CBN Equips Banks With AI-driven Financial Crime Detection
The recent anti-money laundering (AML) regulations introduced by the Central Bank of Nigeria (CBN) are compelling financial institutions to implement automated compliance systems, while technology companies are already preparing to fulfil the requirements by the deadline.Smartcomply, a technology firm specialising in compliance and cybersecurity, announced on Tuesday that its AI-driven Adhere platform has already fulfilled […]
Savings Interest Rates Rise as Banks React to CBN Policy Shift
Several Deposit Money Banks (DMBs) in Nigeria have adjusted their savings interest rates upward following changes to the benchmark policy rate set by the Central Bank of Nigeria (CBN), in a move aimed at encouraging deposits and boosting financial savings. In customer updates, some commercial banks now offer annual savings rates in the range of […]
CBN Waves Affidavit Requirement for Dormant Account Reactivation
The Central Bank of Nigeria (CBN) has removed the affidavit requirement for reactivating dormant bank accounts, a move expected to ease access to long-abandoned funds and improve financial inclusion across the country. The decision, contained in a circular dated March 12, 2026, follows concerns raised by stakeholders over the administrative burden and costs associated with […]
CBN Reduces Interest Rate To 26.50%
The Central Bank of Nigeria has cut the interest rate by 50 basis points to 26.50 percent from 27 percent. The CBN Governor, Olayemi Cardoso, made this during the Apex Bank’s 304th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday. Cardoso said all members of the MPC unanimously agreed upon the decision. “The […]
Money Bouquets Equals Jail Term – CBN Tells Valentine Lovers
The growing trend of gifting money flower bouquets and other decorative cash displays has come under scrutiny in Nigeria, following renewed warnings from the Central Bank of Nigeria (CBN) that such practices are illegal. While money bouquets have become popular at weddings, birthdays, Valentine’s Day celebrations and social events, the apex bank insists that using […]
CBN Revokes Licences of Two Mortgage Banks
The Central Bank of Nigeria (CBN) has cancelled the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing breaches of banking regulations and a lack of sufficient capital. This announcement, made on Tuesday, is part of the central bank’s continuous efforts to enhance the mortgage sector and ensure […]
CBN Governance Under Review as Reps Pass Amendment Bill
The House of Representatives on Thursday advanced efforts to overhaul the Central Bank of Nigeria’s governing framework, as lawmakers approved the second reading of a bill proposing major amendments to the Central Bank of Nigeria Act, 1991. The amendment bill, jointly sponsored by House Leader Prof. Julius Ihonvbere and Lagos representative Jesse Onakalausi, sailed through […]
CBN Orders Dual PoS Connections to End Transaction Failures
The Central Bank of Nigeria has issued a new directive mandating all acquirers, processors, payment terminal service providers, and payment terminal service aggregators to implement dual connectivity for Point-of-Sale (PoS) transactions. The policy requires service providers to link PoS terminals simultaneously to the two licensed Payment Terminal Service Aggregators, Nigeria Inter-Bank Settlement System (NIBSS) and […]
CBN Targets Higher Credit for Agriculture
The Central Bank of Nigeria has unveiled plans to dramatically scale up lending to the agricultural sector, signaling what its leadership describes as a new era in Nigeria’s quest for food security and economic resilience. CBN Governor Olayemi Cardoso announced the inauguration of the newly reconstituted Board of the Agricultural Credit Guarantee Scheme Fund, a […]
CBN Revises Cash Policy, Expands Withdrawal Allowance
The Central Bank of Nigeria, CBN, has removed the limit on cash deposits and raised the weekly cash withdrawal limits across all channels to N500,000 from N100,000. The apex bank made this known in a circular released on Wednesday, 3 December 2025, to all banks titled “Revised Cash-Related Policies”. The circular signed by the Director, […]
Banks Must Refund APP Fraud in 48 Hours — CBN
The Central Bank of Nigeria (CBN) has issued a firm directive mandating banks and other financial institutions to refund customers who fall victim to Authorised Push Payment (APP) fraud within 48 hours, marking a major regulatory step to curb the escalating cases of digital fraud nationwide. APP fraud occurs when individuals are deceived into voluntarily […]
Currency Reforms, Dangote Exports Responsible For Nigeria’s N42.87 trillion Maritime Boom
Nigeria’s maritime exports recorded a robust surge in the first half of 2025, climbing 12 per cent to N42.87 T trillion from N38.27 trillion recorded in the corresponding period of 2024. This growth, confirmed by the National Bureau of Statistics (NBS) data, reflects a turning point in the nation’s external trade, driven primarily by the […]