The Nigeria Deposit Insurance Corporation (NDIC) on Thursday increased the maximum deposit insurance coverage levels for Deposit Money Banks from N500,000 to N5 million. The Managing Director of NDIC, Bello Hassan, announced this in Abuja at a press conference, stating…
CBN restores old 500, 1000 naira notes as legal tender
The Central Bank of Nigeria (CBN) has restored the old 200, 500 and 1000 naira notes to remain as legal tender until December 31, 2023. CBN spokesperson Isa Abdulmumin made the disclosure in a statement on Monday. “In compliance with…
CBN cash withdrawal limit begins today
The Central Bank of Nigeria’s policy on restriction on daily cash withdrawal takes off across the country today, Monday, January 9. The PUNCH reports that in this arrangement, the maximum weekly limit for cash withdrawals across all channels by individuals…
Resist arbitrary charges, CBN to bank customers
The Central Bank of Nigeria (CBN) has advised bank customers to resist arbitrary bank charges illegally imposed on them by Deposit Money Banks (DMBs). Reacting to claims by Igbo traders that depositors and other account operators with banks in Nigeria…
Operation remit more dollars back home – Ehi Braimah
The growing importance of diaspora remittances is at the heart of the recent Central Bank of Nigeria (CBN) announcement of the “Naira 4 Dollar Scheme” which is essentially a creative way of boosting the local economy. It is a strategic…
CBN’s ban on crypto currencies – Ehi Braimah
Recently, the Central Bank of Nigeria (CBN) issued a directive to Deposit Money Banks (DMBs), non-bank financial institutions and other financial institutions to close accounts used for crypto transactions. In other words, banks are required to stop dealing in digital…
Fidelity Bank’s new cheque gets more security features
In compliance with the directives of the Central Bank of Nigeria (CBN) for Deposit Money Banks (DMBs) to implement the revised Nigeria Cheque Standard (NCS), Fidelity Bank has announced the introduction of its new in cheque leaflet. In a notice…