CBN

The Central Bank of Nigeria (CBN) has disowned a circular claiming it has introduced two new denominations—N5,000 and N10,000 notes. The apex bank described the circular as “fake” in a statement via its official handle on X (formerly…
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The Central Bank of Nigeria has threatened to penalise banks that compel customers to withdraw amounts lower than N20,000 per transaction from Automated Teller Machines. The apex bank disclosed this in a ‘Question and Answer’ explainer…
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The Central Bank of Nigeria (CBN) says charges will now apply anytime customers use the Automated Teller Machines (ATMs) of banks other than theirs. This was contained in a circular dated February 10, 2025, and addressed to all banks and…
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In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the…
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The Central Bank of Nigeria has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent…
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In its bid to ensure that Nigerians have easy access to cash via Over-The-Counter withdrawals or Automated Teller Machines of Deposit Money Banks, the Central Bank of Nigeria has released a directory containing the contact details and email…
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Reports that the former series of N200, N500, and N1,000 banknotes will no longer be accepted as legal money by December 31, 2024, have been refuted by the Central Bank of Nigeria. The CBN stated in a statement issued Thursday by Sidi…
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Payment service providers have been instructed by the Central Bank of Nigeria, CBN to start tracking all Point of Sale (PoS) transactions. The apex bank gave all Payment Service Providers (PSPs) a 30-day deadline to regularize with…
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The Socio-Economic Rights and Accountability Project (SERAP) has asked the Central Bank of Nigeria (CBN) to account for “over N100 billion ‘dirty and bad notes’ and ‘other large sums of cash awaiting examination’ which are kept in various…
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Deposit Money Banks (DMBs) and authorized forex dealers, have been warned not to reject old and lower dollar denominations from customers in the country. According to the Central Bank of Nigeria, CBN, the directive became necessary as it…
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