CBN moves to mitigate risk in USSD transactions

The Central Bank of Nigeria (CBN) has unveiled to members of the public an exposure draft on the regulatory framework for banking platform, it is aimed as part of efforts to mitigate risk by bank customers that carry out transactions through Unstructured Supplementary Service Data (USSD). The apex bank stated this in the draft framework […]

CBN Pumps $9.96bn into FX Market in Six Months, Attains Stability

The Central Bank of Nigeria (CBN) has injected $9.964 billion into the interbank segment of the foreign exchange (forex) market since it commenced its aggressive interventions in February this year. This has helped to ease pressure on Nigeria’s forex market, which prior to the action by the regulator had been pummelled by speculators. According to […]

CBN: FinTechs Won’t Usurp Banks’ Traditional Roles

The Central Bank of Nigeria (CBN) has assured that Financial Technology (FinTech) companies will not take over the roles played by commercial banks in delivering services customers. Speaking at the Bi-Monthly Forum of the Financial Correspondents Association of Nigeria (FICAN) in Lagos at the weekend, CBN Director, Banking and Payments System Department , ‘Dipo Fatokun […]

Fraud biggest enemy of e-payment, says CBN

The Central Bank of Nigeria (CBN) has described e-fraud as the biggest challenge facing the electronic payment sector and needs to be collectively tackled by customers, banks and financial sector regulators. CBN Director, Banking & Payments System Department, ‘Dipo Fatokun who disclosed this at the weekend in Lagos, said fraud not only leads to loss […]

CBN to address e-payment issues at FICAN Bi-monthly Forum

The Central Bank of Nigeria (CBN) will be addressing key issues confronting the e-payment industry at a Bi-Monthly Forum organised by the Finance Correspondents Association of Nigeria (FICAN). The event, with the theme: ‘Electronic Payment Industry, Performance & Regulatory Issues’ will hold on Saturday, August 5th,  2017 at the FICAN Centre, Onipanu, Lagos. The Guest […]

Economic recovery can relapse, warns CBN

The Central Bank of Nigeria (CBN) has warned that Nigeria’s fragile growth risks falling back into recession. Addressing reporters at the end of the bi-monthly Monetary Policy Committee Meeting in Abuja yesterday, CBN Governor Godwin Emefiele said “forecasts of key macroeconomic indicators point to a fragile economic recovery in the second quarter of the year”. ”The Committee  cautioned that this recovery could relapse in a more protracted […]

CBN keeps interest rate at 14 percent

The monetary policy committee of the Central Bank of Nigeria (CBN) has retained monetary policy rate (MPR) at 14 percent and all other parameters at their current levels for 12 months running. On July 26, 2016, the committee voted to raise MPR from 12 percent in May, 2016 to 14 percent, the highest in at […]

Banks battling to meet IFRS 9 deadline, says CBN

With less than six months to the implementation of the International Financial Reporting Standards 9 (IFRS-9) deadline, many banks are yet to meet up with the deadline given by the Central Bank of Nigeria (CBN) to move to the new financial reporting regime with effect from 1, January, 2018. The Director, Banking Supervision, CBN, Alhaji […]

CBN has capacity to sustain forex intervention, says Adedipe

The Central Bank of Nigeria (CBN) has the capacity to sustain ongoing foreign exchange (forex) interventions despite the pressure on the foreign exchange reserves, Chief Consultant of Biodun Adedipe Associates Limited, ‘Biodun Adedipe has said. Speaking on Thursday at the Finance Correspondents Association of Nigeria (FICAN) Half-Year Economic Review held in Lagos, he disclosed that […]

CBN extends support for Skye Bank by one year

The Central Bank of Nigeria has extended guarantees to Skye Bank Plc for another year, while it considers the bank’s recapitalisation proposal, the mid-tier lender has said. The CBN had last year shored up Skye Bank with N100bn capital injection, after sacking its top management for failing to meet minimum capital requirements. The central bank […]