among the banks affected. According to Bloomberg, the sanctions areContinue Reading

CBN To Penalize Banks For Mutilated Naira Notes

BUSINESS

By: Ubong Abasi

On: April 4, 2022

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